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THE NEW RURAL CREDITS LAW. MACHINERY FOR MAKING LOANS AND HOW IT OPERATES?HOW FARMER JONES MAY GET LOAN. The new rural cerdits bill has passed both Houses of Congress and gone to the president for his signature, and by the time this reaches our readers it will in all likelihood be a law. This is a momentous piece of legislation, with far-reaching possibilities, and we believe an explanation of its provisions will be of value to our readers. 1. The Federal Land Banks.?The act provides for the creation of a bureau in the United States Treasury to be known as the Federal Farm Loan Bureau. This bureau is to be in charge of a Federal Farm Loan Board of five members, one of these being the Secretary of the Treasury, the four additional members being appointed by the President for eightyear terms, not more than two to belong to any one political party. This Federal Farm Loan Board is to divide the United States into 12 Federal land bank districts, and at some one city in each of these districts there is to be established a Federal land bank, with a capital stock of not less than $750,000. The federal Farm Loan Board is required to invite and receive subscriptions to the capital stock of these Federal land banks, but it is expressly provided that in oase $750,000 worth of stock is not subscribed for within 30 days, the United Stated Government shall subscribe for and take the amount required to bring the total up to the $750,000 minimum. 2. National Farm Loan Associations.?The National farm loan association is a group of not less than ten farmers organized for the specific purpose of obtaining loans on their lands. To become a member of such an association, the applicant must be desirous of procuring a loan, and must subscribe to the conditions imposed, which will later be explained in detail. 3.?Joint Stock Land Banks.?The OIOA fni* fKa oroofmn nf av~w [/1UVIUVO CkUKJ ivi vuw vtvMvivu w* joint stock land banks, organized for the purpose of lending money on farm lands, with a minimum capital stock of $250,000. All this is to be private capital, though the operations of these banks are to be wholly under the supervision of the Federal Farm Loan Board. Farmer Jones, let us say, i3 a cotton, corn and peanut farmer in south Alabama, owning 80 acres of land free from mortgage or other incumbrance. However, only 40 acres of it are cleared and fenced, and Jones needs some long-time money with which to clear and fence the remainder and provide teams and implements for its cultivation. Under this new law, how can he get the money? Probably his best plan will be to organize among his neighbors a National farm loan association. To do this, not less than ten members are required, all of whom are in possession of or are about to come into possession of the land to be offered as security, and engaged or about to become engaged in its actual cultivation. It is required that the total amount of the loans sought by all the members of the association shall be not less than $20,000, and that no one member shall be granted a loan greater than $10,000 or less than $100. Now Jones' land is worth $1,600, we will say, and his residence, which is fuly insured, $1,000. Under the provisions of the act, he is entitled to a loan equal to 50 per cent of the appraised value of his land plus 20 per cent of the value of his insured permanent improvements. In other words, he is eligible for a loan of $800 on his land and $200 on his residence, or a total of $1,000. When ten or more farmers have thus qualified, provided the aggregate of the loans applied for shall be $20,000 or more, their application will be ready for consideration by the district Federal land bank. However, before forwarding this application the local association must have elected five directors, who riiall be members^of_ the local 'H association. It is required further that the board of directors shall elect a president, vice-president, a loan committee of three, and a secretary-treasurer. All directors and other officers, except the secretarytreasurer, whose compensation shall be fixed by the board of directors, shall serve without pay. It is the business of the secretarytreasurer to act as the custodian of '""J" tlin Dconnintinn I b IIC 1UUUS l/l Wu\. ooovvimviwu) and forward to the district land bank payments of interest and principal when due, and to keep complete records of all transactions. He is to be bonded in such sum as the United States Farm Loan Board may deem necessary. When the local association has been organized as above outlined, it is the business of the secretarytreasurer to foward to the Federal land bank in his district the articles of association accompanied by a report of the loan committee of the local association, together with all other evidence noeaed to show that the association has complied with all the requirements. Upon receipt of this, the Federal land bank appraiser is required to investigate and report. If his report is favorable, the application is forwarded to the Federal Farm Loan Board at Washington, for final approval or rejection. If approved, a charter is t granted the local association and the Federal land bank is instructed to grant the loans applied for. Upon making application for membership ir, the local association, Jones must subscribe for stock in it to the amount of 5 per cent of the face of his loan. In other words, if he is to get a lean of 51,000, he