of a government will preclude that Government MORTGAGES. (Continued.) covered by mortgages in force at the date mentioned was 273,352,109; the number of lots was 4,161,138. The smallest amount of mortgage debt owed in any State, viz., $2,194,995, rests upon Nevada. The heaviest burden is borne by New York, where the real estate mortgages are valued at $1,607,874,301, equivalent to nearly 27 per cent. of the whole mortgage indebtment of the United States. The mortgage debt in force throughout the Union amounts to $96 per capita of population, the three largest State averages being $268 in New York, $206 in Colorado, and $200 in California. The largest proportion of mortgaged acres is in Kansas, where 60.32 per cent. of the total number of taxed acres are thus encumbered. Next stands Nebraska, with 54.73 per cent., and then South Dakota, with 51.76 per cent. If we take the average of 41 States, we find that only 28.86 per cent. of the taxed acres are covered by the existing mortgages. In several of the Southern States the land is conspicuously free from encumbrance. Thus, in Kentucky, the mortgaged acres constitute but 13.73 per cent. of the taxed acres, in Virginia but 13.59, in Tennessee but 11.46, and in Florida but 9.76. The percentage of mortgaged farms to taxed farms in Arizona is 6.39, the lowest of all. It is surprising to learn from these statistics how small are the debts for which the great majority of mortgages are given. It appears that 6.03 per cent. of the whole number made during the ten years ending December 31, 1889, were for amounts of less than $100 each: while 45.17 per cent. were for sums of less than $500; mortgages for debts less than $1,000 constituted 68.54 per cent. of the whole, and only 4.05 per cent. were for $5,000 or over. We come now to the varying rates of interest charged in different sections of the country, and here we encounter the gratifying fact that, considering the United States collectively, the average rate of interest declined from 7.14 per cent. in 1880 to 6.75 per cent. in 1889. Of the aggregate mortgage indebtedness incurred during the ten years throughout the Union, 16.06 per cent. was subject to rates less than 6 per cent.; 41.89 per cent. to a rate of 6 per cent. ; and 42.05 per cent. to rates higher than that last named. Passing to details, we observe that in the decennial period of 1880-'89 the rate of interest on mortgages fell in New York from 5.89 to 5.34 per cent.; in Massachusetts from 6.06 to 5.35; in Connecticut from 5.91 to 5.54; in New Jersey from 5.98 to 5.61; and in Pennsylvania from 5.87 to 5.65. In Kansas the average rate of interest dropped from 9.47 to 8.48; in Colorado from 11.05 to 8.22; in Nebraska from 8.82 to 8.04; and in South Dakota from 10.31 to 8.96. In Virginia, West Virginia, and Tennessee the average rate has remained nearly stationary, close to 6 per cent. In Vermont it has risen from 5.81 to 5.93, and in South Carolina from 7.50 to 8.35. the American system, which has stood so long a MORTGAGES. (Continued.) Those who have taken their opinions concerning mortgages from the calamity howlers will be surprised at these figures; and instead of seeing in them proof of poverty and ruin, we see in them rather proof of the thrift and enterprise which uses good character and credit to secure homes and fortunes. The following table gives the details: Farm and family expenses.................................................... Purchase money. Improvements................ Purchase money and improvements (combined)... Farm machines, domestic animals, and other per- Purchase money, improvements, business, and personal property (combined with one another).. Purchase money, improvements, business, and personal property (combined with objects other than farm and family expenses).. Purchase money, improvements, business, and personal property (combined with farm and family expenses) Total for purchase money and improvements (not combined with other objects)..... Total for purchase money, improvements, business, and personal property (not combined with other objects). 220 the most Herculean power in the world. N NATIONAL BANKING SYSTEM. (See Currency.) Area, 75,995 square miles. Proposition to form a State Government disapproved by the people, March, 1860-application made to Congress for an enabling act, January 16, 1864-enabling act approved, April 19, 1864—Act passed Congress (just before adjournment), to admit as a State, July 28, 1866; bill pocketed by the President-another Act to admit, passed Congress, January, 1867; vetoed by the President, January 30, 1867-Act for admission passed Congress, over the President's veto, February 9, 1867-the conditions of the Act having been accepted, by proclamation of the President admitted as a State, March 1, 1867. Legislature composed of 30 Senators, 80 Representativės. Meets biennially, January 1, 1895. State elections, biennially, Tuesday after 1st Monday in November, 1894. SENATOR CHARLES F. MANDERSON (REP.) term expires Mar. 3, 1895. SENATOR WM. V. ALLEN (POP.) term expires Mar. 3, 1899. CONGRESSIONAL DISTRICTS. 