Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1922-02-03

III
R1tk WIZ
osa 1.A ND - ~ q = ro ID III
! 8
Pau, Feb. fforess;;
the ID lrniing issued today
the IA innes ota Farm Bureau fedora
stion, ia a atement which declared
that public welfare as well as the in-|
terests Of the I'M iyidual cred itor ma e
farm mortgage forecl osures S at least
unWise aud at most b disastrou - :,
IN hun reds Of cases, farmers will
Abe unable to meet interest payments,
due on their farm NOR ages9 IN March,,
the Federation said, in spite Of the fact
/ that the loans themselves are absolute
glys sound. In a large number Of farm
mortgages, there is g clause which
makes the whole sum of the mortgage
fell due when the farmer misses an in.
terest PAL ment.
The individua creditor may feel
{ that it ia right and even necessary for
him to .foreclose on the mortgage he:
holds, 4, the fedora ton said. But the
Interest of the whole public, and his
own business interest as well, demands
that he stop to consider the effect on
the economic situation if every creditor
took adYantage of present conditions.
to close out every farner who fails to
I meet his interest payments o. pay
'mentsi on contract for deed. al
"A policy Of wholesale foreclosure
would mean q tremendous setback to
!. Minnesota agriculture. It would take
away from scores Of young, progressive
farmers the land on which they are be-
ginning to make homes and develop up-
to,datc farms. It would destroy what
confidence remains, and would delay
still longer our recovery from present
conditions IS, 81. ....
In some counties, it has been suggest
ed that a special session Of the legis-
lature should be called to strike out
the mortgage provision making the
whole loan fall due when an interest
payment is missed and also to lengthen
the redemption period to two years. u
. Eighty per cent Of the farms in our
county are mortgaged, = says one letter
received by the state farm bureau.
- Public opinion must be aroused to
the situation. It is the only way to
prevent intense mental suffering on the
part Of thousands Of responsible farm
ers who face foreclosure, and who will
have to labor for year not knowing
whether they will lose their homes. - ! F..
A resolution passed by the third an
nual convention Of the Minnesota Farm
Bureau federation deplores 'ethe dis.
position on the part of great many
who are in the farm loan business, to
take advantage of the financial strin-
gency by unduly raising their interes.
rates, and by asking excessively high
commissions" In spirit Of co-opera-
ton, it says, where there is no question
about the adequacy Of the security,
I've respectfully submit plea for the
greatest degree Of leniency in the mat
ter Of maturing loans and delinquent
iHterest, So long as. the safety Of the
loan is not in jeopardy" t 49, .
Farm Block Leader Asks Bureaus Aid
st. Paul, Feb. 1.-The leader of the
famous agricultural block in the United
States senate has called on the Mime
sofa Farm Bureau federation for help
in the coming legislative battle to pass
the Capper-V olstead cooperative mar
Ieting bill. .s,'-;.c + 4
4 At the request of Senator William s.
Kenyon, the state farm bureau has pre-
pared a brief to be used in congress
when debate on the bill begins. The
efshows the progress made by Min
nesota farmers in building up co-opera.
tive marketing organizations, and the
~ -,
CARNATIONS during the last year.
The review of Minnesota g exper-
= fence in cooperative marketing is ex-
pected to play an important part in
the fight for passage of the Capper-
Volstead bill This proposed act, al
ready passed BY the house Of represen-
.tatives, guarantees to the farmers of the
United States virtually, the same rights
of collective bargaining that already
have been guaranteed by state law in
Minnesota. It would do nothing more
than give farmers cooperative institu-
tions, doing interstate business, the
same rights now enjoyed by private cor
porations, according to- farm bureau
officers. It would assure just and open
4 competition between cooperative sell
ing agencies and private corporations,
they assert, and fair test of the CO.
operative system. #.s
Livestock Shippers to Meet in st. Paul
# The first anaual meeting Of the Cen.
/ trail Cooperative Commission ass0cia-
! ton, the farmers livestock sales agen-
cy which already has done $5,OOO,OOO
business in less than six months, will
y R~> - n e. VYY f.