LINCOLN COJNTY LEADER, TOLEDO, OREGON, THURSDAY, OCTOBER 19, 1922.
PACE THREE
RECORDS SHOW.
flculty that tha tanner has had, and
Btill has, In obtaining money cheaply
enough and for a sufficient length of
t.me to enable tin to conduct the
ordinary transactions of his business
affairs. One of the funds whi.li has
been created for the furniers of Ore
'';'P 'rom which they m)-i-t obtain
money at a lower rate of Interest, U
the iireuuciblo school fund.
We have heard a great deal about
the sacredneps of this fund both
from Mr. Pierce and some of his erst
while Democratic oll'es. Mr. Pierce
has been very fond of this fund in the
past :nuch londer than even his e;-.rn-
est speeches In behalf
money for the farmer
cate. Let us illustrate
521), Walter Ji. Pierce sold to have been a very busy day fcr "W a. I The records in Umatl.la county lorphans of his deceased
Charles M. Pierce, his brother, one of ter M.," for in addition to the farms fihow that, durln Hits m.ri,i xr-,a,a w,.itnr ti,r h,i
i e n W, .. 01 L, . . . . ,'-u:lr-1e13 Oregon farmers however were not al !,nB & selling real estate
$15,600.00 This transaction occur- and to his sister Minnie, he also sold. . . 10' "l,tvevl-r, were not ai ? . ?,,. ,,,h.
,.nA 1 -t.... ....... . .i a ' Inu-prl rn pn If t w.,il ........... ,vlWH,tD ichu
icu uii juvmuuei iui:i, uu u.j suuitt uu, uuuuier luriu iu 11,3, -; -; ui-jih-j ciilmuij
o v ,.y0 'u.o Charles Albrotner Geotee, for the conaiueru tor ."'niter, iiimsslf, was accom
Pierce" borrowed kcCO O'l, the :imitHn Ji5.COO.00. n.odat.n? c great away of them, wrh
that he cjuii get lru .1 the school I V.y a strange coincidence, George if";"" v"',ns,up ,t0 twfcU'y thousand
fund, from tho Suue :nd Board. L8 ,,nd t burro, some ,uv on tt7" ' 1.?' l0?..r ",Uirest n
, . i""s o i" ju per cent, wary
his newly purchased farm una, on, is. cooicy mortgaged l-0 acres of
November 23, 1903 the same day j 'a'"! ' Walter in the sum of $20,00",
that his brother Cnarles borrowed
$5,000.00 from the State Land Dourd
brother Ceorg3 also borrows
$5,000.00 from the State Land Board, j
oovtn ua.. s ulter the money was
borrowed on this tarm. Charles
Pierce SJld it Lack again to Brother
Waiter, for a cansideartion of $15,
tiCO.OO the e:;act amount that he
paid for it, and the record status
that Walter M. Pierce aajuincs and
agrees to pay the mortgage.
Sails More Farms.
rvoveniOf.r Hi, lU3 on the sam
for 8 per cent.
Oa November 2nd, the same mnniii
in which Wulter conducted his nuin
erous deaia m real estate, lie loanoi'.
to J. e. bliuterneal another sum of
partner,
was buy
to his
without profit
and loaning money to his distressed
neighbors at 8 and 10 per cent.
There arc those tools of luteresUi
who have the temerity to say that
Mr. Pierce is a lawyer and therefoiv
not really the friend of the tunnel
but that he Is merely pretending i.
be a friend In order to get tho .'arm
era' votf. Those who know point 10
his record in the Senate as evidence
that he ha3 been the chief tax booster
In the state of Oregon. But those
unfriendly souls do not know where
of they speak ifor the above trans
actions In real estate and mortgages
show, beyond a doubt, that Walter
is a real honest-to-Cod friend of
the farmer and that that farmer is
Wulter M. Pierce of Union County
Oregon Voter.
deep affection nnd abiding love for
tnis source or cheap money.
