The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1913-07-16
los VAST sum
FOR STATE FARMS
REPRESENTATIVE DICK MORGAN
HAS BILL FOR LOW INTEREST
FOR FARMERS.

. 'iuihS ioi INC uepOolt u all lHuldi
funds in the United States treasury
to the credit of Oklahoma tribes, in
the banks of the state, other mem
bers Of the delegation are backing
Up the matter to the finish for they
realize that such action will be of
great assistance to the state as 3
whole.
Representative Dick T. Morgan has
enlarged somewhat on the Gore plan
and has introduced bill in the
house which provides that this money
credited to the Indians shall be loaned
to bona fide farmers of the state, at
| per cent interest, and that all sucn
! funds not subject to be loaned to
farmers shall be deposited in state
and national banks. In discussing the
| bill, Mr.. Morgan said:
"On July |, 1912, there was in the
treasury and banks Of Oklahoma to
the credit of the Five Civilized tribes
INC Suiil VI Pl@,oAV, foO.fo. Az lue
same time there was to the credit of
other Indians in Oklahoma, including
the Osages, $14,769,O31. The total
funds in the treasury belonging to
Oklahoma Indians amounted to $27,-
5S9, 9,497 There is about $6,OOO0OO
due the Indians on deferred payments
on lands.
The surface of about five hun
dred thousand acres Of segregated
coal lands has been ordered sold by
congress which will add $5,000,O00 to
$lO,000,000 to the amount in the
treasury to the credit of the Indians
and there will be millions added by
the sale of the COAL Necessarily for
som eyears the governmtnt will have |
on hand large sums of money be-
longing to the Indians of Oklahoma. |
Interest a Million Annually.
in 1912 the government paid to .
the Indians of the United States as
interest on trust funds s1,740,29f. |
S70S,0S0 of this went to the Indians
of Oklahoma, All this vast sum is
a loss to the government unless the
goytrnments recoupes itself by re-
loaning this fund. 1t is not intended
to, in the least, delay any &yment
due the Indians or defer the settle
ment OF the affairs of the Five Civ
ilized tribes.
There will also be a large fund to
be deposited in the banks of Okla.
homa which will not be available for
farm loans. Farm loans are regarded
the safest security obtainable. These
funds should be made on a basis for
the farm credit associations which we
are now trying to provide for our
farmers"
The Morgan measure in providing
how the loans shall be made, says
First Mortgage on Farms.
said loans shall be secured by
first mortgage upon improvtd farm
land or lands situate within the said
state, and shall bear interest at the
rate Of per centum per annum pay
able annually. No loan shall exceed
20 percentum of the appraised value
If the land mortgaged to secure said
oan, ascertained by appraisers APP
pointed or designated by the secretary
If the interior. Loans may be made
or a period of not less than one year
md for not to exceed a period of five
ears. Payments on principal of not
ess than $4,000 may be made at the
ime of any interest payment. The
les so far as may be practicable, shall
e equitably distributed according to
he number of farmers residing in
he RESPECTIVE counties of said state.
The loans and deposits herein pro-
ided for shall be made by the COM
Missioner of Indian affairs, under the
irection and with the approval OF
le secretary of the interior. and the
ocretary of the interior is hereby
to make. all necessary
lies and regulations for the safe
harding of the United States and
le Indian tribes or members there
t, and for the carrying out of all
lie provisions Of this act. and is au-
loriZed to extend the time for the
lyment of any loan; provided that
1 deposits of such funds in the
lnks of the state of Oklahoma here
fore made, under existing law, may
2 continued at the discretion of the
,cretary of the interior"