Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1917-02-27
MONEY SOON AVAILABLE
Continued from first page)

(COntlnued from 1lrSJ page1
said board, were incurred or assum
ed by said applicant for the above
named purposes. The applicant upon
making his application must make al
affidavit to the effect that he complies
with the conditions named.
The restrictions, limiting the loans
to persons who own and occupy the
premises offered as security, will bal
many applicants. "The feeling pre-
vailing in many quarters that the OPP
Grafton of this Rural Credit bill will
create a period Of 'wild-catting' in
real estate, seems to be without foun-
dation," said Attorney Tooze. "This
money is not going to be turned over
to every Tom, Dick and Harry, but
will only be available for those per
sons whom the act is designed to
!lenefit. Owing to its being a new
thing, l am of the opinion that at first
I will be literally swamped with ap-
plications, but as it gets into work
ing order, things will naturally ad-
just themselves.
"We cannot make any loans under
the act to exceed $5000.00, and can
make no loan of less than $4,000, and
in no case can we loan to exceed 500
an acre. These loans are to be re-
paid with interest accruing in semi
annual or annual installments on the
amortization plan, such. installments
being fixed at the time the loan IS
made in such sums as will cover the
interest rate and will liquidate the
debt in period Of time to be agreed
upon between the board and the appli-
cant at the time the loan is made.
These loans will run not less than
ten years nor more than thirty-six
years, and anytime in between may
be fixed at the time the loan is con-
summated. However, upon any amorti-
zation payment date, the debt may be
paid off in whole or in part, prOvlded
the portion paid is $4,000 or any null
tiple thereof. The rate Of interest
charged will depend upon the rate of
interest the bonds sell for, but if will
not be less than per cent, and will
at all times be just l per cent higher
than that for which the bonds sold.
The per cent added to the S per cent
liz order to pay the debt off in the
time fixed, will of course vary ac.
cording to the time agreed upon for
liquidating the debt.
GAS soon as there is money avail
able for loaning purposes, | shall ad-
wise the people of Polk county through
the press Of this county, and shall
then give such other details and in
formation as may be necessary. Until
I am further advised by the board, !
will be unable to explain the matter
to any greater length than | have in
this interview.
"In the administration of this fund
in Polk county, / shall be governed
strictly by the rules and the law in
force, and I shall endeavor to see that
the state is fully protected, as well
as seeing that all farmers justly en-
titled to the benefits of the law, re-
ceive those benefits. AS the one charg-
ed with the responsibility of apprais-
ing the lands in this county before
loan, | shall endeavor in all
cases to base the appraisement upon
what | consider the actual productive
value Of the land, rather than upon
an inflated value. For loaning pur-
poses, land is only worth that amount
which, when considering the average
annual returns therefrom, will yield
a fair rate of interest upon the in
vestment to the owner thereof. AS
no land need be valued to exceed
$4,000 per acre, as we can only loan
so per cent of the valuation OF the
land, and not more than $4,000 per
acre. very little difficulty will be ex-
perienced in appraising bearing fruit
lands, or other highly improved lands;
The difficulty will arise in the appraise-
ment of the general agricultural land,
and in these cases, location, quality OF
soil, and average annual production
will be the governing features of the
AS this law was de-
signed to benefit the deserving farm
er, l am expecting the active cooper
alton of all farmers in seeing that the
law is not abused, nor attempts made
TO abuse it. In making all appraise-
ments, thorough inspection of the
will be made."