The Dickinson press. (Dickinson, Stark County, D.T. [i.e. N.D.]) 1883-1927, 1914-04-04
G|R0NNA' farm
loan MEASURE! !!
MEASURE INTENDED TO
GIVE FARMERS GOVT
7. MONEY AT ~ PER
CENT INTEREST.

81 a -. ~
vt Washington, April 2.--Senator
Gronna Of North Dakota has intro
duced a farm loan bill, prepared
after careful study based on his
own experience as a farmer and an
associate. of farmers, which he be
lieves will meet. the need for such
an institution and which will, if en-
acted, afford the farmers an easy
means of securing funds at Az per
cent a year. ..,.s& t::.,l B
Senator Gronna's bill provides for
the establishment Of a farm loans
bureau in the treasury department,
to be in charge Of a director, who is
to be known as the director OF
farm loans. This official is to be
appointed by the president and con-
firmed by the senate. He is to
serve for term Of five years and
is to receive a salary OF $6,OOO
wear. He is to have an assistant,
who is to receive $4,000 a year, and
the necessary clerical force to carry
on the work Of the proposed divls-
ion.
Under the Gronna bill the country
ia to be divided into districts and, so
far as practicable, each district IS
to connrise one state, but two or
more states NAV be included in one
district IL it is found that the bus
ness arising in each state does not
nf a
branch therein.
"a branch Of the farm loan bureau
is to be established in each district,
and is to be in charge OF a compe-
tent manager, who is to receive q
salary Of $4,000 year, with a dep
uty at $4,000. !,
The districts are to be designated
by an organization committee COM
posed of the secretary OF the treas
ury, the secretary !. Of :. agracn91s9re sla '9nans
Within thirty days after the. com,
mittee is organized, it is required
to- designate the !ocat1on. . olss, tne
places i1lWhich the branch 1arm loan
bureaus are 10 be located in each OF
the several districts. ), !.
Senator Gronna provides Tor the
appraisal and search Of title OF
lands that are to. be covered by
these government mortgages and
blank forms for making appllca-
tions for loans are to be placed in
the hands of every postmaster In
each district, together. with informa-
ton as to show how the loans may
be obtained. If. an ]. application Tor
4 q: loan isz provided by the. iistTlct
manager, he is to forward Si with a
short statement, to the farm loans
bureau. The bureau will then for
ward a check for the amount OF the
loan to; the district manager 4 who
will turn it over to the applicant up
on the, deposit Of q mortgage Gov
ering the property on which the
loan is made. If the district mana
ger denies loan to an applicant the
latter has the right Of appeal to the
bureau in Washington. III
The provision Of the Gronna bill re-
lating to loans is as follows:
tsNO loan shall be made on any Sc
curity except that Of a first mort
gage, and no loan shall be made for
a. sum in excess Of 80 per cent Of
the value Of the property. Not more
than $4,000 shall be loaned to any
one person Or assoclanon OF Perseens ee
.n and apphcauGns !, 1oF ioans - @o,,
OOO or less snan nave pre- prele9LanSe 9an,s
In no case shall a loan be made for
less than 5000, nor on land less than
ten acres in area. ! Loans shall be
made only to actual farmers, who are
engaged IN nlhng tne SOL, and n1
loan shail De mace. on land s0perasssaa
exclusively ~ g yenasnts rrovaaea
that this snail NOT pe .nela 70 prevenG
q loan onIand upon - Wnlen Sne oWnsE! 81!
reades tnrougnou! tne y,: ysar:, Il.
"a second provlslon Tsaralns = d siiss ~:
loans eal1 ls as IolloWs: :. =, 4,
following purposes: First, 70 > Pay y! %: on
prove falm propersy oWnea ]. Dy sne
aalRpnSanS s1o, q pay ny ands paIs +