The Forrest City times., 1890-05-10
rrArnKnsros's vorE-eArcHrn :,

blst Congress lst Session. II. R. vs.f.
 In the licu vf Representatives.. April lo lsv. Read twice referred to tho Commit sc oi Agriculture. and ordered to bc prlnted.
 Mir. fsArnkRsroN introduced the following bill:
 MILL,
 To provide for tho rolicf Of the agricultural population of tho United States. and to pro mote and encourage agriculture.
 Whereas, the agricultural interests of the country arc now greatly depressed. and con scutcntIy the farmers, farm iauorers, and those dependent upon them are impoverished and the present financial and economic con ditions arc such that many crops are grown at m actual ioss, compelling the farm owners to mortgage their hon,cs and farms to greedy usurers at exorbitant rates of interest, and many Of their homes arc passing into the hands of great landed propretors or financial corporations: and.
 Whereas, Il is the duty of the Representatives of the people, the law makers ot the nation, to recognize existing conditions. and to provide remedies for existing evils; and.
 Whereas, immediate acton is demanded to alleviate this depressed condition. and give prompt relief to the agricu.turai ciasser. besides providing for tho encouragement. greater development. and future prosperity of that great industry: Therefore,
 lie II enacted by the Senate and House of Representatives Of the United States Of America in Congress assembled, That any c,tixen of the Cnited states, or any person who has declared the intention of becoming a citizen, who owns and resides upon any truct Of land containing not less than ton and not moro than three hundred and twenty acres Oi
 land, anu who has at least oue half of said truct Of land in actual cultivation, shall le entitled to apply for and receive from the Treasury Of tho United States a loan. in amount not to exceed onc-haif the assessed value of said tract of iand and the improve mcnls thereon.
 Soc. ,. That all loans undor this act shall be for period of not less than i've uor more than ton years. at the option of the borrower, and shall boar interest at the rate of two per ccntum per annum from the date of tho loan. Sec. 3 That the Secretary of the Treasury is hereby authorized and directed to establish in his Department a Bureau of Loaus, to bc under the charge and direction of commits soncr of loans, who shalt be appointed by tho President. by the advice and consent of the Senato, and who shall receive H salary of i've thousand dollars per anuum. Said bureau shall have charge, under the Secretary, of all business relating to tho loans herein provided. Sec {. That the Secretary Of the Treasury shall cause to be prepared by tho law officers ui
 his Department a blank form Of mortgage with ling the blanks in said form. Said mortgage | shall contain clause binding the mortxaxor
 to kcep tho land mor,Yascd free from n. ai
 surcd in some responsible company for tho | protection of tho Government. The Secretary shall also have prepared such other blanks ss
 may be required under this act.
 Soc. (. Thst the President shall appoint upon the recommendation of the Secretary of the Treasury, loan ngent for each Con. grc=sional district of the United States com posed wholly or in part of agricultural lands Said losn agent shall bc an actual resident and quaiihed voter in the district for which he |, | appointed. and shall receive q salary of twe | thousand i've hundred dollars per annum and ! necessary traveiing expenses aud shall give a guOd and sufficient bond for the faithful per ! formance of his duties.
 | See. |. That upon the receipt of any ap plcation for q losn as provided for in this ac' | sad application shall at once bc transmitted to the ioan agent for the Congressional district l within which the applicant resides. and saie l agent shall bc supplied with copiesof the bnni T. >.le sne et,x- Sec. '. That II shalt be tho duty ot said loar | agent, upon thc receipt of any application a' | herein provided, tu examine into the title sn,
 assessed valuation of tho tract ot land upor which the loan is asked. for which purpose | there shall bc furnished him an abstract o | the title from the proper rccording oihccr o | the county in which the land Is situated. ant .a copy of tho last two preceding assessments
 and a certificate of the actual residence que
 cultivation required by this act. The ice fo obtaining said abstract and certificate shall bt | paid by the ow ner of said land.
 Sec. <. That when said ioau agent shall b,
 satisfied that tho title to the land upon whici the loan is asked is in the applicant free frosi | all incumhrancos ana that the applicant is ar ' aetani bona ndc resident thereou and cult
 yator thereof, hc shalkAsccriain from the t~t 1 last Asscr~nients tho maximum amount tha can hc loaned thereon under the provisions o l this act. and shall then prepare in duplicate
 two of the mortgage hianks herein provide, l for and have tue rafic executed by the ap | piscaut before some duly qusiiues officer. pns copy of said mortgaEc shall bc forwar,icd ts tue Cptutnis<uitcr uf ts,<ius ana no thait cause tho same to be placed on ntc and recorded il 1 the bureau of loans. and Inc other copy shai | hc hed and recorded ta the proper ofiice it
 the county wber. said land is situated. sais | rccord to bc made at the expense of the mort gnxor-
 Sec. 9. That upon the receipt of any mort gage as hercini-fora provided the coIiiinis -ioucr Of loans shall immediately draw hi
 warrant for the payment of tho sum named il
 satd mortgage. oat of any money in tho Tr~as uty moi otherwise appropriated. and . dat faP e A mi tu | tender notes. other law fut currency, shat I he sent fu the naor'EaEur.
 I Sec. lu. That the iuterest on all loans made | under the prov ssions of ,his act shall be pnl,
 annually at the office of the ismn agcnt for th.
 district and hc shall transmit the sauic to th, | Treasurer of the Uasted States The failure | Ca pay interest for two consecutive years shai
 cattle the Gosernmcat to torcVlosc. anu ai | proceedings for foreclosure shRil hc sttcusis.t \ to hy the losn agent. aud c3uduetcd aocordipI tu the fuTtu of procedure in tho district whcrs
 Tho sosAn mssi-. and sii lands r~vcrtlng tn th' Goyetntneut by foreclosure shall be added is the ptsblc domain and neli for sale te actua settlers Al tue amuant inaurd thereon. wttt 1 leu ger centum added thcrcuntn.
 ! Se~s. ii. That to enable tho Secretary of ths Treasury to carry ittto effect inc provision.
 at ths nct he Is sHti ofSe>i and directed ts issue. as fast as urn, t~ reqnircsi. ln deuotn nations Of one. two, i've, '.teu,
 twenty" and ''Eity~ dol.rrs. coin certificates
 or tinted States notes ot full legal tcndot 1 value. to an amount necessary ro provide foi thc pay uf all loan contracts that may como under tnts act. which certificates ol
 notes, when issued. are hereby appropria ted fur the purpose of leans upon farm mortgages sa Id certificates and notes shall bc similar in al
 respects 10 the United States certificates and notes now in use.
 See F. That all laws and parts of laws in 1 conflict with this act are hereby repealed. Sec. II. That this act shall take effect from anu after it's passa1sc.
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