The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1913-02-07
BILL FOR MORTGAGES ON FARM LANDS
WELL DESERVES LEGISLATIVE SUPPORT
Measure introduced by Brewer Will Provide Money for
Agricultural Interests at Low Rate of Interest-Carey
Land Promoters Are Against the Proposition.

and that no loans had ever been made
under the law. 1t is apparent to those
most interested in procuring ready n
cheap money for the farmers of Mon
tana, that the law Vas not enacted
with the intention of making loans.
but was in effect a subterfuge enact
ed for the purpose of preventing sue
loans.
1t is evident that this legislature is
going to pass some law relative to
farm loans, which will ostensibly en-
able the farmer to easily obtain cheap
money, as we'll as allow those who
have bonds for sale, to obtain funds.
it is insisted by the agricultural dis
tricts of Montana that bond issues
will find a ready market in the east,
where it is practically impossible to
sell or dispose of a farm mortgage.
These same sections of country insist
that the farm lands of the state of
Montana are as good security for
loans as are the bonds of various cor
now invested, and that the advantage
to be obtained by the Improvement of
the farms vastly exceed the advantage
derived from the various bonds in
which the funds are now invested.
They cite that the states of North
Dakota, South Dakota, and Nebraska
have approximately ST., 900, 900 loaned
upon farm mortgages, n that, in a
period of 20 years., neither of the
states has lost a dollar.
Proposed Bills.
There have been several bills in
troduced in the legislature with a
view to meeting the suggestion of the
agricultural interests, one Of the fore
most of which has been that intro
duced by Representative Brewer. of
Missoula county, and is modelled after
the laws of South Dakota. This bill
provides that the state board of land
commissioners shall divide the per-
manent fund available for investment
among the various counties of the
state, and shall twice a year notify
the county clerk and recorder of the
amount of funds apportioned to their
respective counties. The county aud
itor shall advertise in his county the
amounts of money allotted for loaning
| purposes. A farmer desiring a loan
can go to his county seat and make
which application shall be submitted
to the board of county commissioners
for consideration. His abstract of
title is to be passed Upon by the
county attorney, and if the commits
sioners approve the loan, and the at
torney the abstract, he obtains his
mOney direct from the county treasur-
er. The mortgage remains in charge
of the county treasurer, where the
borrower can pay his interest or make
payment in full upon the mortgage
and procure a satisfaction. The bill
provides that loans can be mad upon
any farm land which exceeds in value
SO per acre, but the loan is not to
exceed one-third of the appraised
value, o can the loan run for a long
/ CT period than five years without re-
ncwal. The rate of interest provided
is 6 per cent.
Under this bill the application for
and execution Of the mortgage are
done at home, n quickly, thereby
doing away vita the long DELAYS
which are required by the present
law, and at practically little expense
to the farmer.
The county guarantees the state
against any loss, and has absolute
charge of the making of the oans.
Under this bill the agricultural in
~tcrests of Montana would be able to
obtain readily millions of dollars
with which to develop and improve
their farms, as they have in the sister
states Of North and South Dakota.
Objections have been raised to the
bill for the reason hat it takes the