Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1922-03-10
Clearing Loans For Farmers,
Made Possible By Reclama-
ton Act, Will Benefit
Everyone

The old saving that it takes three
generations of farmers to make a farm
in ii new country can now be revised
to read. 1T takes only five years to
make farm in Rusk county, This
change can be brought about through
the use of the County Reclamation
Act which is already 4 law on the
statute books of the state of Wiscon-
sin and only needs the endorsement of
the people, and a constitutionality
test. when we can get clearing loans
for farmers in the same way that the
| corn-belt farmers f1Oated their drain
age bonds.
Are we going TO get behind this
project while there is still time, or are
! we blindly going to wait until half OF
our settlers are gone?
When a settler comes to Il new coun-
! try. he often pays more than his land
is worth In fact, he usually pays
great deal more than any loan company
would appraise the land for a loan.
| This amount is cut square in two and
on improved or partially improved
farms loans can be secured after much
delay. ON that basis, by paying a high
rate Of interest and a two per cent
commission to the local loan broker.
! These charges are out of all proper
| ton to what the farms will produce
as they are generally handled, espec-
/ tally when they are in the embryo
4 stage. Regular loans are not obtain
1 able on the new land until they begin
4 TO resemble farm. After settler
comes to new county and makes his
first payment. which often does not
give him any equity, he often uses up
what money he had in building house.
barn. digging well, living for his
family. and feed bills for the live
stock. which he usually brings along.
If he has anything left he is apt TO
spend it in stumping and blowing some
land.
Then they come to the banker who
has held their small deposit until II
is exhausted. and apply for loan.
Be il said in favor of our bankers that
they have been very liberal TO these
settlers. Once started, they have Of
ten sent good money after bad until
the man either made good or went
broke" according to the plan OF oper-
| alton he followed, and the way he took
hold of his problem.
The county reclamation act is made
nj
money to clear. drain and improve his
| acres thus furnishing him money TO
live on while clearing his land, and re-
llieving the banker of this line OF very
undesirable loans The security is
= where it belongs, a lien on the land,
subject only to the general tax. The
land is benefited and the land must
pay. which is as it should be.
II would work out TO the benefit OF
everyone Merchants are up against
the same proposition as the bankers.
They dislike to refuse settler credit
after he has been good cash buyer
while his money lasted. They trust
him. and then trust him some more
until the load the merchants are car
rying today on their books is putting
them into the same class as the set
/ tier or farmer who has run his
i length.
All of these small bank loans and
book accounts should now be against
Il the land and a big lot of them would
he there if this law had been put IN
n force when first enacted some years
ago.
II Here's where the banks and mer-
chants will get a big benefit from the
II speedy use of the law. \ settler VIII
apply for a loan to clear, say, Ten
acres of his land at time. He Will
have the land appraised on basis
of what he would have to pay 70 hife
\ the work done. Then he will do the
4 work himself with the aid Of his fam
II ily. and will probably not use all OF his
loan money while clearing these acres.
He will pay his grocery and other plils
/ in cash after he gets started. He Will
i use any money he has left TO pay mp
/ old obligations. The. new crop OF nay
he gets will help further to clear up
| the debts he now owes, and as he gets
these cleared mp, pays his taxes and
interest. and cuts down on his loan or
purchase price, he would begin to buy
q few COWS which he could feed from
| his farm. and instead OF a failure,
leaving this country with curse on
| his lips for everything and everybody
here, he would develop into n proml-
nent dairyman and he a big asset 20
the community.
Glenn Householder said recently
that the law is broad enough to allow
the settlers to work out their PROD
lens on the "Rusk County Plan'--in |
green clearing, first to brush, log, level,
a,aa nona milling oil tho easily nulled l