The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1916-08-02

others are as follows:
/. Ten or more farmers wanting
loans must organize the association.
2. No man can get loan for more
than $4,000 or less than 500, or
for less than five or more than forty
years.
8. Borrower must be, or about to
become, the owner of the land offer
ed as security, and engaged, or about
to become engaged, in its cultivation.
4. Borrower to use money for the
following purposes and none other:
(a) To purchase land for agricultur.
al uses; (b) to purchase equipment,
fertilizers and livestock necessary
for the proper and reasonable opera
ton of the mortgaged farm; (c) to
provide buildings and improve the
mortgaged land; (d) to liquidate in
debtedness of the owner.
5. A board of five directors must
be elected by the members of the as
sociation, and these directors must
elect president, vice-president, Sec
retary-treasurer, and a loan commit
tee of three members.
6. The loan committee must ap-
praise the lands of all members, and
the reports of these appraisers, to-
gether with other necessary informa-
ton, must be forwarded by the secre-
tary to the district Federal land
bank.
If the district land bank and
the Federal Farm Loan Board upon
examination, find that all require
ments have been complied with a
charter will be issued and the loans
granted.
It is provided also that not over
fifty per cent. of the value of the
lands, and twenty per cent of the
value of buildings, can be loaned to
a borrower. Other red tape is pro-
yided which need not be noticed.
The men who need to buy homes
are the men who are tenant farmers,
and desire an opportunity to own
their homes. There are scores of
them everywhere, who are looking
for a chance to own their own homes.
But they are not able to pay fifty
per cent. of the value of lands and
eighty per cent. of the value of the
buildings thereon, in order to accom-
plish their purpose. If they were
they would be landowners already.
The greater number of these men
are able to make a small payment on
lands; they own their own stock,
and farming machinery and tools;
they are able to secure credit at the
nearest market with which to farm;
but they cannot do more than this.
Many of these loans are desirable
loans to a man who is on the ground,
and who can assist the purchaser in
financing the farm for year or two.
But it is evident that only when the
loan is closely watched is it to be
considered. Therefore, the loan
should be made by man at home
who is in position to look after the
farm purchased and to see that diff
fculties are overcome and obliga-
tions kept within bounds. These peo-
pie need more than a loan, they need
advice and help in working out the
loan after it is made.
For these reasons we are of the
opinion that if a Rural Credit Law
is to be of benefit to the people, who
should be encouraged to buy, the
money must be brought nearer home
to the purch chasers and borrowers.
An adjunct corporation to National
Banks might be authorized and the
money loaned through these corpora.
tions, but if the poorer farmers are
to reap benefits from the law it will
be necessary that some means be
provided for securing a greater pro-
portion of the purchase price of
lands than that now allowed by law.
And all this leads US to remark
again that it is not a rural credit
law which is needed most in this
country. When a man has really de-
termined to own his own home in the
country, or elsewhere, he can do it
without these. 1t is desirable always
to get as cheap'interest as possible,
but long time, good terms, and at
times an indulgent creditor are also
necessary. The man who is really in
earnest can find these. Men who de-
sire to own homes are buying them
in Abbeville county and in every
other county these days, and have
been for these many years, and viii
continue to do so, and the right man