The Abbeville press and banner. (Abbeville, S.C.) 1869-1924, September 05, 1919, Page THREE, Image 3
FRIDAY? kSHi f i. ?ji>I 13?4XV Up ?9xa
POLITICIANS IN
CAPITAL AGOG AS
PERSHING^ SAILS
Washington, Sept. 3.?general
Pershrng^B departure from France,
--- * ? ? ?= ?nmmanripr of the srreatestj
YlCW.(UUO VVu....WM.v. ^
expeditionary force in American
history, has put thrills of expectancy!
' into the-political camp here?and fori
reasons that present an amusing;
paradox.
The Democrats are hoping General
Pershing will come back in a fighting
mood and expose what they construe
as a picayune effort to find fault
with the war department's war enterprise
in France. Many Republicans
hope General Pershing's political
complexion which has thus far
remained yague and imperceptible,
may take on a Republican color and
whether or not he is the candidate of
the Republican party for presilent,
fhoro nwv be derived at least the
pleasant advantage of "pointing with
pride" to the commander in chief of
America's biggest army as a Republican.
But, if General Pershing has any
political ambitions, he must acquire
strength on the basis of his accomplishments
in Prance?and just now
mar committees of the Republican
congress are busily engaged in investiirations
designed to prove that the
Democratic administration made
i:icre or less of a fizde of everything
1
I Do You WANT TO I
I OWN L-AND ? ? ? I
A?K SUTHERLAND [
Now all of the land will be i
some man's land?why not I
-? "> Tk. I
I come into your ioars *
thrift you're learned to practice
will now brin| to yon the J
security of property-posies*ion,
the happiness of homo-owning.
We'll show you how to start so
you can safely finish buying
the property you desire.
15 ROOM HOUSE on South
Main Street at cotton mill,
lot Fifty-two feet front running
back 210 feet.
Price - $1150.00
/ VACANT LOT little off South
Main street, near cotton mill
containing one acre. Will
make two good building lots.
Price $250.00
100 ACRE TRACT, 7 miles
from Abbeville, S. C. 1 1-4 .
milea from school and church.
Off public road, rents for 4
bales cotton. \
Price $35.00 Per Acre
' 156 ACRE TRACT with 6
room house, barn, well, on
public road, near school
house. Price $30.00 Per Acre I
? ippks land 1-4 miles off |
i public road, 3-room tenant
bouse, small bam, one mile
from school house, 9 miles
from Abbeville. Rents for 2
bales cotton.
Price $27.00 Per Acre
156 ACRE TRACT?Located 4
miles Southeast of Abbeville
S. C. Six room dwelling, 3room
tenant house, barn.
About 2-horse farm rented
for this year. Good bottom
land, plenty ashe wood and
I timber. Price per acre $30.00
166 ACRES?6 miles from Abbeville.
Good dwelling, barn
tenant house, located in Lebanon
section, close to school
and chnrch.
Price per acre $30.00
36 ACRE?Tract of land, 3 1-2
miles from Hodges, 8 miles
from Abbeville, good dwelling,
barn and oathouses.
Price, $1,650.00
r~
connected with the war. Also there
are many in congress who want xo
see the whole American venture in
France exposed not merely as to matters
financial but particularly as to
.ha advance of Ameican troops or-J
dercd a couple hours before the
armistice.
LAND BANKS FOR
FINANCING FARMERS
The organization of Joint Stock
Land Banks has brought inquiries as
to what relations these banks have to J
the Federal Land Banks. This being j
a matter of such interest to farmers I
we give from a study of the Federal:
Farm Loan Act, and the actual oper-j
-a! T.nriH Ranks the
dLlUIlb u1 tuc i- wuvawa ?
following brief statement for their j
information:
These two kind of Land Banks
have no relation with each other, except
that both are chartered by the
Government under the provisions of
the Federal Farm Loan Act; both
make First Mortgage Loans on the
same percentage of valuations on'
farm lands for a period of five to
forty years under the same ammorti-1
zation plan of payment; both use ap-|
paisers appointed by the Farm Loan
Board; both are under the supervis-'
ion and examination of that board/
and both have the power of issuing!
tax free bonds, based on the Mort-'
gages made by them. Neither bank'
can charge in excess of six per cent.'
interest nor collect directly or indirectly
any commission for making
loans. In their control and plan of'
operation they are quite dieffrent as'
shown under the following headings:
Capital.
Originally the capital ($750,000.-,
00 each) of the Federal Land Banks
was paid in practically all of it by
the United States Government, but
hat is to be gradually returned to
.he Treasury by the capital stock
which every borrower from these
banks is required to take to the extent
of five per cent, of his loan. ;
The capital 3tock of a Joint Stock
Land Bank, which must be at least
$250,000.00, is paid in by private
ubscribers, the same as in a National
Bank. No borrower is required to
.ake any of this stock to obtain a
loan.
Management.
The Federal Land Banks are now
- jr 1 |
managed by five directors, appointed
by the Farm Loan Board and the'
Joint Stock Land Banks by five or
more directors elected by their own
Stockholders.
How Loan* Are Made.
The Federal Banks loan only to
I
members of the Local Associations,
who must also be stockholders in it.'
The Joint Stock Land Banks loan di-J
rect to the farmer, the same as an:
individual, or any ordinary BankJ
would except that as stated above
both Banks use a Federal Appraiser J
- - - i
but in the Joint Stock Banks no outer;
appraisement is required by low. The
borrower from a Joint Stock Bank
assumes no obligations except his'
own regular semi-annual payments.
