t of my
Eastern brother, I will explain, lest he may imagine that we are each
year paying back more money than we borrowed during that time, and that
therefore, in the course of geologic time, our debts would be paid.

The "reduction" is a reduction of record only. I have known of the
payment of $25 to reduce the record of $650, and $20 to make a
"reduction" of $400; and for various reasons many mortgages are
cancelled without any cash payment. These are well-known facts, and I
could give a long list of those which have come under my own personal
observation, while the mortgages which I have known to be paid in full
might be counted on the fingers of one hand.

In addition to this, nearly every city or incorporated town, and many of
the counties, have a bonded indebtedness as large as they can possibly
carry. In some cases bonds have been issued and sold to pay interest on
other bonds, and in one case at least--Pratt Centre--the interest
payments have been discontinued "by order of the council."

THE FUTURE PROSPECT.

So far I have been dealing only with the past and the present, and have
given only a plain statement of facts, the value of which must depend
upon my capacity as an observer, my opportunities for observation, and
my truthfulness as a writer. If you are inclined to be sceptical,
inquire of your neighbors who hold, or have held, Western mortgages. The
value of my forecast of the immediate future must depend upon the
character of my reasoning and judgment.

As "death and taxes" are certain, it is safe to predict that taxes will
be levied to pay the interest, and afterwards the principal, of city
bonds. Also, it may be assumed that you, who own the larger and more
valuable share of the property, will pay the lion's share of the taxes.
The Western man has "let go"; he is not "in the deal"; and when one
capitalist is taxed to pay another, he is not an "interested" party. I
sympathize with you. You have exchanged good money for bad property; and
with the property you have assumed the bulk of our _burden of taxation_.
You must pay our bonds, pay for the repairs and improvements of public
property, pay for educating our children and making our laws, and yet
you have no voice in determining when, how, or to what extent these
things shall be done; nor power to prevent the jobs and steals which
accompany such transactions in Kansas as well as in New York.

But, notwithstanding my sympathy, and the additional f