The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1916-04-29
COUNTY BOARD
OF AGRICULTURE
MAS ORGANIZED AND IS WORKING
ON PLANS FOR FINANCING
TWO PLANS ARE CONSIDERED
One ContempIates a Local Co. to
Certify and Take Leans, the 9th
er that the Board Certify

er that the Board Certify
Some time ago The Diamond Drill
told OF plan which Mr.. Hoopingarner
was working upon TO have creatd in
this county county board of agricul-
ture whose duty il should be to exam
inc lands upon which settlers desire
loaGs and 10 certify 70 those having
money TO loan the worth Of the land
and give such other information as
loaners Of money would want to know.
The county board 81 supervisors
appointed such a board, the members
being / W Byers Of Iron River Her
man Holmes Of Crystal Falls. ) r..
Gibson of Amasa, John Erkson OF
Gastra, Chas Uren Of Crystal Falls,
VIM Winton Of Iron River John j.
johnson Of Alpha and Chas Provo Of
Mansfield
These men met recently and organ
lied for business as follows:
President l. w Byers
Vice President j. T Gibson
Secretary r. c. Iioopngarner
Treasurer Chas Uren
Plans Discussed
The purpose or tie board Is to pro-
vide loanable funds for settlers in
Iron county and tic members went at
once into discussion OF plans whereby
such funds may be secured
l. w. Byers had plan, one that he
had worked ont long before the county
board Of agriculture was established
and lie detailed Il TO the board In
short Il proposes TO form a corpor
alton in Iron County with capital
OF not less than $lO,OOOOO. The pur-
pose Of this corporation Is to be the
dealing in farm lands and the loaning
Of money 10 settlers on farm lands.
If man wants a loan he makes appli-
cation TO the corporation. The direct
ors or "A committee OF tie directors,
look over the land upon which the
loan Is asked and make a recommen-
dation Acting upon this recommen-
dation the loan IS made, the corpor
alton taking a mortgage upon the land
In question The corporation then
issues ts bonds in even amount with
tile mortgage aud sells the bonds in
the general market putting up the
mortgage as "a collateral When the
bonds come due they are redeemed by
the money paid the corporation by
thc person who gave the mortgage
and when ihe loan is all paid up the
mortgage Il surrendered. Tie bonds
cancelled
The other plan contcmplaies the
examining of tile lands upon which
settler may wish loan by the county
agricultural board or committee OF
the same. The full board. acting up
on the repor OF the committee. Ger
tines that loan il certain amounts
upon such lands Is a safe loan and
that the title IS perfect The person
wanting a loan then makes his own
arrangements With the loaning agen.
cies for the money ana paws the mort.
gage direct 20 the loaner Of the
money
Both Plans Admirable
II was agreed that both OF the plans
ase admirable ones and Will work out
iladyantagc IN this county i put IN.
to effect The formation Of corpora
tion would take away from those
transactions the quasi county guar
antee Of the worth OF the land aud
transfer Il to private concern This
might not be as acceptable TO the
loaner OF funds as the county backing
but it would relieve the county OF
some responsibility and would un-
,tmbtedly bring IN more settlers as a
NJ. ivate corporation would seek 10 ex-
pand the business while the public
board II will act only on business.
We have been told that there are
funds available for the development
OF good lands In this county and that
there are agencies that will be glad to
cooperate with the county board OF
agriculture in making loans Of the
kind. The board will soon have an
\other meeting when the matter will be
vurther gone into and some action
taken.
ln order 10 get some line upon the
number OF farmers or others wanting
loans Sec Hoopingarner sent out
during the week blanks to be filled IN