The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1916-09-28
The Federal Farm Loan Act.

The following has been handed
The Herald with a request to pub
lish:
To the Farmers of South Carolina:
Now that the new federal farm
loan act has been approved, and the
national board has been appointed,
steps are already being taken toward
the organization of the twelve re-
gional farm land banks, to be locat-
ed so as to cover the whole country.
The new farm loan act is designed
to provide capital for agricultural de-
velopment, to create standard form
of investment based upon farm mort
gage, and to equalize rates of inter-
est upon farm loans. This properly
administered should be the greatest
blessing that has come to the farm
ers of the Southern States.
1t is exceedingly important that
| one of these twelve national farm
loan regional banks shall be located
in South Carolina. The board is re-
quired by the laws to locate these
twelve banks with particular to the
farm mortgage and loan needs of the
several regions to be served. The
capital city of South Carolina un-
auestionably meets the design and
purpose of the act as location.
have particular reason to believe, and
in fact, feel warranted in making the
assertion that the selection of the To-
cation of each of these twelve banks
will be largely Influenced and de-
termined by the number of national
farm loan associations formed in the
rural districts of the several sections
of the country. These associations
are groups of not less than ten farm
ers (there may be more) who own
and, or intend to own land, and farm
it, and who wish to become borrow
ers, and there can be as many OF
them as there are school districts or
communities in the country. Any
ten men who wish to borroy from
500 to $4,000 each, in the aggre-
gate, upon property twice the aggre-
gate value of the loans, and total
of not less than $4,000 for the ten,
can get together at local meeting
and form a national farm loan as
sociation, electing president and
vice president, secretary-treasurer,
who will be the only paid officer, five
directors and an appraising commit
tee of three. They must be prepared
to take $500 in stock in the land
bank for every $4,000 borrowed,
but this $500 can be included in the
loan if desired. mfwyphmw?
loan if desired. The loans can be
made from five to forty years, being
retired upon the amortization plan.
It is not necessary right now, how
ever, to do more than to get the men
together who intend to borrow col
'lectively as much as $4,000, and let
them form the farm loan association,
electing their officers and sending
notice to the national farm loan
board at Washington that the asso-
citation has been formed, and that
further advices are awaited from the
national board. If we are to get one
of the twelve banks in Columbia
have every reason to say to the far
mers of the State that it is vitally
important that these group meetings
be held all over the State immediate
ly, that these associations be formed,
and that the notice of such forma-
ton be sent direct into Washington
or preferably through this depart
ment. Chambers of commerce and
other organizations, of course, can
do a great deal toward securing the
location of the bank in South Caro-
lima, but it is certain that the rapid
formation of these farm land associa-
tions and the prompt transmission of
notification will have much more
far-reaching effect than anything else
that can possibly be done.
I trust, therefore, that throughout
the State in the next ten days meet
ings of this character will be held,
following the simple plan outlined
above, and that such showing will
be made at Washington that one of
the banks will be located at the CAPT.
tai of South Carolina, or, for that
matter, any other point in South
Carolina that is adaptable. The
point is that speedy action on the
part Of the farmers themselves will
probably bring the result, whereas,
delay will almost certainly lose to
the State the location of the bank.
In some of our sister States already
hundreds of these local associations