Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-04-27
FARMERS LOAN BILL.
Farmer tcrYOrtgage His Farm to Uncle
Sam Instead ofthe Capitalist.
ABill to Provide for the Relief of the Agrieul-
tural Popul alton and to EncOur-
age Agriculture.

The fonowingTi is the full text of Mr.. Feather
stons bill in the lower house of congress-: A
bill to provide for the relief of the agricultural
population of the United States, and to promote
and encourage agriculture.
Whereas, the agricultural interests of the
country are now greatly depressed, and conse-
quently the farmers, farm laborers and those
dependent upon them are impoverished and
the present financial and economic conditions
are such that many crops are grown at an actual
loss compelling the farm owners to mortgage
their homes and farms to greedy usurers at ex-
orbitant rates of interest, and many of their
homes are passing into the hands of great
landed proprietors or financial corporations;
and
Whereas, it is the duty Of the representatives
OF the people, the makers of the nation, to
recognize existing conditions, and to provide
remedies for existing evils: and
Whereas, Immediate action is demanded to
alleviate this depressed condition, and give
prompt relief to the agricultural classes be-
sides providing for tps encouragement. greater
development, and future prosperity of that great
industry: therefore,
Be it enacted by the senate and house of rep
resentatiVes of the United States of America in
congress assembled. that any citizen of the
United States, or any person who has declared
the intention OF becoming citizen, who owns
and resides upon any tract of land containing
not less than ten and not more than 800 acres of
land. and who has at least one-half of said
tract of land in actual cultivation, shall be en-
titled to apply for and receive from the treasury
of the United States a loan, in amount not to
exceed oDe-halt the assessed value of said tract
or land and the improvements thereon.
Sec. =. That all loans lUnder this act shall be
for period of not less than five nor more than
ten years, at the option of the borrower, and
shall bear interest at the rate of two per cent.
per annum from the date of the loan,
Sec. 3. That the secretary Of the treasury is
hereby authorized and directed to establish in
loans n he m
der the charge and direction of a commissioner
of loans, who shall he appointed by the presi-
and who snail receive salary of $1,000 per an
mum. Said bureau shall nave charge, under the
secretary, of all business relating to the loan s
herein prov ided.
sec. 1. That the secretary Of the treasury shall
cause to be prepared by the law officers of his
department blank form OF mortgage, with in
structions as to the proper manner OF filing the
blanks in said form. Said mortgage shall con-
tain clause binding the mortgagor to keep the
land mortgaged free from all claims for taxes,
and the improvements insured in some response
Bile company for the protection of the govern
ment. The secretary shall also have prepared
such other blanks as may be required under this
act.
Sec. 5. That the president shall appoint, upon
the recommendation of the secretary of the
treasury, a loan agent for each congressional
district of the United States composed wholly or
in part of agricultural lands Said loan agent
shall be an actual resident and qualified voter in
the district for which he is appointed, and shall
receive salary of $500 per annum and neces-
and sufficient bond for the faithful performance
of his duties.
Sec. 6..ghat upon the receipt of any applica-
ton for a loan as provided for IN this act said
application shah at once be transmitted 10 the
loan agent tor the congressional district within
which the applicant resides and said agent
shall be supplied with copies Of the blank form
of mortgage as provided for in this act.
Sec. Z. phat it shall be the duty of said loan
agent upon the receipt of any application as
herein provided. .ts examine into the title and
assessed valuation of the tract of land upon
which the loan is asked, for which purpose there
shall be furnished him an abstract of the title
from the proper recording officer of the county
in which the land is situated, and copy of the
last two preceding assessments, and a certificate
of the actual residenseand cultivation required
by this act. The fee for obtaining said abstract
and certificate shall be paid by the owner of said
land.
Sec s. That when said loan agent shall be
satisfied that the title to the land upon which
the loan is asked is in the applicant free from all
membranes, and that the applicant is an
actual bona fde resident thereon and cultivator
thereof he shall ASCERTAIN from the two last as
sessmentS the maximum amount that can be
loaned thereon under the provisions OF this act
and shall then prepare in duplicate two OF the
mortgage blanks herein provided for, and have
the same executed by the applicant before some
duly quallned omcer. ONE copy OF sald mort
gage shall be forwarded to the commissioner of
loans. and he shall cause the sa ne to be placed
on file and recorded n the bureau of loans, and
the other copy shall be led and recorded IN the
proper office in the county where said land is
situated, said record to be made at the expense
of the mortgagor.
Sec. g. That upon the receipt of any mortgage
as hereinbefore provided, the commissioner of
loans shall Immediately draw his warrant for
the payment of the sum named in said mortgage
out of any money in the treasury not otherwise
appropriated. and draft for the same, payable
in coin certificates, legal tender notes, or other
lawful currency, shall be sent to the mortgagor.
Sec. 10. That the interest all loans
made under the provisions of this
office of the loan agent for the district,
and he shall transmit the same to the treasurer
of the United States. The failure to pay inter-
est for two consecutive years shall entitle the
government to Soreclose, and all proceedings for
foreclosure shall be attended to by the loan
agent. and conducted according to the form of
procedure in the district where the loan is made,
and all lands reverting to the government by
foreclosure shall be added to the public domain
and held Tor sale TO actual settlers at the
amount loaned thereon with 10 per centum added
thereunto.
Sec. Il. That to enable the secretary of the
treasury to carry into effect the provisions of
this act he is authorized and directed to issue,
as fast as may be required, in denominations of
''One - two - five - ten - twenty ,,
and fifty dollars, coin certificates or United
States notes of fall legal tender value, to an
amount necessary t0tDrovide for the payment of
all loan coR+racts4bat may come under this act
which certsHf a<Esso notes, when issued are
upon farm mortgages; said certificates and notes
shall be similar II all respects to the United
States certificates and notes now in use.
Sec. II. That all'law and parts of laws in con-
lct with this act are hereby repealed
Sec. Is. That this act shall take effect from
and after its passage. "a 80 & 80
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