Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1917-08-15
FARM LOAN
AGENT HERE
Representative Here to Appraise Land
Values Of Loan Applicants From
Marshall County.

A. w. Thompson, Of Preston, who is
an agent for the Federal Land Bank
at st. Paul arrived Tuesday and will
be in the city for some time looking
over and appraising the land values
Of the farmers, who have put in ap-
plications for loans thru the National
Farm Loan Association.
Mr.. Thompson in an interview with
the Sheaf reporter offered the follow
ing information in regard to the loan
proposition:
"Uncle Sam is just now very busy
looking for soldiers, but is not so taken
up with this pursuit that he is for
getting the rest of his nephews. The
Federal Land Banks are now well or
gained and equipped to not only raise
the heavy burdens of high interest
from the older farmers, but to extend
to the young man the glad hand of
hope, and to show him how in an easy
manner he may acquire farm for
himself, and thereby be able to estab-
lish new home, and also how he may
easily and without distress pay for
this new home.
From five to forty years time is
granted in which to repay the Govern
ment; although the debt may be paid
at any time; if more money is needed,
| reappraisal will be ordered, and fur
Their necessary money will be advanced,
provided it does not exceed so per cent
of the value of the land and 20 per
| cent of the insurable value of the i'm
prOvements thereon.
'The Federal Land Bank of st.
Paul is now loaning vast sums Of mon
ey in the district comprising Mime
sofa; Wisconsin, Michigan and North
! Dakota. 7< "a
Throughout the United states
t!isfe are twelve such banks, and it is
the expectation of the students Of
agricultural finance that Government
Will soon observe the good effects of
this Land Act, and SO increase the
powers granted. that even easier
terms will be granted to deserving
farmers, and to those desiring to make
homes for themselves.
In this great time of need for food
Of all kinds, we have come to learn
that the farmer is to occupy a position
most enviable, and is something more
than mark, for the funny paragraph
in the comic supplement
''In this time of war we find that
we have to turn to the farmer for sue
cess; if this is true, why should we not
so endow our Federal Land Banks,
with the powers that would make the
farmers life idealistic.
The money lending class make it
nearly out Of reach for a young man
tOareach out and get farm for him
self; so he drifts to the city, and
where one who leaves the farm for
the city and makes good" dozen or
! more fail.
"Under the money loaner system
the borrower of $1,000, is asked for an
abstract showing good title. This is,
Of course, absolutely necessary next
he is required to pay at least 2 per
cent commission to the agent: next
|
the examination of the title; he pays
for the drawing Of mortgage and note
he pays the tax required on the mort
gage and he pays for the recording of
all necessary papers, including the
mortgage he is giving the other man.
eff you were to borrow $1,000. at
6 per cent for Sc years from regular
money loaner, (besides commission
every five years) you would pay in in
terest alone, $3.50, and would still
owe the debt of $1,000.
IF you were to borrow $1,000 from
the Federal Land Bank of St Paul
for 36 years, you would pay at the
rate of 6 per cent just the same (only
without commission) and with no
other payment but the per cent, the
entire debt would be wiped out
''If we give movement of this kind,
for our good, the best that is in us. and
thereby show our Government that we
are taking interest in the endeayors
they are putting forth, we will ac-
complish great deal.
sThere is too long a distance be-
tween farm houses by far, and if we
benefit ourselves by taking advantage
4 Of loan Of this kind, and sandwich
in another home, soon there will be
others, and every new home will add
4 to the value of yours, and each of our
little towns will become hives of In
dustry, and so filled with farmers on
market days, that the merchants will
so supply themselves, that it will be
unnecessary to send away for goods.
So many little towns will grow up and
the competition will be so keen that
; you will only want to go to the city
when the State Fair is on
CHINA DECLARES WAR.
i