The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-04-16
or to retire existing mort

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The government will subscribe SO
per cent Of the stock Of the associa-
ton. The association may secure
money by selling bonds guaranteed by
the government, the money to be
loaned at cost plus expense OF hand
ling. BY this time it is hoped to be
able to lend to the farmers at about
6 per cent, plus cost OF floating the
loans, the full amount of the loan to
be repaid in 80 years by a small an
nual payment which will include prin-
cipal and interest. The borrowers,
holding stock, will share in the prof
its gained by investment Of sinking
funds, etc.. in standard securities.
The second piece Of legislation deal
ing with farmers loans is of different
character, as it's name implies. The
Short Term Credits Act provides that
farmers may organize rural credits So
cieties, in which each member puts
up certain sum, the aggregate form
ing nucleus of the borrowing bund.
The government puts up twice the
amount, and the municipality within
which the society is formed subscribes
an equal amount to that subscribed
by the members. For example, IL a
society furnishes $4,000 OF its mem
bers' money, the municipality sub
for credit Of 10 times the amount,
$4,000. This $4,000 forms the margin
at the chartered banks Of the country.
Loan applications are passed upon
by board of nine, three appointed by
the society, three by the municipality
and three by the government. The
board guarantees the loan, and backs
the farmers note for the amount OF
credit to be granted him by the bank.
IJa fIafu OYaodJf Hnufwa6
for sowing crop, for buying stock. or
for seeding or harvesting expenses
The loan Is a first charge upon the
crop and upon the farmers stock.
buildings and equipment. The real
basic, security, however, is of course
the farmers ability to produce. The
societies are to be subject to an agrf-
cultural supervisor appointed by the
government. who must be an agricul-
tural college graduate.
The transformation Of the Univer-
sity Of Manitoba from it's former
character OF an affiliated aggregation
of UNCONVENTIONAL colleges with the
nucleus Of a university teaching body,
into a full-fiedged state university
was accomplished by the passing OF
an act providing that board of nine
governors shall be appointed by the
government from June next to man
the university, to lay down the lines
of academic policy, and to control the
big land grant OF the university. An
academic council of the university
will still retain an existence, but with
a membership OF only "a, against ~
formerly and over this also the gov
eminent will exercise a measure of
control. Representation Of denomina-
tional colleges is preserved upon the
tional colleges is preserved upon the
board of governors.
The act dealing with taxation was
passed upon as an amendment to the
municipal act. On the face Of it,
lit IS merely the appointment of a
board of three persons to perfect the
equalized assessment of property
throughout the province, which was
undertaken i'm connection with the
patriotic fund tax, so that an equit~
able levy for that fund might be made
upon the province as a whole. This
was done. and It ii now proposed to
place this procedure upon perIna-
nent basis. 1t is generally accepted
that this Is the first step towards