EARLY HISTORY OF THE WHEEL. 57 



yea, to financial skeletons. The poor victims, unable to 

 comply with the enormous demands, were "sold out" at 

 shamefully low prices, the mortgagee being the purchaser, 

 at two-thirds the cash value placed on the property by 

 appraisers chosen to put the lowest valuation that decency 

 would permit. In the name of reason and justice, why 

 should not the property bring its full value or no sale, or 

 better, that there be no mortgage. 



At the time the Agricultural Wheel was organized 

 flour was selling under mortgages at $10 per barrel; meat 

 at 20 cents per pound; coffee from four to six pounds to the 

 dollar, and other things in proportion. I am stating what 

 I know, for as the Irishman said, u me, himself, was one 

 of the victims;" the merchant who was careful to charge 

 $2.50 for recording the mortgage, to his customer, did all 

 the weighing, measuring and pricing of both goods and 

 produce. With these advantages he accummulated almost 

 unconsciously great wealth, causing the property of the 

 country to come into the hands of the few to the impover- 

 ishment of producers. The nature of a mortgage is well 

 known in our State, but a quotation from a well-known 

 writer on it will not be out of place here. "The instant 

 one of these anaconda mortgages is executed the maker 

 becomes practically the slave of the mortgagee; he is 

 deprived of all means of obtaining credit elsewhere; he is 

 compelled to trade with the holder of the mortgage; he 

 cannot object to the quality or quantity of the goods offered 

 him, nor to the prices charged. If he wants a pair of No. 

 8 shoes and the trade has a pair of No. 12 unsalable boots, 

 he must take the latter; if he wants a bushel of corn meal, 

 and the trade has a barrel of sour flour he must take it at 

 a price double that of the sound barrel. If the season is 

 favorable and the industry of the tenant is likely to be 

 rewarded with a bountiful crop, so much the worse for 

 him; commodities at still higher prices are forced on 