1st. Population, 177,055. Vote 1892: Dem., 13,784; Rep., 13,644. 2nd. Population, 176,752. Vote 1892: Dem., 10,388; Rep., 11,488. 3rd. Population, 163,674. 9,636. Vote 1892: Dem., 10,630; Rep., 13,635; Ind., 4th. Pópulation, 193,414. Vote 1892: Dem., 8,988; Rep., 15,648; Pop., 11,486, 5th. Population, 169,459. Vote 1892: Dem., 17,490. ; Rep., 14,230; Pop., 6th. Population, 176,556. Vote 1892: Dem., 4,202; Rep., 12,197; Pop., 15,328. NETHERLANDS. In Netherlands the standard is gold and silver; the monetary unit is the florin; the value in United States coin is $0.40.2; the coins are gold, 10 florins; silver, 2, 1, and 2 florins. The ratio of gold to silver is 1 of gold to 15) of silver, or 1 of gold to 15 of limited tender silver. NEVADA. Area, 112,090 square miles. A State constitution formed December 11, 1863-Constitution rejected by the people-enabling act passed March 21, 1864-first State constitution formed July 27, 1864-by proclamation of the President admitted as a State October 31, 1864. the American system, which has stood so long a MORTGAGES. (Continued.) Those who have taken their opinions concerning mortgages from the calamity howlers will be surprised at these figures; and instead of seeing in them proof of poverty and ruin, we see in them rather proof of the thrift and enterprise which uses good character and credit to secure homes and fortunes. The following table gives the details: Objects of indebtedness. Total for 102 counties.................. Purchase money. Improvements.................... Purchase money and improvements (combined)... Farm machines, domestic animals, and other per- Purchase money, improvements, business, and personal property (combined with one another).. Purchase money, improvements, business, and personal property (combined with objects other than farm and family expenses)....... Purchase money, improvements, business, and Farm and family expenses.................................................................................................................! Total for purchase money and improvements (not Total for purchase money, improvements, business, and personal property (not combined with other objects). 220 the most Herculean power in the world. N NATIONAL BANKING SYSTEM. (See Currency.) Area, 75,995 square miles. Proposition to form a State Government disapproved by the people, March, 1860-application made to Congress for an enabling act, January 16, 1864-enabling act approved, April 19, 1864—Act passed Congress (just before adjournment), to admit as a State, July 28, 1866; bill pocketed by the President—another Act to admit, passed Congress, January, 1867; vetoed by the President, January 30, 1867-Act for admission passed Congress, over the President's veto, February 9, 1867-the conditions of the Act having been accepted, by proclamation of the President admitted as a State, March 1, 1867. Legislature composed of 30 Senators, 80 Representativės. Meets biennially, January 1, 1895. State elections, biennially, Tuesday after 1st Monday in November, 1894. SENATOR CHARLES F. MANDERSON (REP.) term expires Mar. 3, 1895. SENATOR WM. V. ALLEN (Por.) term expires Mar. 3, 1899. CONGRESSIONAL DISTRICTS. 1st. Population, 177,055. Vote 1892: Dem., 13,784; Rep., 13,644. 2nd. Population, 176,752. Vote 1892: Dem., 10,388; Rep., 11,488. 3rd. Population, 163,674. 9,636. Vote 1892: Dem., 10,630; Rep., 13,635; Ind., 4th. Pópulation, 193,414. Vote 1892: Dem., 8,988; Rep., 15,648; Pop., 11,486, 5th. Population, 169,459. Vote 1892: Dem., 17,490. ; Rep., 14,230; Pop., 6th. Population, 176,556. Vote 1892: Dem., 4,202; Rep., 12,197; Pop., 15,328. NETHERLANDS. In Netherlands the standard is gold and silver; the monetary unit is the florin; the value in United States coin is $0.40.2; the coins are: gold, 10 florins; silver, 1, 1, and 24 florins. The ratio of gold to silver is 1 of gold to 154 of silver, or 1 of gold to 15 of limited tender silver. NEVADA. Area, 112,090 square miles. A State constitution formed December 11, 1863-Constitution rejected by the people-enabling act passed March 21, 1864-first State constitution formed July 27, 1864-by proclamation of the President admitted as a State October 31, 1864. |