Saturday news. (Watertown, S.D.) 19??-19??, 1917-03-01
Through Both Houses Without
Dissenting Vote.
CHEAP LOANS FOR FARMERS
Law Prevides Tiliers of Soil May bor-
row Money at Not More Than
5H Per Cent.

Piervs-tSpesial)-The rural credits
bill, which passed both houses without
a dissenting vote, is in many respects
the most important piece OF legisla-
ton of this or any session. Distin-
guished from the federal act it is sim
plicity itself and its processes as sim
pie as going TO the bank and borrow
ing money on personal credit. The
rural credits board consists OF the gov
ernor and four members appointed by
the governor. Two of these members,
the commissioner and treasurer, re-
ceiye salaries Of $4,000 and $4,000,
respectively, the other two Sc per day
for time necessarily devoted to the
business. The Offices of the board are
to be at the seat of government. Two
priated to carry the act into effect.
Money is to be loaned only to actual
farmers occupying and cultivating
their lands and only to be used for
the purchase price, for improvements
or for stocking the land. Seventy per
1CilL vi AS oAu vi Az VI III ~
per cen of the value of improvements
may be loaned, but no borrower may
have more than $4,000. The borrow
er is to be required to pay the interest
annually for the first five years and
thereafter such part of the principal
in addition as will sink the loan in
thirty years from its date. The whole
debt may be paid at any time. The
appraised value upon which loans are
based shall not exceed the average as
sessed valuation for the previous
three years. Defaulted mortgages
may be foreclosed by action or adver.
tisement and all OF the machinery is
of the simplest and most direct ma
ture. The board may issue bonds or
warrants upon the credit of the state,
up to the amount OF cash and mort
cages 1t has In hand. These bonds
and warrants shall not bear more than
s per cent interest, and mortgages
shall not hear q greater rate Of inter
est than 5h per cent. The primary
appropriation Of 5000, 900 is presumed
to be the states total contribution to
the business and is to be treated vas
the capital stock OF the rural credits
board. All OF the proceedings of the
board are subject to checking by the
executive accountant. The board is
required to be organized ready for
business on July i, 1917. The bill car
ries the emergency clause.
tEEa4As&4 EA44@H " VIZ EeE #A47
A mighty important little measure
which has become law directs the gov
to appoint a board Of three men,
hers ITO make a minute and careful
investigation Of the state owned coal
lands, the cost Of opening, stripping,
mining, operating, maintaining, trans
portating and marketing such COAL
A small sum is appropriated for ex-
penses and II Is probable that the work
will be done by existing state officials
acting ex-ofiicio and without extra
compensation. With such informa
tion at hand the next legislature can
act intelligently under the provisions
of the coal amendment OF the consti-
tuition adopted at the last election.
j. \ \
The prohibition bill has become law.
1t was slightly amended in senate
committee BY cutting III the provision
for a deputy commissioner OF prohibi-
ton. Senator Warwick made a hard
fight to permit a limited supply OF
liquor for private consumption, but
the great majority e for bone dry
and that principle was enacted. The
house promptly ~concurred in the sen
ate amendment. The bill carries the
emergency clause, hut does not be-
come operative in its prohibition fea-
lures until July /. 1t will, however,
permit the machinery for enforcement
to be organized before that ting. The
measure embodies more than n
hundred sections and is considered
the most comprehensive and drastic
prohibition law aver enacted. Some
objection WAS urged in both houses
70 the provision for prohibition com.
missioner. The governor ia given AM
pie power to summarily deal with de-
linqtfent and recalcitrant officers who
fail In their; duty to enforce the law
and some think this s~uffcient. With.
out setting up an expensive enforce
znent machine. A bill has passed the
house and II receiving favorable con.
stderatiOn In the senate establishing
state constabulary for the enforce
lnent az al penal statutes. chief
etate constable Ii provided and the