Show HIGHLIGHTS ON AND fARMERS MEETING I SATURDAY I I Mr 11 Ellis President of the Federal Land Bank Dank Mr 11 Quinn Mr 11 Russell members o of the engineering staff to appraise our country and determine its Is physical capabilities Wm Howell director for Utah Mr 11 Cardon head reviewer of Washington Mr 11 Reed publicity director Sherwood Green and Mr 11 members o of the Bondholders Bondholders' Protective Committee met net with the farmers Carmels Saturday The meeting was interesting It was vas rapid full of question estion and answer answer anwer an- an and directly y to the point without without without with with- out mincing matters In answer to the the question How Ho Howong howlong v long ong p t time will you carry us Mr 11 Ellis said ho he would foreclose promptly prompt- prompt ly y they themselves had bonds out on the ho security o of loans made here issued is- is sued on our paper which they must and will protect They themselves are aie lending other peoples people's money Ho Ile said aid that if ir a man wanted to save his farm arm he must pay his drainage tax an and keep It paid that refusal to do doso doso so 0 would bring on foreclosure pro- pro He said very plainly In Indeed Indeed indeed In- In deed that no farmer armer alone or jointly could get by with an n act which would jeopardize tho tine the first lien Hen of the Fedral Federal Fed Fed- eral ral Land Bank on its loans already made nade here And that's what occurs when drainage taxes are let go delin delin- quent r It was very plainly brought out Inthe in inho intine ho tine meeting that the National Nation- Nation al 1 Farm Loan Association is and will willbe wille be e strictly held responsible for aUthe all aU the he loans made thru it and guaranteed guaranteed guaran- guaran teed eed b by it a PS as s provided by its charter and according to law to the full extent extent ex- ex tent ent of The words lOrds o of Mr 1 Ellis were to the tho effect that the they had all the facts as to toU U he the e physical pl oft Ott ho land just what the farmer said it would do doen doten doten ten en years ago when he borr borrowed wed the money ther had his sworn statement jacked backed by affidavit from rom his local supported b by a guarantee from rom his own farm loan association all all concurring that the tho land was wa-s well veil worth a price varying from I I I up to and borrowed on on that valuation and amply worth the loan applied for Cor after drainage had hul been taken out as a lt All this they tio had hence they feel feol secure on tho the improved farms faring an and will Insist that such farms arms pay out Olit In full The Tho ThoI appearance of or the tho the country country was so mr proved over ten tell years ago that they felt wo would and could pay y payout out The Tho water situation Is m more re of a I problem than is the tine drainage were the HIP gist of or his hi remarks I Mr 11 Ellis said Our bank other peoples people's money we have Issued on your lo loans ns and sold those bonds We Ve must not allow a loss to come to either ourselves or our cli- cli We Ve will protect those bonds of ours to the full extent using every resource granted us by law and exhaust exhaust ex ex- ex- ex haust baust every means to enforce collI collection collection coll coll- I at our disposal before eforo we will willi i suffer one ono cent of or loss to fall Can upon a purchaser er Wo We ourselves have bondholders bond bond- bond I I holders hoMers In that district as well wen as the bondholders you OU have who hold your our di drainage bonds We Ve have determined ed od e to protect our Investments me ts here We Ve do rIa not say that any landowner shall or shall not accept the offer of u holders on drainage drainage but we do say that this bank will will require all tip borrowers to either PAY the drainage t tax x or deposit with us a sum with which to pay it as a guarantee to us un I that it will be paid to our loan Whenever the delinquency reaches the four tour year limit lIml we will use the money to pay the tax This bank has no Interest in in nor Investment investment invest Invest- ment made in drainage bonds But for those of our customers to whom I we have already made loans nm and the I additional value yuIlle is there and the willingness wil willingness and spirit of the farmer show wn-I wn his desire to save his farm and home we will advance the sum to I pay payoff off his assessment benefit and thus relieve his land from the drain lien Tho The Chronicle wishes its readers to grasp the significance of those last few words words words- Willingness spirit values values values val val- ues worth it Woe betide the man nan who has borrowed borrowed borrowed bor bor- rowed from a weak source so weak that neither he nor his mortgagee can advance the money to pay him out It Is just simply too had bad for or that guy Taxation until his Assessment Benefit Benefit Benefit Ben Ben- is reached An individual contract contract contract con con- tract Is far Car better Some one in the meeting said A minority voted this drain on us over our will to which Mr MY Abbott replied replied re reo plied I have the e election returns before before be be- fo fore e me now as I speak and when drainage was voted b by US on SELVES SEINES GOO of US voted Yes for Cor it H. H and only five No That was no mi mi- It was brought out in the meeting I that President A. A A A. A fought the Bondholders Bondholders' Protective Committee I ee eo down from rom a n firm finn determination of or 45 an acre after two days and nights of or pi pressure assure to the offer cash time 1050 So that Instead o of being influenced as some rumors I hinted hintel In favor l' of or the tho bondholders he had influenced an and fought Caught down dawn tine the entire committee There was a reflective silence after aCtor Mr Green made that statement and it swept away away away a- a way many an that should not have been heen uttered One of the members prominent Inthe in inthe inthe the l Farmers Farmers' Protective Committee said to Mr 11 Green Your committee is lInC unfair In my own instance my myland myland myland land is If not worth it If I were you then replied Mr 11 Gre Green n I would not settle Your land is worth 38 GO o to mo me and if it you dont don't want it I do Ill I'll give you first flit chance In other wor words s it was hammered In most plainly Settle or 01 give up the land But Dut to hold It settle you must You cant can't hold out settlement and still keep the landOne landOne landOne land One word that we want to quote In full Cull Some one asked Mr 1 Green would Bank if U the Federal Land make new loans here to which he replied You cheer the man who wont carry carry carry car car- ry his responsibility you show your approval of the m inon n who wont pay his hla share You consider It a proper thing for a man to throw his load onto his neighbor You hiss the man who io is bearing his load honestly paying the I tax which he himself voted on himself to save you and him You say one I minute the land is not worth the mon- mon r 1 nn on back hack naRe |