Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1913-01-16
CHEAP MONEY
FOR FARMERS
Continued from page One)

designated by the Board of County
Commissioners which notice states the
amount Of money which will be in the
county treasury for such loans and the
terms upon which the same may be
loaned. These notices are published
at least once in each week for six sue
cessive weeks commencing as near the
18th day of May and November as pos
sible. Should applications sufficient
to take up all of such funds be receiy
ed before the expiration of such per-
| iod of publication the notices are dis,
continued
If the total amount of applications
for loans of such funds as certified by
the several county auditors to the
Commissioner shall exceed the amount
of money on hand for distribution the
commissioner distributes the funds by
sending to the counties applying for
less than the apportionment the full
amount of their several applications
and divides the remainder of such ap-
portionment among the counties ap-
plying for more than the amount ap-
portioned to them.
How Loans Are Made.
The money is delivered to the coun-
ty treasurer who executes triplicate
receipts therefor, one to be filed with
the county auditor, one with the state
treasurer and one with the Commiss-
ioner. 1t is the duty of the county
treasurer to receive. collect and ac-
count for all money belonging to the
fund in payment of principal or inter-
est of loans made by the county. This
money is loaned to the farmers on
first mortgages upon good improved
farm lands. The amount of each loan
may not exceed one-third of the act
ual value of the land covered by the
mortgage, value to be determined by
the board of county commissioners
and in no case shall more than five
thousand dollars be loaned to one
person, firm or corporation.
:. Farm Loans at Five Per Cent. :.
The loans draw five per cent inter
est payable semi-annually. All mort
cages are made in the name of the
state as mortgage.
AS a matter of fact, the plan has
worked beyond the most sanguine ex-
pectations of those who formulated it.
The applications are made for loans
to the county commissioners and the
applications so far invariably exceed
the amount of money available as to
offer the county board making the
loan the choice of the best loans to be
made in the county. The result has
been that the loss of loans has been
nil.
1t seems at this point the objection
will be raised that this does not fill
the need where it is greatest. 1t al
most seems to follow out the olden
time plan that to him who hath, more
shall be given, in the matter of this
cheap money being placed where the
security is best. Nevertheless, the en-
tire school fund of South Dakota is
being absorbed by the farmers on long
time loans and at the lowest rate that
possibly is being paid for any money
loaned on farm land in America
The people Of South Dakota the
Commissioners Of School and Public
Lands and others interested are more
than enthusiastic in their praise of the
system that seems so simple when one
investigates ii, that it should be adopt
ed generally. No valid objection has
been raised to the plan or to it's work.
ings in any way. 1t is grand success
and certainly worthy of adoption where
ever possible.-Arthur D. Coulter. in
Little Logged Off Lands"