The Pierce Assessment.
The creators of the irreducible
school fund wished to nrrv dn Inm,.
for small farmers on the theory that
tne larger farmer? such as Mr.
Pierce is (the assessed value of h'.s
property being $230,000.00 J are to
take care of themselves. They pns.i
el statutory enactment to the eff-;ci
that no one Individual could borrow
from this fund nn amount greater
than $5,000, nor could he get his
loan for a longer period !hnn ten
years, and he should bo permitted v
borrow It at the lew rate of G per
ccnt.
According to the rerords of Union
County (B-'o'; .' of De"'1s pre;
Kvlilnntlv Brother George didn't money, cn a farm mortgage at 10
like his bargain any better than the er cent. In fact, there are ho many
day on which Water sold property iher relatives for, a few days later; 'UB . ' ""' 8"0W1"K w'"
sold the farm back to Walter for commodate his neighbos at 10 per
$15,60.00 the Bamo amount that he cent, that, like the uticlesr of the
paid for it. Walter again assum- auction bill, "they are too numerous
ing the $5,000.00 mortgage. This
buiii seems to be a favorite in the
Pierce family it Is the same
amount that Brother Charles had
paid for his farm, on the same day.
Probably Walter did not care to
show any partiality between the two
to his brother Charles he also sold
of cheaper j another farm to his sister, Minnlo
would indl-1 Pierce. For this farm he recelveu
Mr .Pierte 3 $16,600.00.
n same dny that Brother
Charles borrowed $5,000.00 from Ha
state Land Hoard, Sisler Minnie also
bonowd $5,000.00 from the Btate
Land Board the acknowledgement
YOUR EYES
ACCURATELY FITTED
By
GRADUATE OPTOMETRIST
in this transaction bair.g
taken by
as notary
Walter M. Pierce, himself,
public in Union county.
frVr some reason or other, "Mlnn'e
B. Pierce did not like the farm she
had bought from Walter, any more
than Brother Charles likud his farm,
for on December 12 (19 days after
she bad given the mortgage) she
sold the farm back to Walter lor
f.lO.COOOO the exact sum that shs
paid for it, Walter M. Pler:e again
:.nd!v pssuming and agroslr.g to pay
Private Office for Examinations '
to mention.
It ia sad to see ono of such kindly
proclivities, as these transactions
with his neighbors would indicate
Walter to be, mixed up with Uncla
Bin Winburn, when the supreme
court records of the state of Ne-
Prices Reasonable
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CEO. LICKEY
noted that hese consderatt ons. ro
ceived by Walter for tho sale- of
these farrcs to his relatives, i
slightly over three times the $5 OIO
mortgage. The state law requires
that the State Land Board "can make
no loans from the irreducible 3chool
fund for more than one-third the va'.
uo of the property Involved, but
that Walter should sell for thrice
th0 limit be could borrow may be a
mere Incident.
And Still More.
November lli, 1903, was appar
ently a t-eniarkab.o day in Walter 8
real estate career, for, in addition to
the farms above mentioned, which he
sold that day to his brothers ann
sister, hp also Eolrt a farm to Thomas
J. Tweedy, a near friend of his, for
the flat consideration of $16,000.00.
It seems too strange to be true,
but Thomas Tweedy, on November
23rd the same day that the other
mortgages were mado to the State
Land Board, also borrowed $5 000.00
of the sacred irreducible school fund,
and, to make the concidence still
more remarkable, on December 12th,
he sold the place back to Walter M.
Pierce for $16.000.00 the exact
amount he paid for it the affable
Mr. Pierce agffreeting to assume and
to pay the $5.000 00 mortgage.
But this does not account for all
Mr. Pierce's transcations on that
busy day. Evidently they were hav
ine a "sell-your farm" day on Noveu.
ber 16th, in Union county, for Walter
on that day, sells to one George w.
Tate, a business associate, another
one of his numerous Union county
farms, receiving for this one $17,200.
