44 The Condition of the Western Farmer. [322 



average improvements will sell with comparative readiness 

 for about $25 an acre, though owners often claim that they 

 would refuse any offer of less than $30 to $35 an acre. 



RENTING OF FARMING LANDS. 



Until quite recently the usual rent of farming land has been 

 one-third of the produce, and there has always been plenty of 

 land to be obtained upon such terms. But within the last 

 two or three years the demand for farms has very greatly in- 

 creased, and there has been a corresponding increase in the 

 rent. Owners are beginning to ask for their farms either 

 two-fifths of the produce, or a cash rent of from $1.50 to 

 $2.25 for each acre of plow-land. In 1892 about four-fifths of 

 the rented land was rented on shares, and the remainder for 

 cash. In the same year, of the farms rented, about two-thirds 

 were rented to tenants who resided on the lands; while the 

 remaining one-third was rented to neighbors. 



CREDIT. 



There are in general four ways in which the farmers have 

 made use of the capital of others. These are, first, by obtain- 

 ing credit with the retail dealers with whom they trade; sec- 

 ond, by borrowing with real estate security ; third, by borrow- 

 ing with chattel security (and this includes most of the debt 

 on agricultural implements, for the part of the price of such 

 implements which is not paid in cash is usually secured by 

 mortgage on the machinery itself) ; and fourth, by borrowing 

 with unsecured promissory note or with personal security. 

 The first method is relatively unimportant, as the total 

 amount of credit so obtained has necessarily been quite ^mall. 

 Let us then pass to the consideration of the three other forms. 



When the township was settled, money could only be bor- 

 rowed on chattel security, and was very difficult to obtain 

 even at the high rates then offered and demanded; for capi- 

 talists were few, and the condition of the borrower was such 

 as to warrant only the smallest line of credit. Moreover, the 

 insecurity of the loan made the interest required very high. 



