New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1916-09-16
FARMER S LOAN BANK
MEETING.

Last Monday night q the Court
House there was Assem- lied seye-a,
dozen citizens who responded "a
the invitation o. Mr.. Y. J. Lep-
pert 10 hear him explain the aQ-
! vanrage> that would be derived
upon establishing III the City OF
! New Orleans Farm Loan
| Bank III accordance with the re-
cent laws passed by the Democra-
| tic Congress 10 give the farmers
SIX per cent. money which could
he paid of al the pleasure Of the
borrower III from one 10 forty
Years. providing the interest be
met annually. Mr. Leppert said
that louisiana had 2>.oo0.oo0
acres Of land within its borders
and but 6.oro.er Of that was in
cultivation al the present time. He
assigned the lack Of capital as be
ing solely responsible for so many
acres lying idle. He explained
in detail the workings of the local
board Of directors should All as
ISOLATION be formed in Iberia Par
ISL. or anywhere. for that matter.
in order 10 procure money at SIX
per cent. interest. Loans would
be made on first mortgages only
to the extent Of fifty per cent. Of
the value Of the land. This
money could be borrowed to pay
of either old mortgage or IN the
purchase Of live stock. silos or
making needed farm improve
menrs. Mr.. Leppert also dwelt
upon the necessity Of locating this
financial institution in the city of
New Orleans and asked those
present to adopt resolutions TO
that effect. Hon. Edward Es-
forge. president of the State Ma
tional Bank. offered the following
which we adopted:
Whereas. New Orleans is the
metropolis Of the South and the
logical clearing house for the
great live stock and agricultural !
interests of the Mississippi Valley
and all Of the Southern States, the
richest agricultural section Of the ]
United States. therefore,
Be 1t Resolved. That it is the ,
opinion Of the members Of this I
meeting that said city of New Or {
cans should be the location of one ]
# the new Federal Farm Loan $
Banks to be established by the
'nited States Government. be- |
ause of its accessibility to the in h
erior points in this section and F
eing in the midst of the South s $
'reatest agricultural territory. the B
development of which is depend o
ut upon such accessibility. b
Be 1t Further Resolved. That a s.
opy of these resolutions be sent Il
, the Senators and Representa- a
ives of these Southern States at 81
'aShington. and to the Commit
e to secure a Federal Farm Loan al
ank at New Orleans. if
While this meeting was called Of
to get the farmers of G.
'eria interested. we saw but few A
the meeting. despite the fact
lat mention had been made in L,
e local papers and several hun
ed posters were sent to the on
'untry by the New iberia Cham hi
r OF Commerce inviting them ve
be present. 1t is true there vi
ere a few farmers present. but
e greatest interest in the meet DO
o was taken by our local bust ga
IS men and bankers.
In order to give our readers a sh
tier insight about the workings DO
Farm Loan Bank. we repro be
ee the following which is. we of
lieve. worthy a careful perusal oil
their part if they are inter
ed IN taking advantage of this
'thod Of securing six per cent. =
'ney in order to operate their q:
ms:
pital Stock. ~
sefore beginning business each -
1eral Land Bank must have a =
'seribed capital of not less than