CHAPTER IV. 



FARM MORTGAGES. 



Probably no better proof of the loss of the farmer's 

 relative capital power is required than in his growing de- 

 pendence for his capital on the successful men of other 

 occupations. And it certainly is an unquestionable in- 

 dication of coming disaster, if this demand for aid by the 

 farmer be growing faster than the increase in the value 

 of his possessions. Fifty years ago farm mortgages were 

 rare in America ; to-day they are the rule in many locali- 

 ties ; and everywhere they threaten to defy the farmer's 

 efforts to contend with the load they create. 



It is claimed of New England ' that at least ^:^^ per 

 cent, of the farms are mortgaged to the capitalists. Few 

 undertake to deny this startling declaration. In fact, it 

 is generally admitted. But, while some see in this grow- 

 ing evil in the New England farmer's financial condition, 

 the result of a malady which extends its destructive 

 influence over the whole continent, others find a cause 

 wholly in the unequal competition of the Western rival. 

 The grounds for the latter contention, though in a certain 

 sense of great importance, are not enough, since serious 

 troubles are overtaking the Western competitor. 



' In Connecticut, out of 603 farms recently visited by an investiga- 

 tion, 241, or 34 per cent., valued at $1,008,350, were mortgaged to the 

 extent of $451,109. 



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