The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-02-20
GOVERNMENT AID,
One Of the Plans by Which the
Farmers Alliance Seeks 1t.
The National Guaranty Loan and
Development Association.

Senator Stoclbridge Introduces "A Bill
for Its IncOrpOration-Purpo for
which the Company is Org ar=izeii.
Capital Stock Observation-Disclosures SIC.
An Appropriation Asked.
WASHINGTON, Feb. Ex-senator Stock
bridge has, by request, introduced a bill
entitled an act to incorporate the Ma
tiOnal Guaranty Loan and DEVELOPMENT
company. 1t is evidently a forerunner
of what may be expected in the line of
novelties in the next congress. Senators
and members are receiving many meas
ures of this class, but few of them a-e
introduced. The purposes for which
this company is Incorporated are:
First-The amelioration of the condi-
ton of the poor.
Second-The development of the I'M
occupied farming and mining lands of
the United States, by furnishing actual
bona fide settlers and miners with the
necessary means to cultivate said lands
pand operate said mines.
Third-The development of water
ways, water-powers, and other natural
resources that may conduce to National
wealth, and the comfort, convenience ard
prosperity of the people.
FOUrth-The establishing and main
tanning of manufacturing the other in
dustries upon the cooperative plan.
Fifth-The establishing, building,
maintaining and endowing of non-sec-
tartan schools and colleges, hospitals,
homes or aSylums for the blind, dumb,
MANNED, demen,ed, orphaned, aged and
poor.
The capital stock of the company is
unlimited, and shall be divided into
shares of so each. The certificates of
stock are to lie issued by the United
States treasurer upon the receipt of the
face value of the same in lawful money
No one person is permitted to hold more
than one hundred shares. The govern
ment of this company shall be vested in
q board of directors, consisting of one
representative from each state ana terri
tory in the United States, and one from
the District of Columbia. The first
board shall be appointed by the presi-
dent, and serve until their successors
are elected, Whenever the sale of shares
in this corporation shall aggregate Il $50
the treasurer of the United States shall
issue to the National Guaranty Loan
and Development company a govern
ment bond, payable in thirty years, and
bearing interest at PER cent per an
nun, The money obtained from the
GALE of shares shall be used by the
United States treasurer to purchase four
and a-half-per-ce bonds, or
to anticipate interest on the United
States debt.
When the paid7in stock of the COM
pany reachos 81 ,OG0,C00 this corporation
will then locate 200 families upon the
unaeveiopod lands, which it may select
and purchase from the government.
frCm states. or individuals A like
number of famiiies shall be located each
succeeding year for each additional
81 100000 that may bepaid in. No family
shall be locatedupon less than eighty nor
more than 100 acres. Each tract of land
shall first have comfortable house, and
in fact everything that goes to make up
q well regulated farmers outfit. To the
entire first cost of the land, buildings,
and all of the implements, 10 per cent.
shall be added to cover expenses, and
this total sum will be divided into ten
equal annual payments, which the
tenant shall agree to pay, with 3 per
cent. interest, giving notes secured by
first mortgage upon all real estate and
chattels. These benefits will be open
only to native horn or naturalized citi-
gems of the | intel States.
In addition to assisting those who de-
sire to follow agricultural pursuits, the
bill authorizes the company to engage in
any manufacturing enterprise on the CO
operative plan of profit sharing. To ac-
eomplish this end the company may
acquire the necessary site for town.
The head of every family in such manu-
featuring establishment viii be provided
with comfortable dwelling house and
plot of ground. which he will be per-
mitted to purchase upon the same terms
as are made with the farmer In these
manufacturing enterprises it is proposed
that One-half of the net profits shall go
| to the National Guaranty | Oaa and De
| VelOpment company, and the other half
! he divided among the employees, the dis
| triIutiOn to be based upon the length of
service and amount of wages paid. The
company proposes to pay the current
rate of wages paid for similar work
throughout the country.
The company also is authorized to
purchase mining property if they deem
it advisable or profitable. The employees
in working or developing any mines
shall enjoy the same benefits as to the
requirement of homes and a share in
the profits as those engaged in the fac
! tories.
This corporation proposes to assist
farmers, who, TIN ough loss of crops,
may be suffering hardships. They pro-
pose to loan to such sufferers a sufficient
their Indebtedness and begin anew.
Such loans will be made on not more
than twenty years time, divided into
equal payments. bearing an ANIMAL in
terest of ) per cent, such loans to be Sc
cured in the usual manner.
From the net profits arising from this
interesting scheme, from sources outside
the interest on COVE nment bonds, a
dividend upon the capital stock shall be
declared.
With the profits accruing from inter
est on the government bonds the com
pany intend to establish non-sectarian
! schools, colleges, homes and asylums.
For the purpose of establishing the
general offices of this corporation, and
to meet expenses of printing, etc, the
government is asked to appropriate $780,
900.
Teller Charles Ritter is now said to have
absorbed 81, o 0 of the funds of the Evans
vile, Ind, Fir National blnA.