Milford chronicle., 1932-04-01
FEDERAL CROP
LOANS MAY BIZ
HADBY FARMERS
LCoqfiHncd from FiySi Pdgc]

forms are available for this purpose
All applications for federal loans in
each county will be passed upon by
loan committee which has been
approved by the Secretary of Agri-
culture, and which will work in CO.
operation with the county agent in
aiding farmers to secure these crop
loans. This committee for Kent
county includes Jesse S. Burton,
chairman; J. A. Frear and Thomas
G. Cook. who served in this capacity
last year under authority from the
federal government.
According to the announcement
made by Secretary of Agriculture
Hyde, no loans for crop production
in 1882 will be made to any one far
mer in excess of S400 and the total
amount of loans to the tenants of
any one land owner in a county
shall not exceed $1,000, and no
loans will he made to any one who
has a means of livelihood other than
farming, or who is minor Each
| applicant will be required to sign d
prOmissOry note for the full amount
of the loan, payable to the Secretary
of Agriculture on or before NOvem-
Der 30, 1892, with interest at the rate
of 51a per cent perannum.
In making these loans to farmers
the federal government takes lien
upon the crops growing or to be
grow non the land described in the
application, and provision is also
made whereby the Secretary of Ag
riculture may designate someone in
authority to harvest the crops mort
gagged and to sell them to satisfy
the lien and the expenses incurred
in executing the contract, i'm the
event the applicant neglects to har-
vest the crops involved. When any
crops are sold from the farms on
which this federal money has been /
loaned, the payment of the federal |
note has priority over all other set
Elements, and each applicant is re-
quired to return true statement to /
the Secretary of Agriculture con- /
corning the crops grown and sold |
during the year 1882.
If the applicant for a loan is a
tenant, or is farming under contract
for deed or sO-called crop contract,
or has given prior mortgage on his
1892 crops, waiver of lien must be
secured from the land owner or
landlord and all prior mortgage hol-
dcrs. If the applicant is the owner of
the land and farms il with tenants
or share troopers, waivers of such
tenants or share troopers must be
secured, and in case the applicant
leases the land from another and i'm
turn operates it with tenants or
share troopers, waivers of both the
owner of the leased land and the
tenants must be obtained unless the
rental of said land has been paid.
The right is reserved to make pay
ment of these loans in installments.
the amount of each installment to he
determined by the Secretary of Agri-
culture, the initial payment being
made at the time the loans are APP
proved, And subsequent installments
will follow at stated intervals only
after expenditures of the initial
payment is shown to have been pro-
perly made by reporting to the Sec
retary of Agriculture. All apDlica-
tiOns for loans under these regula-
tiOns must be mailed in time to be
received by the designated represent
-ative of the Secretary of Agricul-
lure, at the Farmers Seed Loan Of
ice in Washington, not later than
April 80 of this year.