Explain the cycle of debt experienced by many farmers in the late 1800s.
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Farmers took out loans on the value of their farms to pay the costs of managing their farms

Explanation: In the late 1800s, many farmers were trapped in a vicious economic cycle. They took out loans in the beginning of the farming cycle to pay the increased costs for labour,new machines and other necessary supplies. After harvesting, prices for crops would fall; often times resulting in huge losses and farmers often took additional loans (while still paying off the initial ones) against their farms so that they could buy more land and produce more crops.

Good farming land was becoming scarce, though, and banks were foreclosing on the mortgages of increasing numbers of farmers who couldn't make payments on their loans. Additionally, the railroads were taking advantage of farmers by charging excessive prices for shipping and storage and all these kept the farmers in cycle of debts which were extremely difficult to break.

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