Golden Valley chronicle. (Beach, Billings County, N.D.) 1905-1916, 1915-03-19
The McCumber
Rural Credit Bill
Passed the Senate Killed in House

assed the :
That there is hereby created in
the Treasury Department a bur-
eau to be known as the bureau of
farm credits. Said bureau shall
be presided over by an officer who
shall be designated commissioner
of farm credits. The Secretary of
the Treasury shall provide for suf-
ficient clerical force to perform
the duties of said bureau.
That there is thereby appropri-
ated and set aside for the use of
said bureau. in the manner here
matter provided, the sum of $40,
100000. or so much thereof as
may be necessary.
That the said sum SO provided
shall be used for the purpose of
purchasing notes secured by first
mortgages on agricultural lands,
as hereinafter provided, for sta
tionery and clerical expenses, and
such other expenses as may be in
cident to the business of said bur-
eau.
That every national bank and
every state bank desirinq to avail
itself of the privileges herein pro-
vided are hereby created and de-
clared to be agencies of the Treas
ury Department for the purpose
of receiving from mortgagors
notes and mortgages securing
same, advancing the moneys to
the said mortgagors, and trans
mitting said notes and mortgages
to the bureau of farm credits and
receiving in return therefor the
amount advanced to the mortga.
gor by the said bureau.
That it shall be the duty of the
Secretary of the Treasury to ap.
portion the sum hereby appro.
priated among the several states,
according to the agricultural pop
ulation, importance of the agri.
cultural productions of each
State, and percentage of agricul.
tural lands incumbered by mort.
or trust deeds, and pay for such
notes and mortgages as may be
presented to the extent of the
amount apportioned to any State
That any owner of agricultural
lands within the United States
who is living upon and farming
such lands, desiring a loan under
the provisions of this act shall ex.
ecute a promissory note due in lC
years, bearing interest at the rate
of 5 per cent per annum, interes,
payable annually, which interest
shall be evidenced by 10 coupon
notes attached to said principal
note, and which coupons shall al.
so bear interest at the rate of 5
per cent per annum from the date
of maturity until paid, payable
annually. Said note shall also
provide that the principal may be
paid on any interest-paying day
after the expiration of FIVE years.
Said note shall be secured by a
first mortgage upon the lands SO
farmed by the owner, and execut.
ed and recorded in the name,
provided by the laws of the State
in which the land is situated fo,
the execution and recording Of
mortgages on real estate. Such
mortgage shall be accompanied
by an application for a loan,
which application shall recite the
purpose for which the loan is de.
sired, the market value of the
land, the value at which it was
last assessed for taxation. the val.
-'e and kind of buildings thereon,
the number of acres under cult
vation, the character and quality
Of the soil. the number of acres
capable of being cultivated. and
such other information as may be
required by the rules of the said
bureau. Said application shall
have attached thereto or made as
a part thereof an affidavit signed
by the owner and at least two
neighbors who are thoroughly ac.
quainted with land values in the
vicinity, stating the market value
of such lands and the market val
ue of the particular lands to be
mortgaged. Said note, mortgage,