Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1917-03-28
order that we may keep our records
clear borrowers.

| Many requests are Delng maue
upon us for information as to who
can borrow under the provisions OF
the law. The law specifically reads:
"No loan shall be made to any per-
son who is not at the time or shortly
to become engaged in the cultivation
OF the farm m0rtgaged. This means
distinctly that borrowers must be the
men who are operating their farms
| either themselves or with hired la
bor They must also be residents Of
the territory in which their farm is
located For the present q man liv-
| ing in one state and owning farm
| five or six hundred miles away will
not be considered as an operating
farmer and will not be eligible for
membership in a farm loan associa-
ton. The question is repeatedly
asked whether or not a farm owner
who has on his farm a share tenant
can borrow through this system. We
are expecting at any time 4 ruling
from the Farm Loan Board in Wash
ingtOn on this point. and we are in
clined to believe at this time that the
board will rule that such a man Is an
operating farmer, since his profits
from the farm depend on the result
OF the operations of that farm, and
he should be considered as much
| farmer as is the tenant who actually
does the work, providing that as tie
owner Of the property he participates
also with his tenant in the expenses
and participates also on some agreed
basis in the profits, If there are any.
A man living In town Or in the coun-
try owning one or more farms which
he lets out for rent at so much per
acre is not eligible as a member Of
an association, and cannot borrow on
such farms through this organiza-
tion
Length Of Time for borrowing.
1t is recommended by this bank
that all loans be made for a period
Of 36 years Loans made for this
period can be paid off by adding one
per cent per annum to the interest
rate. 1t will be no hardship on any
one to make loan for this length Of
time even If he should desire the
money for shorter period, inasmuch
as the law distinctly provides that
any portion or all of the principal
can be paid at any interest date after
| five years. If loans are made for Sc
years throughout the district the uni
sormity will very much facilitate the
work in this office.
Districts.
While the law provides that farm
loan associations shall prescribe cer-
tain territory in which they decide to
operate, the Farm Loan Board in
| Washington has ruled that any one
living outside OF this district and in
the district of another association
may become a member Of the first
association if acceptable to the board
| of directors. Borrowers, however.
should in every case, if at all posSi-
BILE, join the associations which have
selected the district in which such
borrowing farmer lives. This Office
will require thorough explanation
as to why any farmer living in the
territory of anotehr farm loan asso-
citation desires to become a member
OF an association other than the one
serving the district in which he lives.
II any of the information given
above is not quite clear we shall be
glad to answer communications from
you at any time and 90 into further
explanations. Remember, hewever,
that our appraisers, before they go
to work. will be thoroughly schooled
in the law and will be able when
they reach you to give you full in
formation on any points that are not
now clear. AS no association can
transact any business until it secures
its official charter, little can be
gained at this time by any great
amount of correspondence. This does
not mean. OF course, that we will II It
at all times endeavor to reply to all
letters as promptly as we can and
provide our friends in the country
with all information that they may
re ,nire to enable them to bring their
temporary organization TO such
point that the appraiser when he
reaches the ground can handle the
situation promptly and effectively.
II. j. II. Won Engelken,
President Federal Land Bank OF Co
lumba.