Sub-section 4 of section 12 of the
Farm Loan Act restricts borrowers
to four specific uses for their loans.
Sub-section 6 restricts loans to
those who are actually cultivating
their farms, or who bind themselves j
to do so shortly.
Sub-section 7 limits the amount to
any one borrower to $10,000.00.
Sub-section 10 imposes the penalty:
of foreclosure at the option of the
Land Bank if the borrower uses any1
portion of his loan for purposes not1
specified in his oroginal application, j
These restrictions, however, apply
to the Federal Banks only, since sec-j
.ion 16 of the act states that they do
-ot apply to the Joint Stock Banks,'
so that it would seem that those1
Banks can loan for any legitimate'
purpose to any farm land owner ac-;
ceptable to the Banks, and for any!
amount above $10,000.00 his proper-'
ty will justify. The Farm Loan Board j
iinwpvpr. has made a regulation' that
no Joint Stock Bank can make any'
one loan in excess of $50,000.00. !
Cost to the Farmer*.
The borrower from a Federal Land
Bank must pay directly or indirectly!
the cost incurred by both his associa-l
tion and bank. This applies also to I
the Joint Stock Banks, except thatj
there are no association expenses.1
Until the Joint Stock Banks' are in J
active operation it will not be possible
to say what the relative costs will
be in the two kinds of banks. As to1
the interest rate, however, the comparison
can now be made. A bor-1
rowe1" of 51,000.00 in a Federal Land
Bulk, pays at present five and one
half per cent, on that amount of|l
which he gets $950.00, less expense,'!
in cash and $50.00 in Stock, while in I
the Join Stock Bank he gets $1,000.- I
00, less expenses, in cash, and pays *
six per cent. ||
Socd*. |
A very large number of farmers,
bought Liberty Bonds largely from:
patriotic motives, but now that some
of them have some funds to invest,!
will hp inteirated in knowinel
M4VJ ? ? ?
about the bonds offered by these
Land Banks.
The first and strongest security
behind them is the first mortgage on
farm lands, and after that the capital
stock of the banks issuing them.
At present the capital stock of the
Federal Banks is held partly by the j
Government, and partly by the Na-:
tional Farm Loan Association.
Ther does not appear to be any
double liability on the stock held by
the Government, but ultimately that
will be replaced entirely by association
stock on which there is double
liability. This associaton stock is
the same as that held by the borrowers,
members of the associations, and
as all the twelve Federal Banks are
jointly liable on the bonds issued by
any and all of them, every borrower
from a Federal Bank in the United
States is behind these bonds as guarantor.
Drincioal and interest to the
extent of ten per cent, of his loan but
no more.
I
There is double liability on the!
stock in Joint Stock Banks the same
as in National Banks, but each one
of them stands as the sole guarantor,
of its own bonds, however the' Federal
Banks are permitted to issue
bonds up to twenty times their capital
and surplus while the Joint Stock;
Banks may issue only fifteen times. I
At present the Federal Land Bankj
bonds pay four and one half per centj
interest, and the Joint Stock Bank
bonds pay five per cent.
As there is excellent security be-j
hind both and both are free from
every kind of tax, except inheritance,
they are now selling readily at a'
premium.?Bulletin.
BRYAN DISCUSSES
RAILROAD PROBLEM
Washington, Aug. 29.?William j
Jennings Bryan today laid before the>
house interstate commerce committee
his dual plan of state and federal
ownership of railroad lines as a solution
of the railroad reorganization;
problem. In doing so the former;
secretary of state denounced private,
ownership of the railways as indefensible
and intolerable and characterized
railway magnates as political
corraptionists.
"We have never tried government
ownership," declared Mr. Bryan, referring
to the railroad administration.
"A subsidized newspaper never
thinks to tell that the government'
took over the railroads when the
private owners could not run them.
The government has been only in;
temporary control and the roads iaj
the hands of those who wanted to j
see government ownership fail so,
they could get the roads back."
Mr. Bryan said the railroad mustj
be considered as a monopoly and;
"that no one can defend a 'private;
monopoly unles sthe has so much!
stock in it that it silences his con-j
science."
Mr. Bryan agreed with the funda-,
mental proposition of the Plumb plan
that the government should own the
roads, and such nationalization he
.asserted was better than priavte^
monopoly.
As for political power under a na^
tionalization scheme, Mr. Bryan de-j
clared the government could do no!
worse than private ownership, for
"mIImswIo Viovo in nolitics
every day for the last 25 years." Sen-'
ators and representatives, State offi-j
cials and others have been elected!
because of railroad influence he
charged.
ULTIMATUM DELIVERED
TO WASHINGTON POLICE;
. I
Washington, Sept. 2.?Commis-^
sioners of the District of Columbia
today told Washington policemen
they woud havle to resign their un-j
ion membership within five days or^
leave the force.
The commissioners object to the
union on the grounds that it is af-|
filiated with the American Federa-,
tion of Labor.
Policemen have not yet decided
what answer they will make to the
.ivder.
I '
Do You
Coi
Men who er
, take pleasure
splendid ass<
Brothers' Shi
fit; matched
sleeve length
Percales in th
Men's Shirts
/
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Woolens
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ljoy wearing Gi
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Drtment. Q Hei
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cuffs; full bodi
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iTafloringl
WD OVE
tfade To Measu
and Satur
Shown in F
Drapes.
ZEALLE IN
This One c
re Engagem*
ANDERSC
Clothing Store
Seville, South Ca\
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re are Wilson I
neckbands that
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c, Madras" and
! p8"61"81.00
to $10.00
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