The enterprise. [volume] (Harlem, Mont.) 1899-1926, 1915-03-18
FARM LOAN BILL.

FARM LOAN BILL.
"Providing we can get the money
consider the farm loan act the
most important legislation for the
farmers that was enacted by the
Fourteenth assembly" remarked
State Treasurer W. G. Rea. Under
the provisions Of the new law. Mr..
Rae is commissioner of farm loans
He is now working out the details
of administration. and very shortly
will lay the subject before the big
insurance companies of the east
| with view of having them take the
bond issue.
The most comprehensive resume
that has been prepared on the new
law is by A. D. Stillman, pres' dent of
the leading farmers organization
that maintained a lobby at Helena to
secure it's passage. The resume ap-
peared in the North western Stock
man and Farmer and is as follows:
No man. farmer or otherwise, has
expressed dsapproVal OF the meas
urs or questioned it's practicable
ness, who has given the smallest
amount of study necessary to UNI
derstand it's provisions,
This, Of course, does not apply To
anyone whose limited intelligence
simplest problems or understand the
English language when most simp't
used, For such, any task requiring
mental effort is hopeless.
The Whiteside law is in fact a
model of simplicity. but il is new in
this state and therefors requires
careful study,an ii is only altn4 the
mind grasrs the law III its e;t:retY
that it's Importance and simplicity
become apparent.
The state treasurer is made eN-
Ofiicio commissioner OF farm loans
and is placed in charge of the de-
partment Of farm loans. The coun-
ty treasurer in each county is the
representative of the department
within the county.
The department shall receive ap-
plications for farm loans through
the county treasurers on any suita-
Bile blanks furnished by the depart
ment
Amy farmer can borrow any am
cunt, not to exceed One-half the
productive value of the land he
owns outside the corporate limits of
any city.
Bonds secured by mortgage are
issued in denominations of $500
each and in series of 100000. But
what any individual farmer can bor-
row is not limited to multiples of
$500. He can borrow any odd num-
Der of dollars as 5000 or $1,750.
Proof of the value Of the land Of
fered as security is required, the
interested taxpayers or public Off
Gals which it will be the duty Of the
commissioner to verify.
On demand the commissioner
shall furnish each applicant for a
loan, complete information concern
ing all land offered in his series.and
any i've or more applicants for
loans in a series can examine each
tract Of land offered as security,and
if any three applicants shall file All
objection in writing to the sulici~
ency OF any security offered, then
that property cannot be accepted for
any ValuatiOngreater than is fixed by
the persons making such objections.
1t will be observed that Overcoming
on any particular tract is thorough
ly safeguarded.
When approved applications for
loans aggregating 100000 have
been received the commissioner
shall issue bonds in series eoVe'
ing that amount and secure ana lay
to each person in the series the am
cunt OF money he has applied for
and for which he has furnished he
security
Each borrower shall pay on the
he secures 4 per cent. sclni-
and that payment is so ap-
piled that the entire Indebtedness.
principal and expenses Of
mana cement. is paid Off Herewith
the entire debt being extinguished |
in 20 u years.
Should any borrower wish to pay
off his loan in full and have the
as to his land cancelled he
S permitted to do so, if the COM
missioner has approved application
or a like amount. The land I
# the new applicant is to be
INSTITUTED for that on which the
lortgage is cancelled, and the am
unit paid in is repaid to the new an
licant, SO that the security is not
oduced nor the maturity of the Sc
les changed.
the mortgages securing the loans
re executed to the state trooc,,,n, 7