The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1916-11-22
GOVERNOR GIVES
ARGUMENTS FOR
OKLAHOMA CITY
Congressman Thompson and
Ferris Also Testify,
MANY QUESTIONS ASKED
Chairman Norris Explains Pur-
pose and Operation of Law,

-Four member, OF the federal farm
loan board un 4 tour OF the United
states arrived in Oklahoma City this
morning 10 investigate farm loan condi-
''onS and to hear reason, why Okla
homa Cry is asking Tor one OF the
twelve federal land bank, to be estab-
hShcd
Operation Explained
The board. meeting m the federal
courtroom IN the postoiiice building,
explained 'hc operation OF the farm
loan act answered questions OF dozen
farmers IRON as many parts OF the
state and heard arguments from Gover-
nor Williams, Congressman Scott Fer
RS oi the Sixth district, Congressman
Joe Thompson OF the Fifth district and
James \ Wilson. head OF IN, federal
cooperative farm demonstration work
IN Oklahoma
The four members oi the federal farm
board who are here are George w.
Norris. farm loan commissioner;
Charlie, T. Lobdcll. " s. \ Smith and
Herbert Quick Secretary 81 Treasury
William G. McAdoo was not present.
Through Mr. Norris he sent his regrets
to the people OF the city declaring that
only question OF health had caused his
absence Secretary McAdoo is now in
California
Morris Opens Meeting.
Mr Norris acting chairman of the
farm loan board. opened the hearing by
description OF the plan OF operation
OF the federal land banks to be estab-
llNhed and the organization and con-
duct oi the farmers farm loan associa-
ton,
Business with farm land banks will
be mail order business. .cordng 20
Mr Norris Money he explained. will
be borrowed through associations made
UP ot ten or more farmers Each mem
her makes application Tor such a loan
as he desires which must not be for
more than hall the yalrc OF his farm.
Loans Limited.
/ No farmer may borrow more than
| $1,000 and none less than 500. None
except land owners or prospective land
owners seeking money for purchase Ut
land may borrow Payments are made
ot certain portions Of the principal and
interest az not to exceed q percent an
nually Tor the term oi loan which tho
borrower desires The borrower fixes
the term of the loan At the end OF the
term the whole debt ha, been cancelled
| by the payments. The terms run from
tive to forty Years
Mi Morn, described briefly the is
suaucc oi bond, and the plan hy which
the capital of the banks IS increased as
the money IS loaned He DECLARED that
the horrowcr, conducted the business Of
the bank within the limits ot the law
and that mo- profits were made which
were not divided among the stockhold-
Ct, who must be borrowers
Governor First Speaker
Governor Williams was the first
speaker ON behalf OF the state and city
Tor the location oi federal land bank
here we m this state have IN many
ideas anticipated th, farm loan system
and are becoming educated TO IT'S use"
the governor declared
Our home ownership plans and use
LOT the permanent school fund arc ia
smaller ways, the same thing. This
state is young We have made start
and need a federal land bank to work
out the development we have started.
Splendid Field Here.
This system OF harm loans should noe
be Installed where 1t will he let sleep.
Here m Oklahoma we promise TO We
It to the full extent There is M land
IN the state that cannot he titled. We
offer a splendid field for the working
out oi the benefit, OF the federal land
bank law We are encouraging thrift.
we have some knowledge OF the use ~
this farm loan system and are eager To
make full use OF what the federal gov.
ornment will give us"
Claud Weaver, postmaster of Oklah0s
ma City was the first OF the audience
to pfesen, a question TO the board Ne
wanted 10 know Of the non-taxable lea
turcs of the bonds Chairman Norris
said land bank bonds were exempt from
all federal. state. county and city tax.
Opinion Divided
James A. Wilson. state agent of the