Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1918-01-09

money over a period of many years
had charged itself with receiving IT,
mingled 1t with other funds in the
treasury and had expended it in the
conrse of the States business. Finding
itself with an unusually large cash bai-
auce. the last administration set ASIDE
the amount of the principal of TINS
fund. the correct figure for which mao
inst been ascertained. and it is from
this fund that it is proposed TO invest
100000 in 1918. dis provided by chapter
sos, Public Laws Of 1917.
; The act creating the commission also
requires that there be ascertaineG the
rue standing Of the Permanent School
Fund which is now shown on the books
Of the treasurer as amounting to $751;
994. %. This fund was authorized by
chapter 403 Public Laws of 1S2S, when
the Legislature set aside 20 townships
If land to be sold, the proceeds of
which were to be credited to a pe.IiI;,-
nent school fund. The auditors office
is lust beginning an investig& ton Of
this fund from the old records in the
treasurer's and land agents office. j.
is expected that q report as to its
standing may be made before the close
of 1918 and at that time the feasibility
of setting it aside will be considered
by the commission.
The Passamaquoddy Indian Trast
F'upd is now shown at 99759.a0. This
fund is based upon the Treaty between
The commonwealth Of Massachusetts
and that tribe, consunm;teG in 1888
There have been large addi'sonS to this
fund in recent years on account of tim
Ind
which is owned by the tribe. and also
by damages paid for fowage Of a po'-
ton of their lands by a large manu-
featuring firm in 1917
The Penobscot Irdi2n Fund was in
vestigated by Charles i. hatch. the
frs, State auditor. and is now carried
at it's correct figure on the books OF the
treasurer and auditor. viz. SSS,G92 A 4
report on this investigator may De
found in the report Of the first State
auditor, on pages 12-l5. An error o.
S, 10000 in favor of the State was DIS
covered in this account. This error wa
made in 1S4o and the fund. counting
interest. was some S16,000.00 less than
ii should have been. The Legislature
of 1918 corrected this error and placed
the fund at its present figure. tScc
chapter 239. resolves of 1872
The inter Of the act creating tn"
Farm Land Loan Commission appears
to be the gradual restora ton of these
funds changing them from mere book
liabilities to acti"e investment Ic-
counts.
After organization of the commls-
sion tho secretary Will be pleased to
submit forms of applica tons for loans,
forms of mortgages. notes. etc, if the
commission decides that that branch of
the work outlined in the act shall b~
followed out
The following is drafted in conf
pliance with the law relating to the
"State Of Maine Farm Land I.oan Com
mission" from rules in different states
where similar board is in operation
Requirements for Loan
~ The applicant must be the ownc"
of tie farm land offered for security;
loans to be made on first mortgage
only. running to the State of Maine.
2) The applicant must be a person
who is at the time. or shortly to be-
come engaged in cultivation and de-
velopment Of the farm land mortgaged.
go The land offered for security will
r
cultural value. The Farm Land Loan
commission is authorized to loan d
maximum amount Of so per cent of the
appraised value of the land provided
that in no case shall the total loan eX-
coed more than $4,000 nor less than $500
ca The money borrowed must be ap-
piled to certain definite uses as follows:
CAD TO assist the borrower to erect
buildings.
90 To build silos.
(C) To clear his land of forest
growth.
CD TO purchase live stock
go All loans shall be made for a
term of not less than three years nor
more than 10 years after the date of
the loan.
90 Interest at per cent upon UNI
paid balance OF the principal Of the
loan.
How To Secure a Loan
a. The applicant mus, apply to his
town or city clerk for an application
blank.
G) Applicant must take oath before
city or town clerk as to the truth OF
the statements set forth in his applica
ton and submit same to the Farm
Land Loan Commission at Augusta
t3) Applicant shall file with the
Farm Land Loan Commission an alb
stract Of title to the land which is If =
fered as security
Loans Granted by Commission Sub.
jeet to the Following Conditions
% The applicant shall select a banj;
TO receive the dtrGsi, ii atonnr to be
loaned him by the State
CD When commission grants the
loan they shall deposit in a bank Sc
lected by the applicant q sum Of money
equal to the amount of the loan so
granted.
CD The Farm Lard Loan Commits
sion shall furnish the bank with the
mortgage and necessary notice TO tho
proper securing Of the loan prepa red
and ready for the signature of the an
ricant. The bank shall record the
mortgage and require the applicant 70
pay the register of deeds fee and 70
t2rn the same to the Farm Land Io,r
Commission.
90 If report Of the applicant is saf-
isfactory the Farm Land Loan Conn
mission shall direct the bank in o,,es-
tny