714 AGRICULTURAL ECONOMICS 



nearly 47 per cent on that of the farms mortgaged. The assessed 

 valuation of the farms in the state is $335,378,025, upon which the 

 estimated mortgaged indebtedness is $64,392,580, with an annual 

 interest charge of $4,636,265 on farms alone. 



The opinion of the Labor Commissioner of Michigan, that the 

 mortgages upon the farms of that state operate "as a mammoth 

 sponge" upon the labor of the owners, is the growing feeling of the 

 majority of farmers all over America the older parts at least. Says 

 a southern journal: "Think of it! In as prosperous a state as Michi- 

 gan 47 per cent, or nearly half, of the farms are mortgaged. In 

 Georgia, if one would take the trouble to examine -the clerk's office 

 in the different counties, a condition of affairs equally bad, perhaps 

 worse, would be brought to light." 



The Bureau of Labor Statistics for the state of Illinois has issued 

 reports which show that the farm lands of the state have mortgages 

 upon them to the amount of $123,733,098, not including Cook County. 

 According to the report of the Commissioner, " the mortgage indebted- 

 ness of farmers for borrowed money has increased 23 per cent since 

 1880 in this state, twice the increase in the value of farm lands" As 

 to Nebraska, official reports do not indicate a happy condition of 

 affairs in that state in reference to this matter. The reports of 1887-88 

 deal with 215 farmers scattered all over the state. An analysis of 

 these reports shows that, of the 215 farms, 113 are mortgaged. 

 Seventy-five per cent of the farms of Dakota are mortgaged for an 

 aggregate amount of $50,000,000. 



The New York Times of December 27, 1886, contained a long 

 article from Mr. Frank Wilkeson on the condition of the farmers of 

 Kansas. He said: "It is a financial impossibility in this era of agri- 

 cultural competitive warfare for a farmer of average intelligence and 

 skill who tills a farm of 100 acres of land, except corn land, to lift a 

 mortgage of say $1,000, with money earned by growing staple crops. 

 And nine-tenths of all the uplands lying west of the ninety-seventh 

 meridian are utterly unfit to produce corn, excepting in excessively 

 wet seasons." The picture given of life on Saturday in a Kansas town 

 is certainly a startling one: "It matters not how dull the town has 

 been during the week, on Saturday "the streets are crowded with 

 people; on that day chattels are sold to satisfy the overdue mort- 

 gages. At present these sales are numerous in the West, outside of 

 the corn belt, and a very large portion of these do not realize sufficient 

 to pay the mortgages." 



