Constitutionality of Rural Credit Banks Upheld by Court
The federal court ruled the farm loan act constitutional in a suit by Charles KE Smith who challenged federal and state tax exemptions for bank bonds. Judge Van Valkenburgh decided against the plaintiff, with the case heading to the U S Supreme Court. Government lawyers McAdoo and Wickersham argued for the banks. former Justice Hughes for the federal banks.
MENTIONED IN THIS ARTICLE
America
Charles KE. Smith
Kansas City Title and Trust Company
United States
Congress
van Valkenburgh
United States Supreme Court
Federal Land Banks
Joint Stock Land Banks
McAdoo
George W. Wickersham
Taft
Supreme Court
Charles E. Hughes
What Is Meant by Amortization and Farm Loan Plan
A 1000 dollar loan at 6 percent interest is repaid in 33 years by semiannual installments of 35 dollars. The payment covers interest and part of the principal, and a table shows how each payment reduces principal and interest, and the remaining loan balance on any installment date during the term.
Best Way to Handle Manure for Weeds Control
Barnyard manure contains many weed seeds. Remove manure to the field promptly after production. Haul in winter and plow under in spring to reduce weed growth and save weed control effort.
Fall Plowing Highly Desired in Locales
A brief report notes that fall plowing is highly desirable in many localities, signaling widespread preference for this farming practice and its advantages for soil preparation and crop cycles.
How Low Rates Are Secured for Farmers
The article explains federal land banks may charge interest only as prescribed by the board. Farmers pay no more than four percent if bonds yield three percent, plus one percent amortization, totaling five percent with all bank expenses. Loans run thirty-three to thirty-six years, with early payoff allowed after five years.
MENTIONED IN THIS ARTICLE
Federal Land Banks
Regional Farm Mortgage Interest Rates Before Farm Loan Act
An overview of mortgage rates across the United States prior to the Farm Loan Act. The text lists regional ranges from 3.7 to 10.5 percent, noting New England as low as 5.3 to 6.2 percent and the broader pattern of high rates when commissions are included, with some loans reaching 16 percent.
MENTIONED IN THIS ARTICLE
New England
Middle Atlantic
New York
New Jersey
Pennsylvania
Tetee
Ohio River
Ohio
Indiana
Illinois
Michigan
Wisconsin
North Central
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Minnesota
Iowa
South Atlantic
Delaware
Florida
South Central
Kentucky
Tennessee
Alabama
Mississippi
West South Central
Arkansas
Louisiana
Oklahoma
Texas
Mountain States
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Pacific States
Washington
Oregon
California
Financial System Essay on Agriculture and National Banks
Fragmentary text discusses sustaining constitutionality of law for agriculture and compares to what National Banks and the Federal Reserve Act do for commerce and industry. It frames agriculture within a larger financial framework.
MENTIONED IN THIS ARTICLE
National Banks
Federal ‘Reserve Act
Points From M'Adoc Kansas City Argument
The article explains the creation of a rural credits system to support farming as vital to national welfare. It describes Federal land banks offering low interest, long-term credit to small borrowers and joint stock land banks serving larger farmers under government supervision. It notes tax exemption for farm loan bonds to ensure system viability.
How the federal farm loan act came into existence
Former Secretary of the Treasury William G. McAdoo told a Kansas City court that the farm loan act grew from a nationwide need to aid agriculture. He described Congress's intent for ample funds, low interest, and long convenient credit terms, and explained the roles of federal land banks and joint stock land banks in protecting small borrowers and stabilizing rates.
MENTIONED IN THIS ARTICLE
McAdoo
Hughes
and Wickersham
Kansas City
United States Court
Secretary of the Treasury
William G. McAdoo
Charles BE. Hughes
The
United States
George W. Wickersham
Congress
Ar. Me‘doo
Also Mentioned on This Page
Mickersharet
Haeles Z Hughes
Wm. G
Iadoo
LAW OF Land
Mimsen
Siem
McDonald
Choteau
of the Treasury
M’adoc
Chateau Hospital
Chateau, Mont
H. T. Rhoads
H.W. Bateman
U.S. Army
H. J. McGregor
Kof P
G. W. Burch
C. C
A. C. Warner
K. of
Cottonwood Camp
Mooey
Yar . H.webb
John A. Gleason
Co. C
A. F
A.M
P. m. Brothers
M. C. Dietrich
H. Porter
Fidelity
OES
S. R. Aoa
J. EB. Hodgskiss
W. M
E. T
Glasgow
Henry D. Robison, Pres
Jas
Teton County
Ohoteaut
Spring Creek Dairy
Chateau
John Lyon
J. L. Walcott
Mr. Walcott
P. O
Great Falls
Odd Fellows
Chateau Lodge No. 11
Connor Building
W. E. Logan
N. G
H. Connor
Queen Rebekah Lodge
Russell Mellon
C. E. Trescott
Dolog
Wells
Commercial
A.C. Warner
U. S
Samuel Henry Haas
National Bank
Great Falls, Montana
Hirshberg’s
Haugen’s
Haugen'’s Cash Bazaar
Choteau, Montana
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