Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1932-04-28

gage can be endorsed for foreclosure
or any deficiency judgment taken
without the unanimous consent OF the
three members of the board. After
this system was adopted the number
of foreclosures have been materially
reduced substantially only those who
are hopelessly involved, or in cases
where the mortgagors have abandoned
the farm.
State Does Not Want Farms.
/ presume l am talking to many
farmers in the radio audience who
have state farm loans, and to you
farmers, as secretary of the bureau.
l wish to say-dont be discouraged.
Farm values will soon come back.
Your farm for diversified farming
for a home, is worth as much today as
it was before the World war. The
state of Minnesota does not want
your farm. If you will do your part,
the state of Minnesota will afford you
every possible consideration the law
will permit. The board fully realizes
that what farmers need today is credit
and low rate of interest, and we pro-
pose to do everything in our power
as board members to bring about a
substantial rate reduction.
The basic industry of the United
States is agriculture. All gain and
n~f$
soil. If the farmer is prosperous,
labor and industrial activities are
prosperous If the farmer is de-
pressed, labor and all industrial &C
tivities are also depressed
Reduction of taxes on farm lands
is also essential for they have nearly
reached the stage of confiscation in
many cases. The bureau can render
valuable services to bring about a
substantial reduction in taxes by sell
ling and disposing of their state
owned farms as rapidly as possible
and again place them on the tax rolls.
Former boards have not pressed the
sale of state owned farms. The rec
ords show that the state has acquired
through mortgage foreclosures APP
proXimately 400 farms annually. AS
soon as the title of these farms be-
comes vested in the state, the farms
are removed from the tax rolls. AS a
result of which other farmers and
taxpayers must bear this additional
burden.
The taxable value of state owned
farms in the state of Minnesota is
approximately S14,500OOO. This in
vestment is exempt from taxation.
The bureau can render valuable serv-
ices to bring about a substantial re-
duction in taxes by selling and dis
posing of state owned farms as rap
idly as possible at present market
prices.
State Farms i'm Three Classes.
committee consisting of five members
from the House and Senate to investi-
gate the activities of the bureau, and
after full investigation, they recon-
mended, among other things, that the
Rural Credit Bureau should dispose
of their farm lands in an orderly way
as rapidly as possible at present mar
ket prices. So, in order to carry out
the mandate of the state legislature,
the bureau established a selling agen-
cy with the view of disposing of these
farms, and the board has divided the
| farms into three classifications-
classes "a" b. and &C.
Glass "a" farms should sell at a
profit above the state investment
Glass "B" farms should sell for ap-
proximately the amount of the orig
inal loan.
Glass &C" farms should sell below
the states investment in order to
stop further losses through continued
ownership by the state.
| do believe that the depression has
spent its force-that we have finally
reached the bottom, and if so, this
should be a good time to invest your
idle money in well improved farm.
l predict that the richest men, five
years from today, will be those who
buy farm lands today at the present
~ lSCS. L al III arc thC
mental source of all wealth There
can be no investment safer or more
secure. Government statistics tell us
that thousands have deserted the
cities and the uncertainties thereof
for the happy, Independent life of the
farm. This spring, additional thou
sands will wisely follow the lead OF
| WI M oil no hni
savings in a Minnesota farm. The
Rural Credit Bureau has well i'm