Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1915-03-26

~ Goodwin respectively:
an 70 provide for a low rate OF
a interest and longtime loans in
aid of agriculture, and Tor other
purposes.
whereas. Experience has demon
,,roted that a banking system suit
~. .n;o and adequate for the transac-
''on of commercial banking is insult
Wv and inadequate for agriculture;
,u,areas. The rate of interest that
noi1s in commercial transactions
:. IN excess of that agriculture can
pay; and .,,,-,,
,retom whereby those bona fide en-
sood in agriculture may obtain a
loan at low rate OF interest and
,opg-time payment; and
wbareas. 1t is not desired to dis
,Orb local banking conditions; and
whereas. 1t is in the interest of
osriculture and good citizenship that
80 landed estates be not acquired;
and
Whereas, Those who actually re-
eide upon the land and till the soil
.hould he the owners thereof: there
fore
Be II enacted by the senate and
house of representatives of the
limited States of America in congress
assembled that the short title Of this
oct shall be "a Rural Credits Act"
Sec. 2. That there is hereby ere
ated in the department of the
treasury at Washington, District Of
Columbia. a commission to be known
as a Rural Credits Commission, said
commission to be composed of five
members appointed by the president,
nv and with the advice and consent
of the senate. These commissioners
shall be selected from the various
sections of the United States and
three of whom shall be actual bona
fide farmers, who reside upon their
farms and have no other occupa-
tons. Two shall be men of business
affairs and recognized financial abil-
ity. The said Rural Credits Com
mission shall herein be referred to
as the commission. They shall elect
one of their members chairman.
no. oil
sioners shall be appointed for one
two, three, four, and five years, re-
spectively, and after that their terms
OF office shall be for five years each
unless removed by the president for
cause. The salary shall be $4,000
each, payable quarterly.
Sec. That the secretary of the
treasury shall assign rooms for the
conduct Of their business, and they
shall have power to appoint clerks
ana employ assistants that may be
necessary for the transaction of the
business of the department.
Sec 5. That said commission
shall have power to prescribe all
rules and regulations necessary for
carrying into effect the provisions of
THIS act and for the conduct of the
BUSINESS OF the department.
Sec 6. That all postmasters
throughout the United States and
territories thereof and the District
VI columbia, for the purpose of car
rylng this act into effect and for the
proper conduct of It's business, shall
W the agents of the commission and
perform Whatever services may be
fequired OF them without pay.
oec' l. That the purpose of this
~'' snail be to enable farmers to
procure longtime loans at low rate
OF interest to purchase farms or tn
ue'eiop and extend their agricul-
'ufai productiveness. The word
iarmer' as herein used shall mean
one VINO actually resides upon his
Iarln and is engaged in the bust
roSS OF farming, and the benefits OF
'"is Dill shall be applicable to farm
'.S residing in any state or territory
tne United States of America or
"e district OF Columbia. The loans
Aefein contemplated shall run in
Se'ies OF five, 10, Is, 90, rs, and 80
; .oarS' at the option of the borrower,
'o'est to be payable annually. The
"s OF such loan shall provide that
~ any lnterest-paying date beyond
.n W years the borrower shall have
~ optlon to pay the principal, or
max, make payment of 800, or any
iple thereof, and upon such pay
a n' being made the interest on the
maO n' SO paid shall cease. Pay
~ u' may be made at any postofice
\. national bank. No person shall
all n'i'ieo to a loan unless he actu-
~ S resides upon his farm, or shall