The Hood River glacier. (Hood River, Or.) 1889-1933, 1922-11-02


Thomas Tweedy. on November 28rd--
the same day that other mortgages
were made to the State Land Board,
also borrows 100000 OF the sacred
irreducible school fund, and, to make
the coincidence still more remarkable,
on December 18th, he sold the place
back to Walter NJ Pierce for s10000.00
the exact amount he paid for IT.
the affable Mr. Pierce agreeing to as
sumo and to pay the $5.OOO.00 mort
gage.
But this does not account for all Mr..
Pierces transactions on that busy day.
Evidently, they were having a sell
your-farm" day on November 10th, In
Union County, for Walter on that day
sells to one George w. Tate, a
business associate, another one OF his
numerous Union County farms, receiv-
ing for this one $17,2OO.0O. This
amount received for this place would
Indicate that Walter drove a harder
bargain with his business associates
than he did with his relatives.
But, II November 10th was "sell.
your-farm-day' in Union County, Nov.
ember 23rd was also "mortgage-your-
farm-day" for the State Land Board.
For the records show that George w.
Tate, on that day, borrowed $5,0OOOO
from the State Land Board-the mortI
gage note being acknowledged in statu-
tory form before Walter NJ. Piercel
himself, as Notary Public for Unionl
County
How the minds Of the purchasers of
these various tracts ran willingly
along" together. is indicated by the
fact that Mr.. Tate. on November 3Oth.
scven days after he made his real es,
tate deal, sold his newly-purchasee
place back to Walter M. Pierce, for
$17,200.00-the same amount he haC
paid for 1t, Mr. Pierce again kindly
agreeing to assume and pay the mort
gage
In spite of these large transactions
In Real Estate that occurred at that
time. II will be noted that none of the
parties to these transactions made any
selling the farms bought from Walter
back TO him, for the same prices they
paid for them.
Evidently Walter did not propose to
be outdone by those to whom he had
sold his property for, on November
2Srd, the same day that the others bor
rowed money from the State Land
Board, Book 29 of Mortgages for Union
County. shows that the future non.
partisan candidate of the Democratic
Party for Governor. also borrowed
100000 from the State Land Board.
and, having assumed the mortgages Of
the other five farms which he had sold
TO his relatives and friends, Mr.. Pierce
now had S30.000.00 OF the States Ea,
cred Irreducible School Fund for
which he was paying interest at the
Insignificant rate of 69o.
There we're other farmers, however.
in Eastern Oregon who were not so
fortunate as 10 secure even $6,000OQ.
or smaller sums, from the State Land
Board, or any other board, at go:
but the records of that section show
that loans were b. .ng made extensive.
ly at that time, at rates OF interest
carrying from 8 to 10 per cent. In
fact, the mortgage records show that
John M. Lightfoot and wife, on the
9Th day Of November OF that same
year, borrowed from Walter NJ. Pierce.
the sum of $4,000, for a period of five
years. at $50 interest, giving a mort
gage on their farm therefor Hundreds
Of other mortgage records show thas
no money was being loaned In Walters
section Of the country at that time for
less than $50.
The state law requires that money
borrowed from the sacred irreduclble
school fund must not be held for more
than a ten-year period. The records
show. however, that all OF the six
mortgages, held by Walter NJ. Pierce,
were not paid until September /, 1915.
In other words, because their rela;
tives unloaded their mortgages OH him,
Walter had $4,000 Of the states IRE,
ducible School Fund-when he was
entitled to only $1,000 for not more
than ten years. Other farmers, in Mr.
Pierce's section Of the country. and
other parts OF Oregon, were making
applications for loans to the State
School Fund, and were unable to Sc.
cure money because Of the fact that
the available money In the fund was
all loaned out.
The records In Umatilla County
show that, during this period. Eastern
Oregon farmers, however, were not
allowed to 60 without money entirely
for Walter. himself, was aecommo-
dating a great many OF them, with
sums carrying up to twenty thousand
dollars and that at rates of interest
running for from TO 10 per cent.
For example. on May 27. 1905, Mary
q. Cooley mortgaged 1.120 acres OF
land, to Walter, in the sum Of s2o.-
10000 for s9s.
On November End. the same month
in which Walter conducted his numer-
GUS deals In real estate, he loaned 10
J. 8. Shuterneal another sum OF money,
on a farm mortgage. at 1875. In fact.
there are so many records OF this kind.
showing Walters evident frantic en-
deavor to accommodate his neighbors
at 10qe that, like the articles OF the
auction bin, they are too numerous
70 mention"
There are those tools Of "the IN
terests" who have the temsrity to say
that Mr.. Pierce Is a lawyer and there
fore not really the friend Of the farm
er but that he is merely pretending
to be a friend in order 70 get the
farmers vote. Those who know point
TO his record in the Senate ss evidence
that he has been the chief tar booster
In the State Of Oregon But these un-
friendly souls DO not know whereof
they speak-for the above transactions