The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1916-11-22

II departure from a farm after loan
was secured made the borrower liable
for immediate cancellation of the loan.
The law states that only farm owners
who are cultivating their farms them
selves may borrow There was dil.
ference OF opinion among the board
members on this point Ii was solved
temporarily when Herbert Quick de
olared that such a borrower would
have to take a chance The board
will make a ruling ON this later, Chalf-
man Norris announced
lanes A. Stevens a farmer from the
western part Of the state, wanted a.
know If the terms OF payment and he
OF the mortgage would he definitely
fixed at the time OF the loan He SAID
that farmers IN his part ol the state
had frequently been robbed by use OF
indefinite terms and verbal agreements
He was told that the borrower fixed
the terms.
Questions Asked
L. NJ Baughman. IN the farm loan
business IN this city asked 1t a farm
debt would be passed to the buyer or
whether the first owner would have t.
cancel the debt He was told that the
mortgage would pass with the owner
ship
s A. IlmmluS, a farmer OF Carbon
wanted To- know II a tenant farmer with
nothing To- start on could borrow money
from the government and buy farm
He was told yes # the tenant can get
deed to the farm he can borrow halt
its value from the land bank and give
a second mortgage to the landowner II
the latter will accept IT.
Tenants Have Chance.
I'VE think the tenant farmer never
had such a chance to become land
owner as under tins act" Herbert
Quick declared
J. II Segcf OF Colony was told in
answer la ms question that a woman
homeStcadcr could borrow money
Jane, \ Wilson, head ot the farm
crS' Coroprfauyc demonstration WurE
y III the state, as an argument Tor the lo-
cation OF the federal land bank here.
declared that HI, sixty four county
agents were channel through whluG
farm loan association, could be formed
readily and through which information
concerning the operation OF the Law
could be easily spread
Here From Other States.
This state is nine years old Most
OF Us came here from other ,tatc,s We
came because we we're cutcrprlslug and
because wc had but little money" he
SAID we got our first money undcl
high pressure high rates ot interest
and short time loans We need money
now at low rate, and long time To- take
up these old Obligations
Mr Wilson declared that Oklahoma
is N the inst stage OF farm dcyclup-
ment that ot good farming and pcrma-
ent farmers Hunters came irst, he
said to be followed hy gralcrs and
gta1ers to be followed by the pioneer
farmer The uurcllablIity ut the pioneer
farmer and hS frequent change OF resi-
dence Mr. Wilson said. were causes for
high interest rates and short time loans.
Many Tenants.
"Foru-two percent oi our farmer,
dlN lNllAIliN NNl IIl'Nl 'l lIltlll NhUlO ne
come farm owners II they could get aid
from federal land banks" he declared
Congressman Scott Ferris was IN
vited by the board to speak lle de
clarcd that Oklahoma would patrouilr
federal land bank more than any
other state IN The union He said that
the state had uttered from HIGH inter.
est rate, and short loans for fifteen
ycarN-Slnce before statehood va,
acquired
Neatly every farm in the state row
carries a mortgage he said These
mortgage are mostly like ones know
OF specifically They carry a commls.
sion OF from ! TO percent and intcrc>,
al q FcrCcnt
Had Little Hope
When a farmer in our state few
years ago mortgagcd his farm he i'm.
mediatcly began 10 look for buyer.
lie had no hope OF ever paying of the
mortgage lie couldn't at the in,crc,,
he wa forced to pay during the short
loan and At the end ot the time pay ,hr
principal He declared that the school
land fund had met hu, small par, Of
the need
I'VE are only nnc year, old as A
state, he said I'VE have equalcd