Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-05-30
RICHMOND IN FIGHT
TO GET LAND BANK
Regarded as Logical Center for
Federal Institution to
Aid Farmers.
SANDS EXPLAINS MEASURE
Financicr Tells of Value to Be
Derived From Rural
Credits Bill.
SANDS EXPLAINS MEASURE

Efforts viii be made 70 secure for
| Richmond one of the twelve Federal
I land hanks which the government Is
soon to organize. Tho rural credits
! fiil. under which the land banks are
TO be organized and operated. provides
Il system by which loans can he made
] upon farm property on basis which
":ll give tho farmer tho opportunity of
paying his 'oans out Of his earnings.
ard is looked upon as n step toward
the improvement, of the agricultural
! .ntcI of the country
! oliver J. Sands. president Of the
American National Bank. said ye.tcr-
day. in an interview with The Tines
! Dispatch, that Richmond Is beyond all
question. the natural center for n land
I hank in this district, and he thought
that great violence Will he done to
the natural trend of business and con-
veniencc IL Richmond were omitted.
/ Mr.. Sands regards the bill as another
I proof of the desire upon the part of
/ the administration 70 leave behind It
record Of constructive leg islation.
FARMERS FAY HIGHER
! RATE THAN OTHERS
| Mr.. Sands's explanation of the bill
and Of it's attendant beneficial results
to the farmer follows:
THE rural credits bin provides a
| system by which loans can he made
upon farm property on n basis which
/ will give the farmer the opportunity
/ of paying his loans out OF his earnings,
and is the beginning Of what seems 10
me to he Il great step toward the i'm
| provement Of the agricultural interests
| OF this country.
The Assistant Secretary of the
Treasury recently made a statement
| that over one-third of our people are
/ farmers. or are dependent upon them.
and that the farms and improvements
are valued at $4,000. 900 600: that the
annual products are calculated TO be
| sS.5 90 100000.
I For many reasons. our farmers have
not been able To borrow money upon
! their farms at as low a rate as the
/ business man has. There is consider
able m!sa Dprchension. however. in the
minds of the public on this subject
! / believe that good farmers have been
! able in the past 70 borrow money
| against their quick assets at n rate
| approximately the same as the husi-
ness man in the same territory. When
! the business man borrows upon his
property or real estate. he always has
! to pay higher rate than he would
|
ments; therefore there has been ii good
deal of misconception as to the matter
OF rates: at the same time. anything
that will make it possible for the
farmers. or the business man either. TO
| secure capital with which to carry on
! his business at lower rate. is bound
to he to his advantage, and in the end
! TO the advantage of the consuming
/ public.
RICHMOND Is CENTER
OF THIS DISTRICT
The great difficulty in the past has
been that the farmers could not secure
money on their idnds with reasonable
assurance that the loans would be car
| ried such time as they could be con-
! veniently paid. Therefore, this new
law provides Il system of amortization,
/ by which the principal and interest Is
( paid in small annual payments No
loan can be made to any one person for
more than $4,000, and each borrower
must subscribe and pay for stock In
the association equal to o per cent Of
! his loan and participate in the profits
! OF the bank. When he pays his loan.
however. ha surrenders the stock, and
the amount is returned TO him.
! Twelve land banks are to be organ
Z
the capital Of which may be subscribed
to by private individuals or by the
I United States government. These land
banks are 10 be located throughout the
| United States. and it seems 10 me that
/ the same arguments which induced the
! location of the Federal Reserve Bank
of Richmond should influence the loca-
ton of one OF these land banks in
| Richmond.
Experience has proven beyond any
question that Richmond is the natural
center for this district, and, In my opin-
Ion, in the division OF this country into
twelve natural districts. great violence
would he done the natural trend Of
business and convenience if Richmond
Is omitted. 1t may not appear TO be
modest upon the part of Richmond ~
ask for everything that is going bu
II nature has dccrecd that she should
he situated as to be most conven-
iently reached. and that experience has
given business men more knowledge OF
the varied needs OF this section. she
Will have To accept the decree. and we
would he false 10 our trust il we did
not bring these matters to the attention
of the outside world.
The passage Of this rural credits
hill by the Democratic administration
is another proof OF the great desire
upon the part OF the administration to
leave behind II a record ofconstructive
legislation not equaled by any admin
iStration in the past century. While
there may he great many points in
this bill that makes 1t moro or less
cumbersome and unworkaolc. | believe
it Is :he basis OF a system OF rGral
credits which Will be OF untold value
to the farmer. and indirectly 1t will
favorably affect the life OF every Cit
iZen OF the United States"
Wilson May risit Roanoke.
WASHINGTON. May 29.--Presidcnt
| Wilson to-day told Representative
| ~ rfnr (.lacs that hn ,,.n,,ld nttn,,d tl,a