Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1921-09-28
SEEDL0ANNOTES
DUE NOV. 21;PAY||VC
MADE EASY BY j. 5.
Office Established at Grand
Forks; Collection Later I'm.
der Some Conditions.

Helena, Sept. 27.-F. W. Beier, Jr.,
federal crop statistician of Montana,
Tuesday received copies of rules and
regulations for the payment Of the
government seed loans which are said
to amount to approximately 81 ,OO0,0O
in the state. A field office for the
collection of the loans has been es-
tablished at Grand Forks, N. D. Notes
are due November 81, but payments
can be made at any time previous to
that date. The borrower, under GER
tain conditions, will be permitted to
defer payment on his note.
loans, which were to be made in Mon
tana and in limited regions of North
Dakota, Idaho and Washington. Five
thousand farmers in the other three
states got loans and with the 1900
In Montana, the total number of loans
was 1900. The average was $13S.
Congress has made limit of 800
Interest was placed at five per cent.
The new office has full records of
the various transactions and informa-
ton regarding the individual loans
will be supplied to all elevators in the
territory where the loans were made.
When a farmer sells his grain the ele-
vator operator will deduct from the
returns an amount sufficient to cover
principal and interest and forward 1t
to the office at Grand Forks. All
loans were covered by mortgages on
the crop.
Average Increased.
As result Of the seed loans. it is
declared that a much larger acreage
was planted this year than would have
been possible otherwise
In explanation of the exemption" or
deferred payment for those harvesting
small crops, the government message
says:
Borrowers whose crops average five
bushels per acre. or less. of wheat, or
the financial equivalent in other crops,
may obtain permission to defer pay
ment of the entire amount of the loan
When such permission is obtained, the
lien in favor of the secretary OF agri-
culture on the 1921 crop will not be
enforced and the borrower may retain
all of the crop for seed. or the pro-
ceeds thereof, If it be sold. for use in
the purchase Of necessaries for his
family. A borrower whose crop aver
ages more than five bushels per acre
Of wheat, or the financial equivalent in
other crops, must devote as much OF
the excess as may be necessary to pay
the governments loan in full, includ-
ing interest at per cent per an
mum. To illustrate: If borrowers
total crop on 100 acres amounts to 542
bushels, he must sell AZ bushels and
devote the proceeds to the purpose
mentioned. Should another borrower
obtain a crop Of 600 bushels on the
same acreage, he would be required to
sell 100 bushels and pay the proceeds
on his loan"
Caution Farmers.
In another place, the government
sends this caution:
Great caution should be exercised to
see that checks shall not exceed the
amount due the government, since, ii a
check should be drawn to an amount
greater than that due the government
and deposited to the credit OF the
United States. the excess amount enuld
not be withdrawn and. returned to the
seed loan borrower except upon au-
thorization of congress"
This is for the protection OF those
who may have obtained loans for seed
and filed mortgages therefor, later dis
covering that the full amount OF the
mortgage loan was not necessary for
their land. In all such cases. the bor-
rover had to return to the government
whatever amount was left.
Checks for seed loans should be made
PAYABLE to the distursing clerk, de-
partment of agriculture, and mailed to
the seed loan office. federal build
ing, Grand Forks, N. d.