The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-01-06
run ~LAND%LoAN BUREAU.
,.tor stanford's Scheme for the Re-
lief of the People

e.o.tOr stanfOrd's Scheme for the Re
ss lief of the People
Remedy for the Existing Eu.ls Of OPP
~oressive USury and a Con-
tracted Currency
:. The Senate of the United States, De-
bor 1890, NJ. stanford introduced
G%n foJing bill, WHICH was read twice and
.niSered to lie on the able:
BILL
~ nrovide the government with means
loPIAfeient to supply the natl nal want of
oonnd circulating medium.
D. # enacted by the Senate and House
REPRESENTATIVES of the United States
SmerI a in { ongress assembled, That
10 is hereby es ablished in the depart
uent Of the Treas ny OF the United States
bureau to be known as the land loan
SIC 2 That a chief and deputy chief
= Crch bureau shall. be appointed by the
proCident of the United States, by and
-itb the advice and consent of the Senate;
.bo salary of the chief of such bureau
shall be $4,000 per snnum, and of the
Jannty chief SIS 600 per snnum.
Sec, 3. That it shall be the duty of the
chief of such bureau, under the direction
and with the approval of the Secretary OF
the Treasury
First. To superIntend the affairs o. the
breau; to receive and approve or reject
anplicatlons for loans.
Second. 10 keep a record o: all such
snplications and of the action had thereon.
Third. To keep an account with every
neFson to whom a loan is made.
Fourth. To keep an accoun with the
Treasurer of the United Sta -es, showing
all moneys received and disbursed by him
and the puI pose for which such receipts
and disbursements were made; to collect
and pay into the treasury of the United
States q | loans when due or payable.
Fifth. To make all proper rules neces-
ssry to carry this act into effect.
Sixth. To appoint such subordinate
officers of the bureau as may be necessary
to carry out the provisions of this act,
and to define their duties and fix their
salaries; which salaries shall in no case
exceed the salaries now paid for similar
clerical serv ces in the treasury depart
ment
Seventh. To prescribe the form and
manner of kee Ding accounts with the
Treasury of the United States, and with
the various persons to whom loans shall
have been made, and OF the expenses and
disbursements in connection Herewith.
Eighth. To perform such other duties
as are prescribed by law.
SEC. 4. That the Treasurer of the United
States is hereby authorized and directed
10 cause to be printed, signed and
ready for issue, for the purpose herein
after mentioned, circulating notes of the
United States of the denominations of
81, S., $40, $40, $50, 800, $500 and
S $1,000, to the amount of 500 600, 900,
and such additional amounts from time to
tine as shall be necessary to meet the re-
gIrements of this act.
Sec. 5. Tina; said notes, when issued as
hereinafter directed, shall be a legal ten
der in payment of private debts, equally
with gold and silver coin fer like amounts,
and shall be received at par in all parts of
the United States in payment of taxes,
excuses, public lands and all other dues to
the United S ates, and also for all salaries
and other debts and demands owing by
the United States, except interest on the
public debt, AM n redemption of the
national currency.
Sec. 6 That said notes, whtn ready for
issue, shall be held in the treasury to the
credit of the land loan bureau until issued
as hereinafter prescribed.
Sec. Z. That every person who is a citi-
zen of the United States, or who has de-
clared his intention to become such, and
who is the owner, IN fee, of unincumbered
agricultural land, may hle with the bureau
an application for a loan to be secured by
alien upon such land, valued for sgFicul-
tursl purposes. Such appli ;atioA must be
IN the form prescribed by the chief of
bureau, and must describe the land, and
state its &C ual cash value for agriculture,
independent of improvements, and also its
assessed value for taxation purposes, for
The year previous to application, the
amount for which the loan is sought,
which nus not exec d one-half the as
sessed value of the land, and the time for
which the loan is t run, not exceeding
twenty years, together with such other
iscts as the chief OF bureau may Dy regu-
latlon prescribe. No loa rs shall be made
upon land of less than $500 in value nor
IN sums less than $3.50:
Sec. 8. That a copy of the application
LOT such loan must, at or before the time
OF Its receipt by the chief of bureau, be
nLed IN the Office of the recorder of deeds
or the officer exercising the functions of
recorder in the county or State or Terri
Tory IN watch the land described is stu
ated, or if the land lies in two or more
counties, in such off 3e in ca h of the
counties; and from the time of the filing
OF such application in such Office such
ming shall constitute a lien upon the land
described for the amount of any loan
granted by the United States under such
ep~phealOn, and shall De notice to all sub
Sequent purchasers AID incumbrancers,
ana shall be a par amount lien over ali
StnerS with which said land may be
Iqftner lncumbered, and shall, if the D
pncatlon is granted, continue until the
money thereby secured, with the interest,
IoSts and legal charges of collection, has
0een fully repaid and satisfied.