The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1890-02-14

duties. Salaries Of assistants In al
the age ncies shall be determined
with reference to wages paid for
similar work in private lines of bust
ness In the particular State or locality
The business of these agencies shall
be to lend money to the people on real
estate security, like such business is
now conducted by responsible real
estate and loan agencies. Applications
will be made on blanks prepared BY
the deputy superintendent. showing
the location, description. lay and
quality Of the particular parcel Of land
offered a. security, with the appraise.
ment under oath Of three ffeeholders
Of the neigh borhood who have person.
al knowledge of the premises. showing
the actual value Of the land, with and
without improvements, estimated Is
other lands in that locality are valued
and it's assessed valuation for taxation
together with the report of local ex.
aminer. The application shall be ac-
companied by a complete abstract Of
title, and if 1t appear satisfactorily tn
the assistant superintendent. that the
security offered is sufficient, under the
rules established, for the amount Of
money asked for, the application sha II
be granted, and after due execution Of
note or notes as may be desired by the
applicant, with first mortgage on the
land, an order shall be drawn by the
assistant superintendent on the central
agency for the amount of the loan.
The time for which money may be
lent as above shall hot be less than
one year, nor longer than eleven years
at least nine per cent Of the principal
shalI be paid every year until the last
year of the loan, when the remainder
shall be paid. Charges for the use Of
money so loaned ehall be sum equal
to one per cent per annum on amount
loaned, diminishing from time to time
As the principal is paid and these
must be paid annually. No other
charges of any character shall be
made. The applicant pays all prelim.
mary expense. The mortgage will be
forthwith recorded In the proper Office.
Notes and recorded mortgages shall be
filed and security kept by the assistant
superintendent.
The number and location of the loan
agencies can be determined onlyafter q
careful study of the necessities Of the
people, the States where most money
is required; and the amount and nature
of workto be done. The superintendent
of a central agency would know. In O
general way, what his state needs in
this respect. he would appoint only
such men for assistants as could be re.
lied upon for first.Class work-business
men, not politicians, and together they
would in very short time decide how
best to cover the field. And whether
it would be better to have the number
of agencies and their location to CORE.
spond with congressional districts-at
present 1926, with an average force Of
ten persons each, or $3.50 for all, add.
ing, say $50 for the new States and the
Territories, giving an aggregate Of
1900 for the entire country; or wheth.
er it would be better to distribute the
number SO as to haye one agency to
two or three counties, thus getting
nearer to the people, would be mat
ter of detail for the Loan Bureau. In
either case the aggregate number of
persons to be employed ought not to
exceed 1000. Allowing an average
salary of $1,000, the total yearly ex.
pense on that account would be 81 900.
600. Office rent, fuel, stationery and
other incidentals, including special
work of examiners and experts would
not exceed $500, 900, making the total
expense Of the Bureau one year 81 $780,
600, which is one per cent. on $450, 0OO,.
600, aud such force could easy handle
$500, OOO, 900 in one year.
According to the census reports for
1880, there were 4 zoos, SO7 farms, large
and small, in the country, and % per
cent. tf them were rented, leaving s..
OOO, 900 owned by the persons tilling
them. II lie doubtful whether the
humber of farms ,ohich are owncd by
their titlers have increased since 1880.
Renters are increasing fast IN all the
western States But let Us assume
an increase of Is per cent, which is
nearly equal to the increase in popula-
ton, and we have q total of 5000, 600
farms. Deducting Is per cent. for
renters. we have $3.50, 600 farms occu.
pied by their owners. II we assume
that one-fourth Of them land that
seems high) are mortgaged, we have
total of 937 ,5OO-needy farmers to
provide for.
What shall we assume to be the
average debt? Referring to the etate-
Dent above mentioned, appears that
during the entire period Of the K. l..
& T. Co.'s business, the total number
Of loans negotiated was II ,0S3, aud the
amount of money invested was ST.
30s. 1873, the average loan being 81 900.
II, then, We assume that 937 500 farms
are mortgaged, and that the average
indebtedness is 81 600, 1t would require
1897 SOC, 900 to pay 1t all.