mu3t take $50 worth of stock in the association. Suppose, however, Jones is hard up just then and hasn't the $50. In such case, he will be assigned $50 worth of stock and this amount will be deducted from his loan, he receiving $950 instead of 51,000. It is expressly provided, however, that when Jones' loan is fully repaid that he shall be paid cash for the . stock he holds. Jones is also required to pay the actual expenses incident to appraising his land, examining the title, and making and recording the mortgage. These items will probably range from $10 upward, depending upon circumstances. On a farm of 80 acres, these items of expense will run probably not less than $10 or $15 or more than $30 or $40. It is provided that these expenses, too, may be advanced to Jones by the Federal land bank, in case Jones at the time is hard up for ready cash. Loans are to be made for the purpose of buying, improving, or payincr riff the indebtedness on farm lands; shall run for not less than five nor more than forty years; and the interest rate, exclusive of amortization payments, (that is, payments on the principal), shall not be more than one per cent greater than the interest paid by the last series of farm land bonds issued by Federal land bank in that district, and in no case shall be greater than 6 per cent per annum. As an illustration of how the amortization plan of payment works, we will suppose that Jones borrows his $1,000 for a term of 16 years, paying 6 per cent interest. In this case, 16 annual payments of $100 each will serve to pay the interest and entirely repay the principal. Or if Smith borrows $100 at 6 per cent interest, he may by making 19 annual payments of $9 each, entitely repay the loan, with interest. While loans are to be made for not less than five nor more than forty years, provision is made after the expiration of five years, for the I borrower to repay his loan as rapidly as he may wish.? The Progressive Farmer, Will My Cfcild Take Dr King's New Discovery? This best answer is Or King's New Discovery itself. Its a pleasant sweet syrup, easy fo take. It contains the medicines which years of experience have proven best for coughs and colds. Those who have used Dr King's New Discovery longest are its best friends. Besides ev "? * 1 1 T t ery Dome is guarauieeu. xi yuu ? don't get satisfaction you get your J money back. Buy a bottle, use as " directed. Keep what is left for ' cough, and cold insurance, _ _ 1 t {nil $825 f. o. Needing a car for my w tion and came to the conclus best all round car and the bt have bought one, and as n county and, therefore, the u the best kind of demonstrati ing with my work, I have be ative for Williamsburg count you one, Dwr-x-x-x-x-: | The Hie | With W: * a ^ the Minute Men M Were Ready, Nig! M Our Boys Today V ^ In tne Good Old ! A And speakii H edness, we H for any em ^ may arise ii ^ ing needs. M from the ir M the outside M tersign?St; I kvi H Kingstree Di K Kingstree, - 1 llv All Fresh Meats and Ve; THE PEOPL H. A, MILU Subscribe now for 1 . . i # it?,. T-SIX) . b. Factory I ork, I made a careful investiga- I ion that the OR ANT SIX is the I ist money value I could find, so I K ny work carries me all over the K se to which I will put it will be I on without in the least interfer- |j jcome the company's represent- j-; :y. I shall be glad to furnish I A. PHILLIPS. | rx?x?x?xx?^ H iute Men# ishington |j ra Lsi With Washington ^ it and Day. ^ Ifill Be Right There M Fashioned Way. ricr nf nremr 're prepared H lergency that R .1 your Cloth- Kg Men's wear Kg iside out and M in. Ourcoun- M ?le' * * K ry Goods Co., ^ - South Carolina life (ft Best Market Price Paid getables on Hand in Season* E'S MARKET -D Prnnriolnr bill I lUpilUIUII | [HE COUNTY RECORD. Ikod, We have just gotten in a daks and supplies. T T A T7i:i ' use /insco rums m juasui Give them a trial ar d you Call and see our line. Vacation time is Ansco Ti Send us your developing 2 Phone 1 SCOTT DR I TAe I MM?. vrrrrrw If you are going to buy a refrig gladly explain this feature to you. Steele Furn 208 Main Street i? . Wag< C. We have just unloai load of the famous Th< (one, two, three and f guarantee every Thon sell and we have the C. We also have in sto< Buggies. Surreys, Ha Robes, Etc. See us b Yours to p Williamsburg Li' Kingstree, Groceries For Ev< ! Good bread is the essential at sure this try m , Laay uaire ur mm imig uiuj , in barrels or bags. The] There are other staples that \ handling the b Rice, Home Ground. Try these and be c A Full Line of Teas Coffee Kingan's Hams, Bacon and Try a sack of our Ginger ] Feed. It can't be beat. I L. 5. VI 1 'i \ K S . V, supply of Ansco Kolan and Ansco Kodaks, will use no other. me. . ind printing. UG CO., Store ?? ? ?i DidYouEver Stop to Think "I that the chipping of ice inrefrigeratorsfor'cooling drinks causes ex cessive ice consumption Herewith is an illnstration or one of our Tacome Refrigerators with its perfeetly sanitary water cool- . y er, which cools the water without waste of ice. . erator, call and we will * at .-3 iture Co. Opposite Court House jns! fc*1 * ded another car Drnhill Wagons, our-horse). We nhill Wagon we prices to suit. .I. _ -ff__11 ii :k a iuii line 01 ,rness, Saddles, efore you buy. 'lease, k Stock Co. j S. C. j :ryday Meals every meal. To inour ry Self-Rising Flour re's none better. ve pnue uurseives un . est of: Meal and Grits jfl onvinced. s and Caned Gnads Pore Cream Cheese ' Bread Horse and Mule ' rwKm A w'