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About The Ontario Argus. (Ontario, Or.) 1???-1947 | View Entire Issue (June 22, 1916)
Rftte of Interest and Method
of Providing Farm
Loans Set Forth.
A tentative ilrnft of a prnpuMl
coiiHtltutHlnal iiuiondmnnt providing
for n HyiitiMii of rural credit., hu I n
completed by I lie committee appoint
ed by the mat"' (reditu conference ul
Hnlem liiHt month iinil will ho -ml,
mittcii to tim voter in tin' alactlon
Members of tin- committee tl ,i
drafted Hi" measure are. ('. K. Spenre
master of the State Ort&geij J n
Itrown, president of t tn- r'urmerr
Union, :im.) T II Hun Imnl. imihI.hi
of the Oregon Federation of Labor.
The essential particulars of the bill
are nH follow Administration of UM
rural credits m luill he in the
Mb of Hie state land board, con
ilstlng of the governor, the decretory I
of Htnto and the state treasurer. The
board Ih authorized to Issue Itonds ,
not to exceed i wo per cent of the an- I
scsa i Ml I lint lOO of Hie state in ii' j
nomination ranging from $1' I
$10,000, and In Berlen of $100,000
'i. The bondH are to run from
10 to 3ft yeir and to bear four peri
cent intercut. They are to bo exempt
from UUUU!0ll and lo be security for,
all public fin. The Interest and
prlnripul are guaranteed by the state
Loan are to be Bade mi property,
approved by 1 't board, and on flrnt
mortgage of trimi deed security, but
no loan nhall exceed 60 par cent of
the appraised value of the land, nor
$f0 on any one ncre, nor $ft000, in
the aggregate, to any one Individual '
An amortization plan I provided
to liquidate the debt In from 10 to 36
year. The equal annual payment
ara to cover intercut, principal, ap- j
poriioumcnta to a reserve fund and
Interest on the loans nhall be 1 per
cant higher than the intercut on the
bond", thun providing the reserve j
fund ami operating expenaea. The :
reserve fund Ih to meet losses and Its
funds are to be Invested In the state's I
own rural credit bonds, the proceeds
from which again are to revert to the
Applicants for loans must pay one
half of one per rent of the principal
that they apply for, this payment to!
cover coat of preliminary invest igu
The text of the bill In full follews:
In addition to tho rights conferred
upon the legislative uHSembly to 1 - i t .
the credit of the state found in sec-.
tion 7 of article XI of the constitu
tion of .Oregon, the state land board
Is hereby empowered to and shall aa-
tahlish a system of farm credit uud
er the terms hereinafter provided
The state land board shall laaue and
sell or pledge general obligation
bonds of the stale of Oregon to be j
known as 'Oregon farm credit bonds'
In an amount not to exceed two per
eat of the assessed valuation of all
lint property In the stale. Th.
lion. Is shall be Issued lu deuomlna-,
UOM of $25, $100, $500, $1000 ami
$10.1)00, and In aeries of lltMM
or multiples thereof. They shall be
drawn to mu'ure in from 10 to
years, aud shall bear Interest at the
rate of four per cent per annum
payable annually They shall be el
euipt from ull taxes levied by the
. of Oregon or uny of Its biibdi
visions, aud shall be security for all.
no interest and principal of Ore
gon farm credit bonds shall be nn
conditionally guaranteed by the state,
of Oregon. Kitch series of bonds
shall be Issued and sold or pledged
oiilv up. .ii receipt of approved appli-,
cat ons tor a like amount of farm
loans by the slate land hoard
The slate land hourd shall plan-
A Timely Warning
Ei.EVEN well-known automobiles have advanced in price within the
last ninety days.
The Maxwell Company has not increased their prices. ' We do
not know v. hat their plans are, but we do know and you know that
materials entering into the construction of good automobiles now cost
from 20 to 300 per cent more than they did six months ago.
Nothing is to be gained by delay. Much may be lost.
Not only may you lose several dollars in the purchase price, but
you are sacrificing the enjoyment, the relaxation, the health-giving prop
ertieseverything, in fact, that makes motoring die favorite pastime of
We urge you to come in and investigate the Maxwell
Or, we will refer you to any number of Maxwell owners and let
them tell you their own story in their own way.
They will tell you what they have told us. That the Maxwell is
good looking that it is powerful that it is comfortable that it is
economical in short, that it is the best investment they ever made.
They will tell you more and they will tell you gladly and freely.
That's the way they feel toward us and the Maxwell Car.
Whatever you do, don't put this off. We have a few cars on hand
and can take orders for immediate or future delivery at present prices.
If you can't come in today, phone us for a Maxwell demonstration.
