Mansfield mirror. (Mansfield, Wright County, Mo.) 1908-1957, 1915-02-18

ward governmental subsidy aud
control where the borrowers are
exclusively farmers or small
holders"
The first system mentioned,
the landschafter, that is, the col.
lective or unlimited liability plan
as a basis of credit would seem
Objectionable and not practical to
our American farmer at the pres.
ent time because in a territory of
say, 6 counties in Missouri there
are many naiionalitieS, creedS
and %colors, beside a more or less
floating population. This system,
therefore, must be discarded a 3
not being practicable to America
for perhaps a hundred years
The second system, in so far as
it relates to a direct advance by
the state of money. or to a direct
endorsement of bonds by the
state, would undoubtedly, under
our state constitution, be class
legislation, hence illegal.
We are, therefore, confronted
with the necessity-of inaugural
ing machinery that will give our
farmers long time loans at low
rates of interest. And we are
confronted with the proposition
as to what the best system would
be for II own state. Therefore
| submit for your consideration
the following bill.
! An act to provide a system to
mobilize and liquidize farm cred
it's, securing to the agricultural
classes money on long time cred.
its and at low rates of interest So
as to amortize the debt by small
periodical payments, for which
purpose a fund is provided and a
corporation created to utilize
state machinery and be governed
by a board of high state officers
authorized to make loans on
farms secured by deeds of trust
and issue debenture bonds a
gainst the same, exemptlng such
securities from taxes and max
ing them acceptable for certain
Investments, thus increasing the
revenue by bringing foreign cap
ital into the state.
T.: BE it enacted by the General
Assembly of the State of Nilsson
ri as follows:
Section l.. For the purpose of
fostering and encouraging agri.
culture in the state of Missouri,
and of aiding in the development
and improvement of farm lands.
there il hereby created n body
corporate and polite under the
name of the Missouri Land Bank.
Section 2 The design and
purpose of this act is to provide
the means and instrumentalities
whereby loans may be made to
tillers of the soil at the least
practicable cost TO them to be
repaid in such manner and at
such times as will be least bur.
denSome. and at the same time
provide suitable guarantees a.
gainst loss.
Section }. The said bank shall
be under the direction and sup
erviSion OF a Board of Governors,
composed of the governor, attor-
ney.general, secretary of state,
state treasurer and state audi
tor, who shall have the power to
adopt rules and regulations for
the government OF the bank and
the transaction of it's business
which shall not be inconsistent
with this act, nor in conflict with
the constitution and laws of the
state. Among other things they
shall adopt forms of notes and
deeds of trust and debenture
bonds.
Section 4. The said bank shall
be located at the seat of govern
ment and annexed to the Office of
the state bank commissioner,
who shall be the manager there.
of, and the clerks and employees
in his office shall perform all the
services necessary in the tran
saction of such of it's business as
needs to be transacted in the of.
flee or counting rooms. All addi-
tional clerks and servants recess
sary shall be paid for out of the
banks funds.
Section !. The bank shall have