Capital journal. (Salem, Or.) 1919-1980, 1922-10-17
(By G. E. ingalls,, editor of the
Corvallis Gazette-Times)

(By y. Il. lngalls, edIof VI SNe
Corvallis Gazette-Times)
Among the things that Mr.. Pierce
has prated about to farmer aud
fences is the difficulty that the
farmer has had and still has in OBJ
tanning money cheaply enough and
for sufficient length of time to en-
able him to conduct the ordinary
transactions of his business affairs,
One Of the funds which has been
created for the farmers Of Oregon,
from which they might obtain
money at lower rate of interest,
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 Democratic allies. Mr.. Pierce
has been very fond of this fund in
the past-mueh fonder than even
his earnest speeches-in behalf of
cheaper money for the farmer
would indicate. Let Us illustrate
Mr.. Pierce's deep affection and abid
ing love for this source of cheap
money.
Limited Loans to $4,000
The creators of the irreducible
school fund wished to provide loans
for small farmers on the theory that
the larger farmers-sueh as Mr.
Pierce is (the assessed value of his
property being $253,000), are able
to take care of themselves. They
passed statutory enactment to the
effect that no one individual could
borrow from this fund on account
greater than $4,000; nor could he
get his loan for a longer period
than ten years, and he should be
permitted to borrow it at the low
rate of percent.
According to the records of
Union county Book of Deeds, page
52D, Walter M. Pierce sold to
Charles M. Pierce, his brother, one
of his tracts of land, for the sum of
l5,60000. This transaction oc-
Cured on November 10th, 1903.
Seven days later, Charles NJ
Pierce borrowed $5,O0O.0O, the limit
that he could get from the school
fund, from the State Land Board
Seven days after the money was
borrowed on his farm, Charles Pierce
sold it back again to his brother
Walter, for consideration of $15..
6OO.OO-the exact amount that he
paid for it and the record states
that Walter M. Pierce assumes and
agrees to pay the mortgage.
Sells to Sister Also
November 16, 19O3-on the same
day on which Walter sold property
to his Brother Charles-he sold an
other farm to his sister, Minnie
Pierce. For this farm he received
$16,600.00.
On the same day that Brother
Charles borrowed $5,000.00 from the
State Land Board, Sister Minnie also
borrowed $5,000.00 from the State
Land Board-the acknowledgment
IN this transaction being taken bv
Walter M. Pierce, himself, as No
tary Public in Union County.
For some reason or other, Minnie
b. Pierce did not like the farm she
mad bought from Walter, any more
than Brother Charles liked his farm
for-on December 10 (l9 days after
she had given the mortgage), she
sold the farm back to Walter for
the exact sum that she
pald for it, Walter M. Pierce again
kindly assuming and agreeing to
pay the mortgage.
Sells to Second Brother
November 10th, 1903, seems to
nave been very busy day for
Walter NJ; 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
'he consideration of 15,60O.00.
BY strange coincidence. Georoe
liso had to borrow some money on
us newly-purchased farm and ON
November 23, l903-the same dav
hat his brother Charles borrowed
10000 from the State Land Board
brother George also borrows S.
10000 from the State Land Board
Evidently brother George didn't
IKE his bargain any better than the
ther relatives for, few days
December 10th. 1903.
e sold the farm back to Walter for
l5,600.00, the same amount that he
and for it, Walter again assuming
he $5,OO0,O0 mortgage. This sum
GEMS to be favorite in the Pierce
amlly-for it is the same amount