The amount received for this p'.ace
would Indicate that Walter drove a
harder bargain with his business
associates than he did with his rel
atives. Bu. If November 16th was "Se'.l
your farm" day In Union county.
November 23rd was also "mortgase-your-farm"
day for the State Land
Board. For the records show that
George W. Tate, on that day, bor
rowed $5,000.00 from the State
Land Board the motgage note be
ing acknowledged In statutory form
before Walter M. Pierce, himself, as
notary public for Union county.
Now the minds of tbe purchasers
of these various tractsran, "willing
lv alone" tocether. Is Indicated by
the fact that Mr. Tate, on November
30th, seven days after he made his
real state deal, sold his newly-purchased
place bock to Walter M.
Pierce, for $17.200.00 the sain3
amount he had paid for It. Mr. Pierre
again kindly agreeing to assume and
pay the mortgage.
In spite of these large transactions
In real estate that occurred at that
time, iwill be noted that nono of
the parties to these transactions
made any mone off each other alt
of them re-Belling the farms broughi
from Walter, back to him, for the
same price they paid for them.
Evidently Walter did not propose
to be outdone by those to whom ho
had sold his property for, on No
vember 23rd, the aame day that the
others borrowed money from tho
State Land Board, Book 299 of Mort
gages for Union County, page 482.
shows that the future non-partisan
candidate of th Democratic party for
Governor also borrowed $5,000.00
from the State Land Board; and,
having assumed the mortgages of the
other five farms which he had sold to
his relatives and friends, Mr. Pierce
now had $30,000.00 of the State's
sacred irreducible school fund for
which he was paying interest at the
Insignificant rate of 6 per cent.
A Good Loaner.
There were other farmers, how
ever, in Eastern Oregon, who were
not so fortunate as to secure even
$5,000.00, or smaller sums, from the
State , Land Board, or any other
board, at 6 per cent: but the records
of that section show that 'loans wort.
being made extensively at that time
at rates of Interest varying from 8
to 10 per cent. In fact, Mortgage
Record,' Vol. 28, page 162, Union
county, shows that John M. Light
foot and wife, on the 9th day of No
vember, borrowed from Walter M.
Pierce the sum of $750.00, for a per
iod of live years, at 8 peT cent Inter
est, giving a mortgage on their farm
therefor. Hundreds of other mort
gage recordr show that no money
wai being loaned In Walter's section
of the country at that time for less
than 8 per cent.
Tbe state law also requires that
money borrowed from the' sacred
Irreducible school fund mus. not be
held for more than a ten-year
period. The1 record shows, how
ever, that all of the sir mortgages
held by Walter M. Plerea; were not
paid until September 1. 1916. In
other word'r, because his relatives
unloaded their mortgages on him
Walter had thirty thousand dollars
of the state's irreducible school fund
for 12 years when he was entitled
to only five thousand dollars for not
more than ten years. Other farmers.
In Mr. Pierce's section of the country,
and other parts of Oregon, were mak
ing applications to the State school
fund and were unable to secure money
because ot the1 fact that 'he available
money ia the fund was- all loaned out.
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The School Monopoly Bill
has a misleading name!
YU have an interest in schools? Then be
A sure to understand the true meaning of the
School Monopoly Bill which is called on the
ballot the Compulsory Education Bill.
The reason that this name is misleading is
because we already have compulsory educa
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already hstye compulsory teaching in English
In all schools.
What this bill really proposes is to substitute state
control over the education of your children for your controL
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dejeated this measure, because it attacked the freedom of
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Protect your righ.ts which are being endangered do
not be misled by the name of this bill. Read the proposed
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the intent of the bill which is disguised by the title.
You will find that that they propose school monoply.
A hidden attack upon freedom of education. "
Vote 315X NO oii the
School Monopoly Bill
Called on the ballot Compulsory Education Bill
This advertisement b paid for by the NotvSectarUn and Protestant Schools Committee,