The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1914-07-16

state, and enacted by different meth
DDS. As to the names and rates in
North Dakota, they are about as fol-
lows: State government (including
county and township as it varies say
40 mills; real estate loans average 80
mills; short loans 120 mills. When
applied to a farm of 100 acres, on a
loan of $4,000, valued at $500 for tax
able purposes, and having an indebted
ness of $1,000 for stock, machinery,
etc, the various "taxes" would be as
follows: 'E.
To the State $500
To the bank (short loan)- 10000
To the agent ION land) - 10000
These figures tell US that the name
of the "taxes" that draws heaviest
on the farmers is High Interest Rates.
1t is also the name of the "taxes" that
draws heaviest on all other classes in
the state.
Farm Credits.
We hear candidates for the legis-
lature proclaiming Farm Credits"
but none of them will risk an explana-
ton as to plan, hence I am lead to be-
lieve that their promises on this ques-
ton are like frogs croaking-some-
thing for noise but not to satisfy
any wants.
State Guaranteeing Unconstitutional.
The question of the state guaran-
teeing or underwriting loans of which
l have given an outline a short time
ago, I find, after carefully examining
the constitution to violate sections
1853, 1872, 1856, and 1877. Hence an am
endment will have to be made before
such plan could be used. This will
require four years time. While / am
in favor of pushing such amendment,
still the interest burden is too great
to wait years. Something should be
done at once! Unless the bankers are
willing to show some patriotism by
reducing the rate, or some better plan
can be suggested, the legislature
could provide Farm Loan Depart
ment in the state auditors Office. This
department could act as agent to as
certain the cheap sources where mon
ey could be had for farm loans. AS
sistant to the state agent could be
provided in the county auditors Office
if need be. The state agent could des-
ignate some responsible person or
firm in each county to prepare abb
stracts of title and examine deeds at
fixed price to the farmers. Applica-
ton for loans could be made thru
townships and county justices of the
peace. The loans should be made to
the farmers without any "rake-offs."
All red-tape and unnecessary delays
should be discarded. The present law
on loaning the permanent school
funds on real estate was so planned
with red tape and delays to aid the
loan agents. 1t should be so amended
that farmer can get loan of these
school funds as quick as an agents
loan can be obtained. As protection
against discrimination, all persons, not
members of banking association Of
fering to loan money, other than his
own, should be required to obtain a
state license, make reports and be sub
ject to examination by the state exam
liner.
Invisible Governments Hand.
Here is another plain case of the
"invisible government" getting unani-
nous support On the question of de-
posting the available school funds, S.
B. No. 60. Session of 1911, section 928,
reads, "To further secure safety
of the school funds X the school
board shall satisfy itself of the re-
sponsibility y and any bank offer
ing more than per cent per annum
on deposit, subject to check, shall not
be designated as a depository under
the provisions of this article" House
record on the vote, 1877 ayes, no nays,
absent and not voting" Senate rec
ord, "43 ayes, no nays, 6 absent and
not voting."
Now if per cent will further Sc
cure the safety" of the school funds
with the banks, why would not low
err rate to farmers, merchants, mine
operators, cattle raisers, BARRIERS, no.
tel men, blacksmiths, editors, ETC.,
further secure the safety" in their
ability to pay the interest? This law
was written and had passed by the
bankers and will probably benefit 49,
OGO population. Now why should not
the other 100000 population be pro-
tected to 8 per cent. I am asking that
the farmers and others be allowed to
pay just double the rate that the bank
ers ask for. Mr.. Voter, make the
bankers answer this question when
ever or wherever he says that 8 per
cent is too low. H.. %
A Challenge.
/ assert that any person of any call
ing, profession or trade, has better
chance, more enabled, and hence more
likely to pay the interest at low rate
than at high rate on the same am
cunt of money, and l challenge any
one to dispute this assertion! And
further, more people have been driven
to the wall, forced to skip between two
suns, compelled to resort to bank
ruptcy proceedings, turn over the col
lateral and lose on the deal, leave the
state and seek a home elsewhere,
wear their old clothes when they need
new ones, SILVER around the hearth
when the needed fuel, refuse to buy
more and better stock for their farms,
refuse to develop coal mines, organize
factories, in fact people refuse to come
to this state on account of high rates
of interest rather than on account of
low rates of interest.
The usury microbe is found in every
community Of this state. Like this
Mr.. John F. Of Mandan township
tells me that to Obtain $85 cash in
1913, he was required to give note
for 800, bearing IL per cent interest
John owns half section Of land and
,gH ~ -Ass