Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1917-08-29
FARMERS LOAN BANK.
Explanation Of the System by b. q.
Mcintyre

Mcintyre
In view OF the proba bility OF the early
organization in Hancock county OF harm
loan bank, the following explanation Of
the system, by Hon. B. G. Mcintyre, viee-
president OF the Federal Land bank at
Springfield, Mass, viii be OF interest to
Hancock county farmers who may desire
loans. 1t was made ct the meeting for
organization OF Q Penobscot branch in
Bangor Saturday.
There 10 one thing would like to I'M
press upon you ~ . feature Of the Fsdsrnl
farm loan system," said Hon. B. u. Nc
Intyre of East Waterford, federal farm
loan agent, Saturday at the Penobscot Ex-
change, speaking before farmers from
Bangor and vicinity who had assembled
to talk about forming . local farm loan
branch.
srhst 10, that the govsrnment does NOS
wish to make any foreclosurss II they can
BE- avoided. Individuals who make ioans
to farmers are somstimss mot unwilling to
forscloss, indeed, somstimes must do Il
on account Of their own circumstances,
but the governments ID not confronted
with emergencies that lenders With small
capital occasionally meet, and want to
ny that II IL ID ct all possible for the
government to avoid ioreciosars on any
farm II viii b. done.
"Every possible chann viii b given to
the farmer and ths tssM axs % kberal
that believe thar will b. nv fore
closures. The govsrnmsne dos not wish
to have harm lands thrown on its hasas.
s'As great care must b taken In making
loans BY local sssociattsn % n h,eAl
bank we're giving ont tie money, for al
though the initial capital Of t5O(o00s Ior
each farm loan bank y Supplied BY ~
government, after that, capital 10 ssccssd
by selling bonds. The value Of thsss
bonds depends directly upon the security
Of the mortgages. II bad loans are maas,
the value OF the ponds wiii deprsciste ana
the bonds will suffer. CDce the cons
dence OF the investing pueaic is lost, it y
not easily regained. That 10 why . con-
sentative policy is absolutely necessary.
''ChoOse men OF standing In the com
manity for your ofhcers, men in whom
you have confidence and who also have
the confidence OF your community or !
section Their integrity spd ability viii
be assets 70 your association.
s'Some people have told me that they /!
never thought this farm loan business |
would ever come to the point where the
farmers " ould ever be loaned money, par |
in the State OF Maine, where .
poor future WAS predicted for these asso- I
Citations. Let the facts speak for theu.-
selves. These associations will continue
for thifty-six ysars bsmuss loans have
already been made for tAaE Aunntion. Al tel
the State OF Maine, four Of ths forty -skx |
associations formed in. The country -
large are located in this STATE. Loans az !
over 100000 have already been |
approved in the State q Maine. The nssf |
two checks for loans. have already been |
received BY the Aug1ssA, Maine, sssooiA-
ton. Loans sggregakin9 RR, 40 haSs
been made throughsak The country.
''The eovsrnmena mnss have the bess -
security, nothing sase. Only hrst msrt-
gages will BE- condAsFsd. Safety drst and
. square dsai TO ths 1ar0ass b the ida -
this farm loan set, which was enacted
purely for the bsnent Of the FAIRNESS q
this country. Who are nov the back hons
OF defense for thu war. The act 10 nsedsd
more now lhAn any tins befors> Tor il
will enahis tAEnsrs to increase their
acreage IL thsy wish to borrow msnsy for
that purpose. And in any case where .
loan il desired the purpose for Which it ID
used wtak b. specifled.n