, 1921-12-29
GOV. CAREY NOT
YET DECIDED ON
EXTRA SESSION
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Continued from Page u
II It is deemed necessary. legislative
action can DO taken
"whne the amount of penalties
which can be imposed II taxes are de-
llnquent and II property IS sold. viii
amount TO 80 per cent. I IND that Is
per cent OF this penalty IS assessed
at the time OF sale OF the property.
There is nothing in the law which fix
Is the time when property must be
sold for taxes although the law does
tx the date when property must be ad-
vertised. OF tho various county treas
.urers will not fix the date OF sale OF
property NTH after the time that the
next legislature meets h Legislature
can pabs n relieving those
whose property rs listed for sale from
this is per cent penalty. By doing
this the penalty which is now provid-
cd by law viii be cut IN half which
IL all the relief from the penalties
that has been asked for. n would
be the same relief that could be pro
vided by a special session.
There are instances where banks
are not able TO loan money with which
TO pay taxes for the reason that these
banks have no funds 70 loan, but ar
ranxements can be made whereby
funds can be furnished to these banks
to take care OF their customers who
want to pay their taxes.
As TO the irrigation and drainage
bonds that may be due during the com
ing year. some arrangement can be
worked tut to take care OF thom
whereby neither the bonds nor the in
terest need be defauited. The money
necessary TO retire a portion OF these
bonds will be raised in the regular
manner. but TO take care OF those
bonds for which funds are not avail
able. It is possible to organize n local
corporation or company 10 purchase
these bonds which may become due
and which win not be paid. and hold
them until such time ms funds arc
available to take care of them. While
the details Of such a plan have not
been worked out. I believe It Is pos
sible to handle the matter In this way
and that the money car be furnished
which can be loaned TO tho banks and
by them to corporations so organized.
and by this means not only tho bonds
which are coming due la be taken
care OF but at tho same time the credit
OF irrigation and drainage districts
will be protected.
at was also suggested that the
State Farm Loan Act be amended so
that It would provide for higher valu-
atoms. hat the amount available for
farm loans should be increased and
that where counties had not awaited
themselves OF the money allotted to
them that their share should be ailot-
ted to other countries which had ex-
hausted their quotas.
while there are instances where on
account of provision OF our present
law it is not possible to loan as much
on a farm as could be safely loaned
such instances are rare. As a general
thing the state has been loaning on
as high valuations as trust companies.
banks Or individuals and 1t would be
poor policy for the state to loan more
on property thar those who make n
business of loaning money. Up 60
date. but two counties in the state
have exhausted tho quota allotted
them. namely. Goshen and Laramie
counties. While the last legislature
provided n million dollars for farm
loans. n while the law has been In
operation since July 1. up to December
1 only 1S2 applications for loans were
received amounting to $3.50. 1855. or onl.