Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1917-02-18
SUMTER To HAVE:
FARM BOARD FOR
NEW FEDERAL ACT

BY those farmers of Sumter county
who want cheaper money and to bor-
row on easier terms there has been
started movement to organize
Loan Association to be called the
Sumter County National Farm Loan
Association as authorized by the
| Federal Farm Loan Act, passed by
congress last summer.
| By this law the United States gov
eminent has prepared a means for
loaning money to farmers and those
who desire to purchase land for farm
ing purposes. In order to borrow it
is necessary that ten or more farmers
or prospective farmers organize into
local association, and all applica~
tons for loans must be made through
this association, which obtains a char
ter, elects it's directors, officers and q
committee of three to examine all
lands.
| Stephen Pace, who has made a care
full study of this new law, has been
asked to act as temporary secretary
treasurer, to assist in organizing, and
Mr.. Pace will be glad to give any in
| formation desired concerning the
Federal Act and its workings.
Already the farmers In several
counties about the state have formed
their local loan associations, in order
to be ready to forward their appIica-
tions for loan as soon as the District
Land Banks are fully organized The
Land Bank, known as District Land
Bank No. 3. for this state is located
at Columbia, S. c., having been so
designated by the Federal Farm Loan
Bureau few weeks ago; and. it is
believed. will be in position to make
loans by the first of March.
For Farming Purposes.
The money borrowed under this law
is to be used for farming purposes and
for improving the farm; such as-To
finish paying for your land, to pay OF
any debt or mortgage you owe at the
time you make your application, to
purchase live stock, improve old or
construct new buildings on the land, to
buy fertilizer, drainage, etc.
1t is not now certain at what rate of
interest this money can be had; the
law forbids the banks charging over
69s, and it is believed that it will be
az so; the exact interest charge to be
determined by the sale of the Federal
Bank bonds The loan will run from
FIVE to forty years, at borrowers
choice, and any amount from $100 to
SO 100000; but one can only borrow
to the amount of 500 of the value of
the land and 20a6 of the value of the
permanent improvements thereon.
One of the most desirable features
about this law is that the payments
are very easy, according to an amortl-
zation table; by which small yearly
payment is made, which shall include
the interest due and small portion
of the principal. so that at the expira-
tion of the loan nothing remains due,
the principal as well as interest hav-
irg been paid by those small annual
payments.
Another great benefit derived by
this law is the assistance it gives
tenants and those who have heretofore
been unable to buy a farm of their
own. For if you wish to buy farm
you can make application through the
local association, giving a description
Of the land you expect to buy, and tho
government will loan you One-half OF
its value, which amount can be paid
the seller and the purchaser give him
second mortgage for the balance
Que
No doubt there will be large num-
ber of farmers and planters of this
county who will join in with this
new loan association and take adyant-
age of the benefits offered by this
muchly discussed rural credits law.