The Snyder signal. (Snyder, Tex.) 1887-????, 1918-10-25
THE HOMESTEAD AMENDMENT

formation that Senator Buchanan
asd Representatlye-eleet Rosser fay-
or such an amendment to the ex-
tent Of making II easier to get a loan
on the homestead for improvements
only. That the present Constitution
gives that right. and the mere max
Ing II easier to exercise II, does not
on the face Of II show enough neoes-
slty TO make II worth the time and
trouble which an amendment would
require. At the same time, the max
ing easier the carrying into effect Tho
law Ia always desirable and we would
be glad to be favored By the Signal
with an outline Of the proposed
amendment. At any rate, we art
more than glad to know that there f.
no intention on the part OF these
Western Legislators to cripple Tho
Homestead Law or mako liable TO-
any debts that may be voluntarily
placed against lt.-Taylor County
Times.
This matter Was submitted to SEN
ator G. II Buchanan for an express
sion and he has kindly furnished Tho
following statement for the inform
alton Of our contemporary as well
as for the general public. He says
"The proposed amendment to the
Texas homestead laws Ia a. follows:
ITO modify or amend the law and
the Constitution so that homestead
owner may borrow on same for the
purpose OF making needed improve
ments with the proylso that the
money 10 borrowed shall bear inter
est at rate not exceeding per
cent per annum and shall be re-
paid on the amortization plan with
minimum period Of not loss thar
twenty years within which to make
buch Itphlments
"By the amortization plan Ia meant
the payment Of the indebtedness In
equal annual or seml-annual or quar-.
terly payments OF such amount n
viii, at the end OF the loan period,
have fully satisfied the entire indebt
edness
Fort example: The Federal Land
Bank Is now loaning money to farm
crs who have land In excess Of the
homestead exemption Of goo acres
lotning It on the land they have In
excess Of the homestead, at the rate
Of v per cent annual interest. This
loan IL made for period Of thirty
Nv, years, and the borrower, by re-
paying IL per cent Of the amount
borrowed each six months, has his
entire debt, both principal and In.
torest fully paid off aud discharged
at the end Of the thlrty-flve year pc
Rod.
why should the little man, who
owns only homestead of two hun
dred acres or less, be penallzed9 He
can sell his homestead, why should
he not be permitted to cucumber II
for needed and necessary improve
mentsl And be permitted to do so
without the needless red tape" and
expenses OF the materlal-man's lien,
and on the easy terms OF the long
term amortization plan and the low
rate OF interest, which cannot be
obtained from a contractor or build
or.
why should the small home own.
er OF Texas be barred from avallng
himself Of the long time and low
rate OF interest afforded by the Fed
erGl Land Bank, when the small
home owner Of every other State
in the Union, except one. has this
privilege,
The proposed amendment Of opr
laws aud constitution does not at all
contemplate opening the way for the
homestead to be subject to sale for
debts generally contracted, but mere
ly to simplify the way in which the
owner may cucumber his home for
needed improvements and permit him
to have the advantage Of long time
and low rate Of interest"