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Show PROPOSES GOVERNMENT LOAN8 ON FARM LANDS Bill Introduced In Congress to Provide Pro-vide New 8ystem of Rural Credits Washington, Jan. 4. Government loans on farm mortgages at low Interest Inter-est rates were proposed in a bill to-day to-day by Representative Bathrick of Ohio. The plan outlined is to attain the samo object as tho "rural credits" cred-its" system proposed by President Taft. Tho bill would provldo for tho establishment es-tablishment of a bureau of farm ldons in tho treasury department, with a loan commissioner appointed by tho President. Tho secretary of tho treasury would bo authorized to raise funds for loaning to "bona fldo tillers ot tho sdll" on farm mortgages by tho issue of government bonds at not to exceed 4 per cent Interest. Tho loans would bo mado in farms on which nt loast one-half bo under cultivation. Applications for loans would bo mado to tho commission, who would certify to voluo of tho property to oo ascertained by tho owner and appraisers, apprais-ers, appointed by tho commissioner to tho secretary of tho treasury, who would loan not to exceed 60 per cent ot tho valuo of tho land on n mortgage mort-gage mado out to tho secretary of tho treasury at not moro than 4 1-2 por cent Interest. Tho bill would exempt both mortgages mort-gages and bonds Issued under tho net from taxation and proposes an appropriation of $100,000 for tho installation in-stallation of tho plan. |
