AGRICULTURE IN THE UNITED STATES. 471 



access to large outside markets. The State Labor Bureau of Statistics 

 reports that the farms of that State are mortgaged to the amount of 

 $130,000,000, or 47 per cent of them, and at an average interest of 7 per 

 cent. The wheat crop of that State, for 1889, was 23,709,000 bushels; 

 required for home consumption, 9,246,510 bushels; leaving net amount for 

 sale, 14,462,490 bushels. To pay the interest on farm mortgages for one year, 

 at 7 per cent, would require 455,544 bushels more than the entire net crop. 



" The Commissioner says in his report: 'The indications are that mort- 

 gage indebtedness is rapidly increasing, and that farmers are not getting out 

 of debt.' From his investigations he deduces .the following facts : 



" ' i . That one-half of the farms of Michigan are mortgaged, and are paying 

 a double tax. 



" * 2. That by reason of this mortgage indebtedness and double taxation, 

 business of all kinds is seriously affected. 



" ' 3. That men who loan money do not bear their just proportion of public 

 expenses, in return for the protection given them, while the majority escape 

 taxation.' 



"In the year 1887 there were 1667 mortgages foreclosed, and of that number 

 only 131 were redeemed. This, briefly stated, is the condition of a people 

 who possess peculiarly favorable facilities for the prosecution of diversified 

 farming. But it may be said that it is a Western State, one of the younger 

 in the great family of States, and is, therefore, not a criterion. We might 

 grant the exception, but it applies as well to the great States of Kansas and 

 Nebraska. I quote from the Alliance Motor, published at Broken Bow, 

 Nebraska, and dated April 17, 1890: 



" ' The denial that the State is heavily covered with mortgages, is met 

 with the following table, compiled from the official record of Saline County, 

 one of the wealthiest counties in the State.' 



" 'Real estate mortgages unsatisfied, on record. 



Lands $1,816,388 23 



Town lots 370,963 23 



Total amount real estate mortgages $2,187,351 46 



Bonded debt, cities and schools 97<739 15 



Bank loans and discounts 1,418,95441 



Chattel mortgages held by private parties (banks not in- 

 cluded), unreleased, filed since January i, 1889 .... 332,584 44 



Total $4,036,629 46 



" ' The assessors' value of property against this indebtedness is, viz. : 



Lands $1,234,958 oo 



Lots 425,773 oo 



Personalty 808,266 oo 



Total $2,468,997 oo 



