The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-05-18

money lawful only in the state where
made. Money is made by law; but one
state can not make laws for any other
state. The United States can, in COM
p1ance with the powers granted to
congress in the constitution. make laws
binding upon all the states.
(g) That loans shall be made by
the United States to private citizens
and private corporations upon real
estate security, the value Of said real
estate to be fixed by the United States
land Office and department of agricul-
ture Gin conjunction) and certified in
writing, duly signed and sealed, to be
filed in each case, and said director
shall loan. where the title is perfect. a
sum of money thereon, not to exceed
two-thirds of the value fixed.
Where said money is borrowed to
build a house and make other i'm
provements on said real estate for a
home, when the borrower has fam
lily, and no home, and intends to live
upon said land and improve 1t. sum
Of money equal to the value of the
land, Of $50 acres of land, or lessO
literally estimated may be loaned for
that purpose; but no money on such
a loan shall be given to the borrower,
until the improvements are made upon
the said land agreed for the pur-
pose agreed, and rot until eff1davit
of that fact is fled with the director,
subscribed by the borrower and two
said improvements and the value
thereof
Money loaned to build homes as
above stated, may be repaid in any
amount -one dollar or overly de-
posting the same in the Postal Saw
ing's Bank for the use OF said director
OF loans and said bank shall receipt
for the same, and pay It over, with In
terest thereon, to said director semi
annually as Of June Goth and December
~ t. CT c1,
endorse the total sum paid as OF said
dates, on said loan; but these small
payments shall apply, only, to this par
ticular class of loans.
THAT loans shall be made to banks
in good standing, that are subject to
inspection by the comptroller of the
currency upon commercial paper taken
by said banks in their usual business,
when Endorsed by the banks, at two
thirds Of the face value thereof
Banks shall not loan money upon
estate security and the United
States shall not loan money upon per-
sonal security, except, indirectly,
through sthe banks, at the risk of the
banks, as above stated.
Banks in good standing, prudently
and honestly conducted, are very use
full local financial institutions, and they
may, in order to accommodate every
legitimate local demand for money,
within their territory, by real business,
De assured IndI the government VIII
supply the necessary surplus money
demanded upon good paper backed by
them, at the low rate Of three per cent
interest per annum and optional re-
payments as herein before stated
"The rate of interest, in each state,
IS fixed by state laws, except limit
has been placed by the government
upon National banks, this law leaves
that question unsolved.
Congress ought to conserve our I'M
sold lands, and re-purchase the I'M
improved lands heretofore disposed OF,
for real homesteaders and a probable
homeless posterity.
"(h) That loans shall be made, by
the United States, to the states and
their bonds, and that said bonds shall
be due and payable on or before fifty
years after date, that is, a sum Of
money equal to two per cent or the
entire amount of said bonds shall be
repaid annually, the one per cent in
terest to cease on all sums paid. That
is If the total amount Of said bonds
shall be fifty-thousand dollars, one
thousand dollars shall be repaid an
nually, until said bonds are fully re-
paid but larger sum, or all OF said
bends may be repaid at any time, at
the option of the borrower.
go That upon default IN the
prompt payment of the interest, an
nually when due, to the United states
upon any loan of money made By the
United States under this law, said total
sum of money unpaid upon any loan
shall become, instanter. due and pay
able, and the officers in charge shall!
proceed without delay in a business
way to collect the same"
HENRY, P. LASON,
DeFuniak Springs, Fla.