The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-01-25

tolerated. DO you read shuch news
papers for the purpose of being will
fully mislead? The facts are that the
permanent school fund of the state
OF Oklahoma, which includes the five
million dollars from Washington, is
by the constitution of our state to
be invested in certain kinds Of secur-
ity, including farm mortgages, and the
farm mortgage is to have tn prefer
ence, and the rate OF interest fixed
by the legislature shall not be higher
than five per cent. Now this does not
mean buying farm mortgages from
some person or company that has al
ready taken the mortgage from the
farmer, but Il does mean making any
loan direct to the farmer aud there is
no expense that any farmer need to
pay if ne secures the loan, except the
cost of recording the papers which
usually runs about ore dollar and fifty
cents, and the farmer need not pay
penny to any agent or attorney, but
should send his own application direct
TO the State Land Commission, at
Guthrie, There has not been a penny
OF this school fund invested in any
thing whatever, kept in loans direct
TO the farmer and tor which the farm
er makes his mortgage direct TO the
state board.
/ am setisfed that the editor OF the
Republican knew this fact and pur-
posely tried to mislead his readers by
a contrary statement
At least II he did not know it, he
recklessly made his statement with
whether OF not his statement was true
/ Now rel1fr understand that this
! five million dollars of money was in
/ Washington IN the United States
treasury and before we could get
farmer a check for the amount he
borrowed we had TO bring this money
to Oklahoma and the United States
treasurer agreed that we might drow
Il in amounts of half million dollars
at time and drawing this amount Of
money il was necessary to have places
to deposit II Will il was being distrib-
uted in small loans TO farmers The
/ legislature passed House Bill No
8, which authorized the State School
! Land Commission TO deposit the mon
ey in banks of the state from which
deposit checks could be given to
farmers as their lonas We're approved
and title papers examined In or
der to secure these temporary de-
posits in the banks fhe law said that
our board must require the bankers
70 give us some kind of security to
protect these temporary deposits. The
law mentions the kinds OF security
that hte board can accept being such
as state warrants. county warrants.
bonds, first mOrtgag0 on improved
real estate, etc Now in the par
ticular mOragaRe paper mentioned in
the above false statement ofthe HO-
bart Republican, one of the El Reno
banks applied to the board for q ten.
porary deposit and amOng the securi-
ties which il gave 10 secure such de-
posit, was this form mortgage paper.
which they already had, and of course.
In order TO make the state secure in
every such case the secretary OF the
State aLnd Board takes these notes,
aud mortgages and has transfer
entered ON the record of the county
where the land is located, SO as to
protect the state. while the money is
on deposit In such bank aud this mon
ey so deposited with such bank Tor
which these transferred loans are
neie as security is subject to check
at any time that a farmer Is ready 20
make his loan, az fse per cent inter
est, direct from the state board.
The board would have no authority
70 buy any such farm mortgages from
any other corporation or middIeman
and has nos done SC in any case, and
the Hobart Republican knew Il was
making a false statement when il
tried 70 mislead the readers Of It's
gafbled statement, and whom they
went ahead 10 state that the school
land board had hOusht eight per cent
mofaeaee notes az five per cent and
figured up the Immense profit that the
Interstate Mortgage company was
making and what an Immense sun
that mortgage company coald make IN
the course Of 3 year BY selling twe
bmorlgiges pcmfwyq qfuyf
mortgages each week % he state
board the Hobart Republican knew
that 4 was delhber5tely building Up
stalemept Of falsehood and decelpjne
rs readers. Every dollar II the liYi