Touring Car $655 Roadster $635
F. O. B. DETROIT
hourd, these purpi
shall be Hl.iieil
the proceedB from the Oregon farm ' full in the note or coutruct under
credit bonds in the farm credit loan which the loan is granted, and no
fund, which shall he lent for the pur- monies so obtained shull lie used i...
chaaiug of farm lands, for the satis- uly purpose not stipulated in the
faction of incumbrances upon farm ote or contract,
lands, for purchasing equipment und Tlle ,)oliri 8u,, requl"re frolll .
making improvements which will, in applicant u sworn statement of his
the opui.ou of the board, after ade- farm business for the year previous
quale investigation, add to the pro- lo tie on ln wlio, lt, applies for a
duitiveness of the t'urni uud to its oall UM(1 u Bluuttr statement at the
value as a farm home ,.,( of each yeur while he remains u
Such loans shall be made upon jeu.or lo the btale.
notes secured by first mortgages or
deeds of trust on farm land.-, and
ahull nAl AYnAAl III IllllOllIlt 50 OCT
.1 u ,., sialliiients, which shall provide for
cent of the valuation of the property a
of one-half of one .ei ii-ni of the
loan granted, with a minimum charge
of $10 to cover the cost of appraisul
and examination of title.
The stale laud hoard shall prepare
a budget biennially for the adminis
trution of the system of farm
established hereby, which shall be
days alter its approval unit adoption
by the people of Oregon Oregon
t.LYI KR1NI M HVItk
I'HKVIM AI'IMAMM Ills
The simple mixture of buckthorn
hark, (l gaown ai ktuw
Farm land loans shall be repaid on
the amortization plan in eo.ua! In
pledged aa security aa apprai
the board after approviug the appli
tnaterest on the bonds, a farm credit
reserve fund, the operating agptniai
cation for a loan, such valuation to ot ' "Jni '' cradU and the
b exclusive of perishable Improve H-JUldatlon of the debt in from 10 to
.uents: nor shall any amount ex-' 36 " bul " dbtor W "l"
ceoding $&0 per acre to be lent on te V"1 ot hl Indebtedness lu
such lands; nor shall an aggregate amounts of $0.0 or multiples thereof
loan of more than $5000 be made "on ay amortization payment, date,
to aa) one individual or upon any The rate of interest on loans shall
single holding. I be one per cent per annum greater
Every applicant for a loan shall , Uian the rate which the state must
make written application to the pay upon the funds obtained from
board, in which he shall state clearly j the sale or pledge of bonds, but the
the purposes for which he wants the board shall require each applicant
loan, and upon their approval by the for a loan to pay an initial charge
subject to modification and approval' Ua, astonish, .,,, ,, ,w.- j,e
u, to i.i..,. assummy.anu u.i ,lls(. A,U(.,. , ,, ..,, ,,, 1()H(.I.
fund charges on . , d.lt. ,. Bgfc ,i ,,..,, .. learuedlv u-
to provide for peublons ani other fu Iba European war ill : week, bin
ture war charges uud to le.uo (00,
lOttMl u cai toward pa nig uclil...
ooii't i Ii i ii K yoil i rap ahum
readlag of II aad . i,ute iii.i
in wiii about 'i o on tu
surplus accruing in the operation or
the system shall be placed In a farm
credit reserve tuud and become a
part of It.
rami credit reserve fund shall
and Upper bowel, om pooiiful re
i .in almost an case OOBatit
roll! stomach or gas. It r.
such surprising foul mailer thai a
Ii w dosen oi.eu relieve or proven)
be in vested IB Oregon farm credit , "rpeudlcltls. A short Ir aini"iii
bonds aud the income from these, helps chronic stomach trouble. The
bonds shall be added to the reserve, instant, easy action of AdUM
fund and become a part of It. The
.- fund shall be irreducible ex
cept when used to protect the state
from loss incurred in the adminis
tratiou of the system of farm credit
herein provided for.
The provisions of the constitution
and laws of Oregon in conflict with
this amendment are hereby repealed
in bo far only as they conflict here
with The provisions of this amend
ment shall be self-executiug aud shall
uslou.shiiiK Kverhart Drug I
The total cost oi the war for the
first two years is estimated at $40,
000,000,000. Of tills sum Greut Bri
tain will have expended about $10,
000,000,000, but uhout one-fourth
of that amount has been advan...!
to tlie allies and colonies. The pres
ent British expenditure is about $J4.
100,000 a day. The ltrilish govern
ment has Increased revenue suffl-
Sheet Metal Work of All Kinds Piston Rings
Ford Rings 15c
Others in Proportion
Maxwell Cars and Indian Motorcycles
take effect aud be In operation solcieutly to pay interest aud sinking
U. S. Plumbing & Heating Co.
Phone 152 M