Clearwater Republican. [volume] (Orofino, Idaho) 1912-1922, 1921-09-30
DETAILS GIVEN ON
THE BILLION LOAN
FARM AND LIVE STOCK MEN FREE
TO BORROW FROM U. s. UP
TO JULY I, 1922.
MATURE IN ONE YEARS TIME
Payment to War Finance Corporation
viii Not Be Extended Beyond
Three Years, 'Tis
Reported.

WASHINGTON, D. C.-With the is.
suance by the war finance corporation
OF q circular of instructions to banks
and bankers, $1,000. 100000 set aside by
congress few weeks ago became
available for agricultural and live
stock loans, and advances under the
amendment to the war finance act
Will begin as soon as banks receive
the instructions and accompanying
forms and local agricultural loan
agencies appointed by the corporation
organize and are ready to pass upon
applications and submit recommenda
tons to Washington. The 81 1000 co.,.
600 now available for agricultural
loans is to be treated as lump sum
and will not be apportioned or pro-
rated among the states.
Applications for loans will he
passed upon by the war finance cor.
poration at Washington in the order
in which recommendations are re-
ccived from the local agricultural
loan agencies. These local agencies
are now being appointed, those at
Portland, Spokane, Helena, Denver,
and Cheyenne having been nam.d.
Agencies at Salt Lake City and Boise
will be named to receive applications
for loans in their districts and to in
vestigate all applications and maze
recommendation as to those loans
ITO the war finance corporation, which,
in the end, will act on all applica-
tions.
Borrow Up to July I, 1922.
Advances may be made at any time
prior to July /, 1922, and will mature
not later than one year from the date
of the advance. Applications must
agree that upon the maturity of any
of the advances made by the appli-
cant, or of any of the paper discount
ed or rediscounted by the applicant,
upon which the war finance corpora.
tion's advances are based, cores
ponding repayment will be made by
the applicant to the war finance cor
poration, unless with the consent of
the war finance corporation the time
of payment of such advance or of such
| paper has been extended by the ap-
plicant. The time of payment of an
advance by the war finance corpora.
tion can not, however, be extended
beyond three years from the original
date of the advance.
| Payment of all or any part of an
advance made by the war finance cor.
poratiOn may be anticipated at any
time. Interest will be adjusted in each
case to the date upon which q pay.
ment is received by the war finance
corporation.
Directors Determine Interest.
THE rate of interest on advances
by the corporation will be determined
from time to time by the board oil
directors. Under the law a bank
banker or trust company obtaining
advances on the basis of loans made
by 1t for agricultural purposes may
not charge upon such loans a rate oil
interest greater than per cent in
excess of the rate charged by the wa,
finance corporation. This provision
should not be construed, however, tc
authorize any bank, banker or trust
company to charge a rate Of interest
in excess of the rate permitted by state
! law.
Advances may be made by the
war finance corporation against q
note executed by the borrower az
maker, or draft accepted by the Dor
rover, waving protest, notice OF pro
test, notice Of dishonor. extension oil
time, substitution of collateral or other
indulgence by Endorsement guaranty
pledge or otherwise. A form of col
laterally secured note which may be
used by borrowers may be obtained
from the nearest agricultural loar
agency. Where drafts accepted by the
borrower are rendered they should be
accompanied by an instrument Of
pledge or other collateral agreement
comforting on the war finance corpora
ton valid lien on the security to bt
II pledged"