| OCR Text |
Show Nationwide Rural Credits Coming The following article tends to show the rapidity with which the rural credits movement is advancing and it is only a matter mat-ter of a few years until any farmer far-mer will find his land readily taken as security for a long time loan and be able to participate in the low interest rate now enjoyed en-joyed by many concerns less deserving. de-serving. In November, 1916, says the Reclamation Record, the people of the state of Missouri will vote upon the ratification of the State Landbank act. The last session of the Missouri State Legislature Legisla-ture passed this law, but as it requires re-quires an amendment of the State constitution the people will be asked to ratify it to remove all doubts a? to is being constitutional. consti-tutional. The act provides for the creation of the Missouri Land Bank, and the purpose is to provide pro-vide capital for the farmers at the lowest practicable rates of interest. The bank is to be op-perated op-perated under the direction of a board of high state officials,, and the bank is to be made a part of the office of the state bank examiner ex-aminer who will 'be manager of the bank. The bank will have the power to make loans on farm property in amounts not exceeding exceed-ing one-half the actual value of the property. The loans range in amounts from $250 to $10,000 each, though for the sake of accommodating ac-commodating the largest practicable practic-able number of borrowers preference pre-ference is to be given to applications appli-cations for loans not exceeding $5,000. The loans may run from 5 to 25 years. The security to be given shall consist of promissory promis-sory notes and trust deeds in the nature of mortgages on lands, and loans shall be made only to applicants who offer first lines on perfect fee simple titles. The state is to be divided into districts and appraisers to be appointed ap-pointed in each district, these appraisers to receive a salary of $2,000 each per year and expenses. expens-es. The appraiser's report on the value of the farm property offered as security for the loans and titles to the lands involved are passed upon by proper state officials. The working capital of the Missouri Land Bank is to be provided pro-vided by appropriation of $1,000,-000 $1,000,-000 of the state funds. When the bank shall have loaned $500,000 and has on hand notes (Continuedon page eight) |
