The Watertown weekly leader. [volume] (Watertown, Jefferson County, Wis.) 1912-1917, 1916-10-11
RURAL CREDITS IN A VISION
COUSIN BEN TO FARMER NED

of the ten members without a re-
appraisal by the committee of Farm
Loan Association within the maximum
limit set by the banks appraiser-that
carpetbagger, you know. 1t does not
soothe you to be informed by Squire
Brown that you have to pay the cost
OF having that carpetbagger appraise
your FARMS.
You hold a meeting and "cuss"
that carpetbagger, but that doesn't
get you your loan, so, by a majority
vote, you instruct your appraisal com
mittee to try again. About that time
Tom Edgely gets mad. He's a hair
trigger sort of fellow, and he pulls
out OF the Farm Loan Association and
gets his loan through Squire Brown,
but the rest OF you decide to go ahead.
Then the banker writes You that
9 farmers cannot form Farm Loan
observation-disclosures must be ten or
more. You can't persuade Tom Edge
ly to come back, for Squire Brown al
ready has his signed application, and
that binds him. There don't seem to
be any other farmers who want to Dor
row except Widow Nelson and she
wants only $500 and that won't make
up your total of $4,000
So it is all off for several weeks,
but just about Christmas another
neighbor turns up for a loan of 1000
to enable him to buy the farm next to
his, and after another delayed trip by
the carpetbagger, his appraisal Is
0. KID and your Farm Loan Associa-
ton is ready to go ahead. All ap-
praisals are satisfactory to the bank,
now, though some of you feel insulted
by the value they put on your land.
Now surely you expect your loan
20 go through, so you will get your
cash before spring plowing-in fact
you look for it in a few days, for the
appralSalS are accepted. But on
Washington's birthday, the secretary
gets note from the banker that the
Federal examiner of titles had dis
; covered that Sam Sticks great grand
father had given a mortgage on this
farm which had not been paid when
nv uACo- IC nululltlSI u dIOt VI Iut
great grandfather's estate made di-
= vision of all the property and this
farm fell to Sans grandfather sub
= ject to the mortgage. Later the
e grandfather paid the mortgage bu
t never put the satisfaction of mortgage
t on record-and there is no proof thai
/ he really paid it. Some years after.
xror 6c no Cd, ;o+r
< up his affairs with the great grand
t fathers estate, and knowing that the
< mortgage had been paid, in the genera
g settling up Of the estate, he filed fOl
l record, satisfaction of mortgage
r secured by him as administrator. Oh
: course this was years before Sam was
J., born.
t But now the title examiner finds
that the deed subject to the mortgage
: was given to the legatee, Sans grand
| father, prior to the date of satisfaction
4 OF the mortgage, and so it was neces-
: sary that that satisfaction or mort
2 gage be given to the legatee and not
to the administrator. Both the admin
S istrator and the legatee have beer
: dead thirty or forty years and sc
/ there is a cloud on Sans title The
| Government takes no chances; every
S cloud must be cleared through the
! court, before a loan can be made tC
4 Sam, so the banker writes.
S He estimated it would take six OF
/ eight months in the process of the
e court to quiet the title. You felt sor.
| Go hut i
= ed your farm, your title came direct
a from the Government, and so you resi-
S sure that there is not a speck of 6
= cloud on your abstract. SO your sec
rotary writes to the bank to hurry
? along the other nine loans, and says
4 that Sam would hire Squire Brown tC
= quiet his title just as soon as possible
1 In a week the banker replies that
e without Sam, there are only nine OF
J., you in the Farm Loan Association, anG
: so none of you can get loan from the
. cooperative Rural Credits Fedora
e Land Bank, while there is that cloud
e on Sans dead grandfather's deed.
A That is why all you are going tc
Y give up your cooperative credit Nat
. ional Farm Loan Association and sec
what you can do with that new joint
1 stock land bank which is being organ
/ lied in the city under this same new
t Rural Credits Law
l Next time | write you, I'll tell you
5 what you are up against with the
, joint-stock bank. That's a corker
Your affectionate cousin
D Ben.