Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1890-05-01
FARMERS LOAN BILL.
Farmer to Mortgage His Farm to Uacle
Sam Instead Of the Capitalist.
A Bill to Provide for the Relief Of the AgricuI-
turaI Popul alton AMI to Encour-
age Agriculture.

The following Is the full text Of Mr.. Feather
| ston's bill in the lower house OF congress; A
bin to provide for the relief Of the agricultural
| population Of the United States, and 10 promote
and encourage agriculture.
/ Whereas, the agricultural interests OF the
country are now greatly depressed, and eonse-
| 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 sctual
| loss. compelling the farm owners 20 mortgase
their homes and farms 10 greedy usurers at exs
| orbitant rates OF interest. and many OF theii
homes passing into the hands of great
landed proprietors or financial corporations;
| and
/ whereas, it is the duty of the representatives
of the people, the Law 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 che encouragement. greater
development, and future prosperity of that great
industry; therefore,
Teseutatives 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 go acres Of
land. and who has at least one-hali Of said
tract of land in actual cultivation, shall be o.
titled to apply for and receive from the treasIHy
of the United States . loan, in amount not 10
exceed one-half the assessed value of said trSet
of land and the improvements thereon. <
Sec. 2. That all loans under this act shall -
for period Of not less than i've nor more tim
ten years, at the option Of the borrower eed
shall bear interest at the rate OF two per ceat.
per annum from the date Of the loan.
Sec. 8. That the secretary Of the treasury is
hereby authorized and directed to establish in
his department t'bureau of loans - to be I'M
der the charge and direction Of a commissioner,
dent, by the advice and consent of the senate
and who shall receive salary of 5000 per ami
mum. Said bureau shall have charge, under ths
secretary, OF all business relating to the Loan
herein prov ided. u
Sec. l. That the secretary Of the treasury shaA
cause to De prepared by the law officers Of his
structions as to the proper manner Of filling the
blanks in said form. Said mortgage shall con-
tain a clause binding the mortgagor to keep tha.
land mortgaged free from all claims for taxe[
and the improvements insured in some respon&
BILE company for the protection of the gover&
ment. The secretary shall also have prepefE8
such other blanks as may be required undegflElfl
act. s5E$F
the recommendation of the secretary OF the
treasury, q loan agent for each congressional
district of the United States composed wholly or
in part of agricul tural 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 snd neces-
sary travelling expenses, and shall give good
and sufficient bond for the faithful performance
OF his duties.
Sec. 6. That upon the receipt of any appIica-
tion for q loan as provided for in this act said
application shall at once be transmitted 10 the
losn agent for the congressional district within
which the applicant resides and said agent
shall be supplied with copies Of the blank form
of mortgage Is provided for in this act
Sec. 7. That it shall be the duty of said loan
agent, upon the receipt Of any application rs
herein provided, to 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 it'll
from the proper recording officer Of the countF
in which the land is situated, and copy Of th4
last two preceding assessments, and certificates
OF the actual residence and cultivation require&s
by this act. The fee for obtaining said abstradis
and certificate shall be paid by the owner Of SAD
Sec. 8. That when said loan agent shall g.
satisfied that the title to the land upon whiih
the loan is asked is in the applicant free from ~
membranes, and that the applicant is q
actual bona fde resident thereon and cultivatoE
thereof, he shall ascertain from the two last s9t
sessments the maximum amount that can beS
loaned thereon under the provisions of this act
and shall then prepare in duplicate two OF the
the same executed by the applicant before s1zzHsj
duly qualified officer One copy OF said sdoftzs
gage shall be forwarded to the commissioner OF
loans, and he shall cause the same to b5kplaced
on fle and recorded in the bureau of1oaAs, and
the other copy shall be led and recorded3nsthes
proper Office in the county where said Il f5Sss'
situated, said record to be made ut the expense
OF the mortgagor.
Sec. 8. That upon the receipt OF any mortgaEe1.
as AeEelnDelOre provided, tue commissioner OF.
loans shall Immediately draw bis warrant ford
the payment of the SUN named i'll 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 on all loans
made under the provisions of this
act shall be paid annually ut the
Office of the loan agent for the district%,
and he shall transmit the same to the treasur8f
OF the United States. The failure to pay in ~
est for two consecutive years shall entitl tfe
government to foreclose, and all proccedingsr
foreclosure shall be attended to by the 6xa
agent, and conducted according to the forIt az
procedure in the district where the loan is int1y
and all lands reverting TO the governme d 8ys
foreclosure shall be added TO the public dotsain+
and held for sale 10 actual settlers at4fhe
amount loaned thereon with 10 per eentum a aed
thereunto.
Sec. ii. That to enable the secretary OF the
treasury to carry into effect the provisions OF
this act he is authorized and directed to ISSUE
fast as may be required. in denominations OF
and siffty'' dollars coin certificates or United
States notes of full legal tender value, to an
amount necessary to provide for the payment ,of /.
all loan contracts that may come under this act
which certificates or notes, when issued, are&
hereby appropriated for the purpose OF loans
upon farm mortgages; said certificates and notet
shall be similar in all respects to the United
States certificates and notes now in use.
Sec. IL. That all laws and parts Of laws in con-
fict with this act are hereby repealed.
Sec 10. That this act shall take effect from,
and after its passage.
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