| Show aid to agriculture seen in new legislative Reso resolution ludon introduced by mr irla driver of af raj as I 1 referred to the com committee on an b banking biking and currency and ordered to be printed this legislation proposal said mr driver deals in an adequate and practical manner with the problem of farm mortgage relief the imperative need nd tor for which has beert been repeatedly urged by the in cooling coming administration one of the main difficulties continued mr driver la a the way of the tanner tamer on whose farm there Is a lion lien la is that when such lion lien matures ina turea no source la Is available to him from which he be can refinance the loan and the price of products with which he deals deala Is 9 so BO tow low that he h e cannot annot meet the annual mat maturing ur payments on these obligations the unprecedented number of foreclosure proceedings resulting in pach each instance in the se carity holder taking over the property at a price considerably belda the amount of the lion lien and for which be can find no market has haa resulted in destroying the market value ot of sl auch ch property making it imp impossible sible to refinance without the aid of federal credit the ille bin deals not only with what are commonly known as real estate mortgages but tulppo improvement rement district bonds a as they are in their lien hen rights to real estate morti rages and it to la necessary to deal with thew them in order to put the miner la in the districts dl on a parity with those outside and before the real estate mortgages mort fages can bo be dealt with in such auch districts the bill provides a moratorium of f five alve years on payments of both orinel principal pal and interest this mix moratorium Is to enable the farmer to provide himself with the commodities of industry which ho he has baa denied himself for und and which are needed for the he proper carrying on of his farming activities this potential demand it is expected will when released through the administration of this legislative proposal set the wheels of manufacturing establishments to turning with a rapidly increasing acceleration it will also enable the farmer to meet the annual state and county taxes assessed against his property avol avoiding dirig the tax taic sales amounting in some sec tlona to 40 per cent of all the lands assessed the bill pr erotides oTides tor for an ap by br the secretary or of agriculture of the liquidated of each lion lien on it a given farm and an agreement on the part of the mortgagor and mortgagee that a now new mortgage will be executed at this liquidated value which shall hall bo be in full settlement of the 3 lion lien for which it la Is given in the case of real estate mortgages amortized mortgage M bonds are executed having a maturity over ever a period ot of 33 years and in the case of improvement dist district elet bonds now new bonds axe are issued having a maturity over a I 1 period not to exceed 10 years both the mortgage a and nd improvement bonds bear interest at the rate ot of 3 per cent per annum during the tha first tour four and fire years the interest accrues and its payment la Is distributed distribute tl over the succeeding years of the life of the bond when the new bonds ore are properly executed by both the mortgagor and the mortgagee then the secretary of agriculture signs the bond guaranteeing the payments its as and when due no money will be appropriated tor for the first drat five years except buob as Is ig necessary for the actual cost of administration which la is by the secretary of arl culture it Is believed that while the guaranty of these thee bonds will make them as desirable for investment purposes as ag the bonds of the united states very few it if any pay ments will ba have bave ve to be made by the federal government tor for in five years the rehabilitation of the farmer will have been accomplished and he will be able to meet the annual payments from tho the sale of the product of his farro farm this bill Is ig not only an aid to the farmer whose lands are mortgaged it la 19 an aid to the farmer whose lands are not mortgaged but are subject to ta the tax burdens of all lands sold bold for taxes and it Is an aid to manufacturing industry as ag it at once restores the ing power of the farmer ono one of the important provisions of the bill la Is that it provides for refinance ing and restom restoration tIon to farm owners of all lands sold under foreclosure a proceedings during the he past three years yeara providing the land Is still in the posse possession salon of the mortgagee and it denies to the mortgagee mortgage et the privileges of the bill it if he has pending foreclosure or deficiency judgment suits but this disability can be removed by the mortgagee by discontinuing the foreclosure or deficiency judgment proceedings tile the principle as set up in this bill Is the foundation on which must be constructed all effective measures measure si for the restom restoration flon of economic affairs to a normal condition it if consideration of the bill Is not reached in the present session of the congress it will be introduced in the special session expected to he be called in april |
