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Show TWENTY YEAR FARM LOANS HELP PIONEERS "Formorly nil that wns necessary was to Ilnd tho man with grit enough to undertake tho life of tho pioneer," says Farm and Fireside, tho national nation-al farm paper published in Springfield, Spring-field, Ohio, 'Now a land company not only hntf'to find a ploncor, hut has to flnnnco him." And the now system has proved a boon to many a poor man as a semiannual payment of H3.2G In twenty yearR pays all tho principal and Interest on a thousand thou-sand dollar loan. "Tho land mortgago association plan has worked out satisfactorily In Wisconsin. It dooB not partake ot philanthropy. It Is based on that most primal of nil business factors-self factors-self interest. "Henco wo havo tho land mortgago association which in all Its esson-tlalB esson-tlalB Is an adjunct to tho land company. com-pany. No city hunk or investor will loan money directly to an unknown pioneer working In tho wilderness hundreds of miles from tho city. Novorthooss, that which cannot bo dono dlroctly Is accomplished Indirectly Indi-rectly through tho organisation of tho land mortgage association, which Issues bonds to half tho vnluo of the land nnd sol's tho bonds to the city banks, and tho city banks resell thorn to tholr customers. Tho city man does not know tho ploncor, but every ev-ery banker and every Investor knows n bond. Nearly a quartor of a million mil-lion dollars worth of theso bonds havo bcon taken up by ono bank In Milwaukee." |