Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1917-02-01
INSTRUCTIONS TO FARMERS IN
REGARD TO GOVERNMENT
PLANS OF FEDERAL LOANS.
OPERATE THROUGH DIS. BANK
onoer Act Local Loan Association
Must be Organized-Not a Com
phcated Matter.

quirles are coming in from every coun-
Try. Rural folks want to know how
ehey may secure federal loans, where to
Apply for them and what are the re-
ton. ff"
NOW, the best way to answer all these
questions is to refer the inquirers to
washington, which l am doing, because
there is nobobdy in this district that
can answer the questions officially, and
probably will not be for 80 DAYS or
more.
The Federal Farm Loan board has
just announced that the blank form of
articles of association to be used in
forming local farm loan associations
mas been printed and is ready for dis
tribution.
suppose you are farmer and want a
FEDERAL loan. just address a letter to
the Federal Farm Loan Board, Wash
lngton, ID. Co. and the articles of as
ISOLATION and other useful information
Will be sent to you. When these arti-
cles reach you, call meeting of the
prospective members of your associa-
ton, adopt the articles and have each
member sign them and acknowledge
them. Adopt name for your associa-
ton and fill in the blank space at the
top with that name.
Elect Officers.
AT your first meeting elect a board
OF five or more directors and have them
meet and elect president, vice presi
dent a secretary-treasurer, and loan
committee of three members. The loan
committee may begin at once to value
the land of the members and prepare
written report of these valuations,
which must be unanimous in every case.
Don't send your signed articles of
association to Washington, but hold
them until the Federal Land Bank in
your district is ready to receive Them
watch the newspapers and you will see
when the bank in your district is ready
Then write to the bank, asking for
forms, which will include an applica-
ton for a charter.
When you receive these papers fill |
them out and send them, together with |
the articles of association and the re-
port of your loan committee, to the |
Federal Loan Bank in your district.
Already a number of farmers have
been forehanded enough to send in their
applications to Washington for the
blank forms, but because of conflicting
information a large percentage of per-
sons who want farm loan have not I'M
derstood what was to be done in order
to obtain it.
| have learned from Herbert Quick
of the Federal Farm Loan board that
already the new rural credits system
is an assured success. Those who have
been dubious as to this may be given to
understand that, according to Mr..
Quick, volume of business has been
promised to the various land banks of
the country that will assure their opera
ton at minimum overhead expense.
Many Associations.
Mr.. Quick says: "The farm loan act
is going to work, and work on a very
large scale. In Oklahoma, Texas and
many other states local loan associa-
tions have already been tentatively or
ganized which will borrow millions of
dollars as soon as the land banks are
in operation. A thousand local asso-
Citations are being organized in this
way Mr.. Quick says that the atti-
tude of the bankers toward the farm
loan act is very liberal. For example,
he has been told that the greatest pos
sible development of the new Federal
Land Bank in the Kansas district will
never provide enough of its bonds to
meet the demand for them. Interior
banks in this state are giving the same
particularly those in the
valley, where the farmers :
will draw heavily from the Berkeley
institution. E;
Some farmers say in their letters to !
ne that they consider the federal sys- I
.em of securing loan too complicated,
but all they have to do is to carry in
heir heads the idea of building and
oan association and add to it the idea {
hat government will supply most of the t
,unds, and all that the rural borrower I
s required to pay is per cent of sub t
icription to the stock of his local as {
ISOLATION. t
Remember that no loan will be made i
except upon the security of a first ;
mortgage, and that the amount of the {
mortgage must not exceed one-half of l
he appraised value of the land and 90 t
,er cent of the improvements thereon, f
which must be insured-By Bailey Mil 3
ard, Editor of Orchard and Farm. q