East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-05-30
$l,224,0Oo Might be Secured
for Circulation in County if
Act is Ratified in June.
600 MEN IN THIS COUNTY
ELIGIBLE TO GET LOANS
Majority Of Men Show Interest
in Possibility Of Owning
Homes Under Provisions.

That the sum OF Si,224,O00 may bo
secured from outside sources for cir
culation In Umatilla county II the
constitutional amendment known as
the World War Veterans State Aid
Fund In ratified by the voters OF the
state in the special election OF June
Is an interesting fact shown by fig
urcs that have been worked out by
those desiring to see what the con-
crete results OF the measure would be.
The BILL which was passed by the
recent legislature. has two main pro-
visions, the most important of which
makes II possible for soldier, sailor
or marine who was I'm the service dur
ing the progress OF the war TO bor
row not to exceed $4,000 from the
state TO buy or build "A home or TO
purchase land, giving as security
first mortgage on the property or real
estate.
State Well Protected.
The bill provides that the amount
loaned shall not exceed IS per cent OF
the Appraised vniuation Of the pros
perty on which the loan Is made. the
valuation OF the property TO be de-
termmcd by board of appraisers,
three in number, who are appointed
by the commission OF five under
whose direction the provisions OF the
act are to be carried out. Funds TO
make possible the loans are to he Sc
cured by an issue Of bonds, the a.
mount of the issue not to exceed three
per cent of the assessed valuation of
all the property in the state. A two
mill tax is authorized TO be levied to
take care OF the principal and interest
OF the bonds.
600 In This County.
The estimate Is made that there are
approximately 600 men IN Umatilla
county who will be eligible 10 receive
aid from the state under this plan, If
the measure is passed by tho people
In the special election.
Another provision OF the act would
give the service man the privilege of
clecting TO take a cash bonus am
ounting TO SIS for each month he
spent In the service. minus the SEQ
which was paid by the national gov
ernmcnt. The cash bonus feature of
approval from the American Legion.
and the state department of the or
Eanizatlon has sought the aid OF local
posts In doing everything possible to
inform cx-service men of the more lib
eInl provisions of the loan feature.
The cash bonus provision was adopt
ed, however. 80 that men who had
been wounded, or for other reasons
were in dire need OF aid, could secure
immediate relief
Getting Outside Money.
The sale of bonds would bring out
side money into the state for circu-
lation, 1t is pointed out and the share
that would accrue to the eX-scrvice
men in this county In the way of loans
would assist materially in financial
conditions.
Men who have given the matter
study declare that prospects are that
probably between so and 90 per cent
OF the men In Umatilla county would
choose the loan feature. II as many
as one-third, or 200 elected to take
the cash bonus, there would remain
400 to take the loan.
The records of the government
show that the average length of time
spent In the service was ten months.
and IL from this is deducted the 60
days, or two months which the law
provides shall be exempted from any
state bonus, that leaves an average of
eight months on which the cash bo-
nus would apply, or cash payment
of Sl2O to each man. For 200 men, if
so great Il per cent should chose the
cash feature. that would mean a pay
men of $4,000 in this county.
Would Aid building.
The remaining 400 would he cligi-
ble FOR a 2S-year loan of not to *
coed $4,000 on which they would ibc
required TO pay four per cent inter
est If this many loans were taken
In the county, and great many men
are already planning to own their
homes IL the bill is accepted, II would
mean that Sl,20O,0O0 would he
available for investment IN houses and
land IN this county.
This much money coming into iht
county would either go into con.
structlve use In building activities. o,
IL would release other money that
could be used for building work Il /,
declared by mon who have studied
the possibilities of relief that would