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Newspaper
Mills County Tribune
Location
Glenwood, Iowa, United States of America
Date
Dec 22, 1919
Page
12
McAdoo, Hughes and Wickersham appear in Kansas City court as champions of land banks. The act has provided farmers with 300,000,000 dollars at low interest rates, aiding mortgage and credit access nationwide.
In a federal suit, Judge Van Valkenburgh ruled the farm loan act constitutional challenging bonds of federal and joint stock land banks on tax exemption and congressional power grounds. The decision supports the Rural Credits system, with appeals to the U S Supreme Court. Government lawyers McAdoo and Wickersham argued for the banks. former Justice Hughes spoke for the federal land banks.
The federal land banks set interest so the farmer pays no more than one percent above the bond rate. If bonds sell at three percent, the farmer gets four percent plus one percent amortization. The loan’s value includes long credit terms up to thirty-three or thirty-six years and freedom to prepay after five years.
Historical data show regional farm mortgage rates varied widely before the law. New England 5.3 to 6.2 percent, Middle Atlantic 5.6 to 6.8 percent, East North Central 5.8 to 6.2 percent, West North Central 5.0 to 8.7 percent, South Atlantic 5.6 to 2.6 percent, East South Central 7.1 to 0.4 percent, West South Central 8.4 to 9.6 percent, Mountain states 8.9 to 10.6 percent, Pacific 7.6 to 8.7 percent, with some loans reaching 16 percent including commissions.
A Federal Farm Loan Act long term credit plan uses a $1000 loan at 6 percent interest repayable in 83 years through semiannual payments of 35 dollars. The table shows exact allocation of each payment between interest and principal and remaining balance on each installment date.
The article advises hauling barnyard manure to fields soon after production to reduce weed seeds. Spreading manure on surface near young corn risks weed growth. plow under in spring if hauled in winter. Fall plowing is recommended in many areas to improve weed control.
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