Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-01-28
Ra. foss SUGGESTS.
Us Plan to Relieve tho Financial Dis
uess Of Nebraska Farmers.

Us Plan To Relieve tho Financial Dis
ues, OF Nebraska Farmers.
Tho great drain that has como 10 on,
people by reason Of tho large amount o
money. amounting 20 millions, that W,
have TO pay east "A interest upon tn,
debts which tho farmers owe ard ar,
Obliged TO pay keops US poor. The ox
tortionato rate Of interest eats tho yef,
hfc out Of our farmers.
The time has come when the farmer.
OF Nobraska should act Ne a class. when
something substantial should bc done, 4
possible, TO relieve tho producers OF
wealth OF tho great burden that rest,
upon them
The plan advocate "a rs follows; sup.
pose. by way Of illustration, tho farm.
en Of Saline comfy are heavily in dob,
and are paying high interest and com.
missions. Surprising they join together,
say 1000 Of them, and organize under
the laws OF the state aa the Saline Couu.
~ Cooperative Farm and Loan associa.
zion. The object Of characterization ia the
providing ofsccurity on which money can
be borrowed AZ n low rate Of interest.
All tho mcrnbera own ia fec simple and
1.-Two upon the land upon which they wish
10 borrow money. All wish to borrow
money; some to take mp existing mort.
cages, and others TO take up now loans
They have perfected their organization
and chosen their officers. The titles to
Tho farm lands arc passed upon and up.
praiscmcnts OF value made. This 4.
done by n commission or board, OF which
three nro the officers ut Tho state ap.
pointed by tho governor Two moro arc
county officers Of tho county wherein
the land Is located. The Others are an.
pointed by tho farmers themselves who
desire to borrow money. The county
ofiic~s might he the recorder Of deeds
and county Judge. or tho county clerk
and treasurer. as might DO thought best.
30 far as tho titles are concerned tho
same rulo applies 20 this association rs
TO any'othor real estate lonna.
Tho NEXT atop "a tho appralsemcnt Of
Tho property. This IL dono publicly.
All OF tho members arc present II they
dosrc tobc. and they can giyo evidence
under oath or argument as 10 tho value
OF their property. Tho appraisemont
should be n conservative one. based ON
salos made. soil and other advantages.
IL should not DO ON what II would bring
at sheriffs sale for cash, but upon tho
b1ia OF tho usual standard OF part down
aud tho balance In payments. Tho valu.
alton complete. tho proprietor oxccuies
deed conveying tho land no proposes
TO put into tho pool, and running 10 tho
SECRETARY Of farm loans. who. would
suggest, should DO tho secretary Of tho
ttate OF Nebraska. Tho land thus con.
Ncyed 10 for tho purpose Of securing tho
state OF Nebraska against loss la guar.
nnteeing bonds that arc to DO executed
BY tho association.
Deeds being recorded, tho association
takes bonds furnished by tho state OF
NcbrahEa, aaid bonds drawing q nor
cent Tho amount Of bonds 10 DO issued
would depend upon tho valuation OF tho
Hand. Not over % per cent. OF the val.
uation would DO bonded. OF tho 1000
members. for illustration. say that ten
wanted 1900 each, five needed g., 600
and five =, 800, making n total OF az. 800.
The persons borrowing 81 600 would tako
ten shares OF stock Of the association,
Others. taking 5000 or $500. would
tako twenty or twenty-five shares re.
npechvoly, making total issue Of stock
OF $4,000. This stock would call for
interest at Q per cent. per anuum, paya.
bio quarterly or semi annually, Us may
DO thought best, and would be paid 10 tho
trcaauror OF tho state OF Nebraska for
tho benefit OF the Saliun County associn.
ton. out Of which tho interest would i. |
paid tcfni-annually to tho state TO nav
The interest on tho bonds which tho as. |
,ociaiion has made. and which tho state
'haa guaranteed.
Tho extra o per cent. would bo kept
o part OF II as reserve fund, the rest TO
DO loaned on roturn bonds "a soon a.
enough accumulated 90 thoy could do Il.
bearing IN mind all Of tho time 10 keen
sufficient r'icrye ahead 20 that the In.
teiest on tho bonds should be Maid
promptly. Tho surplus could DO loaned
70 INC members or other persons on col.
ihtarals OF ohattel aocunaei al nor
cent. por annum, or 10 tho highest bid.
der above that, on the same principle AS
millions OF dollars hayo been sold and
80 tAAAAAAk AHANAhtlutas some /
may say, why not mako II Q per cent. At
once and give the farmers n low rateY
i,ut II you VIII study It you will eco that
inc oStra interest Is the saving feature
Of the whole plan
In case OF failure OF crops or other nc.
eiient the person failing 10 nav his o
Yer cont assessment would have It paid
py mo association ma lopfs M ,l,nr, ,,..,, !
any credit TO his account OF the surplus
'arninga Tho extra por cent. as soon
~ the first years payments arc made "a
luruler guarantee to the state for tho
prompt payment Of both principal and
Interest Tho extra 0 per cont, loaned
0ui at compound interest, would NJ the
.ha OF twenty years pay for tho princi.
rh' figuring II tho Same way tho build.
nv and loan associations do throughout
We United States. =. /. ross IN Omaha