The Hood River glacier. (Hood River, Or.) 1889-1933, 1922-11-02
PIERCE'S RAID !
ON SCHOOL FUND
Democratic Nominee Is Alleged
to Have Evaded Law In
Securing Loans.

by y. e. ingalls,
Mr.. Pierce has been weeping copioua
tears over the situation Of the farm
er for many years without offering any
remedy for conditions that tend to
create the difficulty from which he
suffers, but, on the other hand, he has
had more to do with increasing taxes
by his legislative votes and by the
introduction of foolish bills than
probably any other man In Oregon.
Among the things that Mr. Pierce
has prated about to farmer audiences
is the difficulty that the farmer has
had and still has in obtaining money
cheaply enough and for sufficient
length of time to enable him to con-
duct the ordinary transactions OF his
business affairs. One OF the funds
which has been created for the farm
ers Of Oregon, from which they might
obtain money at lower rate OF In
terest, is the irreducible school fund.
We have heard great deal about
the sacredness Of this fund-both from
Mr.. Pierce and from some Of his Demo.
cratic allies. Mr.. Pierce has been
very fond Of this fund in the past
much fonder than even his earnest
speeches-in behalf OF cheaper money
for the farmer-wouid indicate. Let
us illustrate Mr.. Pierce's deep af-
fection and abiding love for this source
Of cheap money.
The creators OF the irreducible
school fund wished to provide loans
for small farmers on the theory that
the larger farmers--such as Mr..
Pierce is (the assessed value OF his
property being $3.50 900 o0)--are able
to take care Of themselves. They
passed statutory enactment 20 the ef-
feet that no one individual could bor-
row from this fund an amount greater
than $4,000; nor could he get his loan
for a longer period than ten years,
and he should be permitted to borrow
1t at the low rate OF go.
According to the records OF Union
County (Book SO of Deeds. page 521).
Walter M. Pierce sold to Charles NJ
Pierce, his brother. one OF his tracts OF
land, for the sum of s15.6O0.OO This
transaction occurred on November
10th, 1903.
Seven days later, Charles M. Pierce
borrowed 100000. the limit that he
could get from the school fund, from
the State Land Board.
Seven days after the money was
borrowed on this farm, Charles Pierce
sold 1t back again TO his Brother Wal
ter, for consideration OF $16,600.00
the exact amount that he paid for It
and the record states that Walter M.
Pierce assumes and agrees to pay the
mortgage.
November Is, 1903--on the same
day on which Walter sold property to
his brother Charles-he also sold an
other farm TO his sister, Minnie
Pierce. For this farm he received $751;
10000.
On the same day that Brother
Charles borrowed $5.0O0.OO from the
State Land Board, Sister Minnie also
borrowed $5.0O0O0 from the State
Board-the acknowledgment of this
transaction being taken by Walter M.
Pierce, himself. as Notary Public in
Union County.
For some reason or other. Minnie
B. Pierce did not like the farm ahe had
bought from Walter. any more than
Brother Charles liked his farm, for
on December IL (1s days after she
had given the mortgage), she sold the
farm back to Walter for $16,6O0.00,
the exact sum that she paid for II,
Walter M. Pierce again kindly assum-
ing and agreeing to pay the mortgage.
November 10th, 1903. seems to have
been a very busy day for walter M;
for, in addition to the farms that he
sold to his brother Charles and his
sister Minnie, he also sold, on the
same day. another farm to his brother
George, for the consideration Of $15,.
10000.
BY a strange coincidence, George
also had to borrow some money on his
newly-purchased farm and, on Novem-
Der 2S, 19O3-the same day that his
brother Charles borrowed $5.000O0
from the State Land Board-brother
George also borrows 100000 from the
State Land Board.
Evidently brother George didn't like
his bargain any better than the other
relatives for, few days later--towit:
December 10th. 1903. he sold the farm
back to Walter for S15.e00.00 the
same amount that he paid for 1t,
Walter again assuming the s5.000.00
mortgage. This sum seems 70 be a
favorite in the Pierce family-for II is
the same amount that Brother Charles
had paid for his farm, on the same
day. Evidently Walter did not care
to show any Dartiality between his two
brothers. It may not be OF any bene-
fit to the account Of this transaction,
but nevertheless It should be noted
that these considerations. received by
Walter for the sale OF these farms TO
his relatives, Is slightly over three
times the 100000 mortgage. The
State Law requires that the State
Land Board can make no loans from
the Irreducible School Fund for more
than one-third the value Of the prop
erty involved, but that Walter should
always sell for thrice the limit he
could borrow. may be 6 mere incident.
November 16. 1903, was apparently
a remarkable day Ia Walters Real
Estate career for, In addition 70 the
three farms above mentioned. which
be sold that day 10 his brothers and
sister, he also sold farm 10 Thomas
T,readv a nsar eyIend of his. for the