MONEY FOR
FARMERS
Supreme Court Upholds
the Federal Farm
Bank Law.
'■Washington.—The farm loan land
bank law is held to be constitutional in
■ every particular, according to decision
handed down bv the Supreme Court.
The constitutionality of this law had
been attacked by private loan com
panies that do not like the Govern
ment’s competition in this field, for the
Government gives the farmers .many 1
advantages that the private companies
will not give, such as lower rates of
interest and a plan by which the debt
pays itself in time, out of a part of the
■interest.
One of the chief points of attack was
that part of the law which declares the
bonds issued by the banks to1 be “in
strumentalities of the United States”
and free from all taxes. The bonds
are issued to investors in exchange for
money to lend to farmers. The loans
are secured by first mortgages on the
farms. The mortgages, in turn, are
“pooled” as security forithe bonds.
This part of ithe law is upheld by the'
court, which-*ays • to exempt these
bonds from taxation wes clearly within
i the phwop-c? Congress.
The Federal farm loan bill was passed
i iy Congress and-signed by President
Wilson July 17, 1916. Although con
stantly crippled by the doubts thrown
upon its constitutionality, it has been a
great suoeess and hundreds of millions
of dollars have been lent to farmers on
terms very much to their advantage.
The principle of these banks is to
utilize the solid values of farm lands as
a basis of investment of the funds that
in the larger cities are always seeking
safe investments even at very : low
rates of intei’est. The farm loan banks
.unlock for the farmers vast stores of
capital which had never been available
for loans on farms.
Omitting nee Hess details, this is the
NORTHERN
COMMERCIAL
COMPANY
Ball Band—
Rubber Boots aiid Shoes.
SQifeke? Coats, knee.
cloqg.
Slicker Hats.
Mosquito Head Nets.
Mosquito Bed Nets, single.
Mosquito Bed Nets, double.
; Buhach.
Mosquito Cake.
Michigan Dope.
Oil of Citronilla.
Garden Seeds
Flower Seeds
way the banks work: If a farther wun's
a Ijan, up to half the appraised vali e
of his land amldfO-per cent of the ap
praised value of iris permanent and in
surable 'improvements, he can get it
from the Federal land banks at 54 per
cent interest. To obtain the funds for
lending, the banks sell bonds at 4j per
cent. As these are “instrumentalities
of the United States” and are free from
taxes, they sell readily in the great
centers of population remote from
farms, and the sale furnishes the
banks with all the money they need to
lend on farm security.
The difference of 1 per cent between
the 4£ per cent which the banks pay
ar.d the 5$ per cent which they receive,
forms a large fund. Out of this fund
the land banks pay their necessary -ex
penses first. . What is left becomes an
amortization fond, the proper propor
tion of which is credited to each bor
rower. If the farmer is m a position
to pay on his loan and free himself
from debt he cao do so, And will find
some discount awaiting him out of the
amortization fund. If he never pays a
cent on the principal—and that is the
case with many farmers—still he will
find the debt paid off automatically out
of the earnings of the fund, in a period
computed at 42 or 43 years. In the
meantime he feels secure, for the mort
gage on his farm can never be ’‘called”
or foreclosed as long as the very mod
erate interest of 5$ per cent is kept
paid. If the farmer dies before bis
loan is paid off, his heirs have the
benefit of tbe-reduction the same as he
would have had himself had he lived.
Mr Taft On Disarmament.
Speaking of disarmament, former
President Taft says:
“The enormous burdens of debt of
everv country makes it almost indis
pensable that the necessity for arma
ment be removed. You can fonly do
that by joint action and joint agree
ments and by promises of settling
agreements without fighting.
“They are already discussing seri
ously in the United States an agree
ment for disarmament or the limiting
of armament, and strangely enough
this comes, in part at least, from men
who have been vigorously opposed to
any league at all.
“I am very hopeful that under Mr.
Harding we shall reach a conclusion
with other leading nations for an asso
ciation or league which shall mack the
Notice of Forfeiture.
To Fred Willison, S. V. Pasno, their
heirs, executors and assigns:
You, and each of you, your heirs and
assigns are hereby notified that during
the years 1909, 1910, 1911, 1912, 1913,
1914, 1915, 1916, 1920, I have performed
labor of the value of one hundred dol
lars ($100.00) yearly upon placer mining
claim Happy Three Association, situ
ated on Yankee creek, a tributary of
the Inoka river, Inoka mining and re
cording precinct. Alaska Territory, in
order to bold said claim under the.
provisions of Section 2324 of the Re
vised Statutes of'the United States of
America and the amendments thereto
concerning annual labor upon mining
claims, for the period ending December
31st. 1920.
And if within ninety days after the
publication of this notice you fail or
refuse to contribute your proportion of
the said expenditures as co-owners, as
well as the costs of recording, and the
further costs of this advertisement,
your interests in said claim wiil become
the property of the undersigned, your
co-owner, who has made the necessary
expenditures, under the terms of said
section of the Revised Statutes of the
United States. William Goss.
Dateof first publication, Mar. 2. 1921.
Date of last publication, June 8, 1921.
I advance brought about b.v the war to
; ward reasonable machinery for the
avoidance «»f future conflicts.”
Mike Hocbreter, of Tacoma, paid
McGiatb a visit ou Monday.
In the District Court for the Ter
ritory of Alaska* Fourth .Di
vision- _
John Holmgren, Plaintiff, ,
vs.
B. T. James. )
No. 2492. 2nd Alias Summons for Pub
lication
The President of the United States of
America, to the Above Named De
fendant:
By virtue of an order for the publica
tion of the summons made and eatered
in the above, entitled Court and cause
at Fairbanks, Alaska, on the 4tb day of
April, 1921, which said order reads as
follows, to-w.it;
Upon reading and filing the affi
- davit of Geo. W. Albrecht, and it
satisfactorily appearing therefrom
to me, the Judge of the said Dis
trict Court for the Territory of
i Alaska. Fourth Division, that the
defendant B. T. James after due
dUigeoce cannot be found within
the Territory of Alaska, and that
• he is not a resident of said Terri
tory,
And it further appearing from
the affidavit aforesaid that a cause
of action exists in this action in
favor of the .plaintiff and against
the said defendant, and that the
saiu ueienuauu is a necessary ami
proper party defendant thereto: and
it further appearing that a sum
mons has been duly issued out of
said court in this action, and that
personal service of the same cannot
be made upon the said defendant
for the reasons hereinbefore con
tained and by said affidavit made
to appear.
And it further appearing from
said affidavit that property of the
defendant within the Territory of
Alaska has been seized and is now
held in attachment in this action,
and that the Court has jurisdiction
of the subject of this action; and
the property so seized being de
scribed as follows, to-wit: All the
right, title, interest and estate of
the above named defendant B. T.
James, in and to placer mining
claims known and described as
One A, Goodluck Fraction, Five A,
Six A. Seven A, Eight A, and
Nine A, on Moore Creek, and
Number Eleven Below on Willow
Creek, a tributary of Moore Creek:
also the Water Ditch known as the
‘'Moore creek ditch” oosaid Moore'i
creek: all situated in the Mt. Mc
Kinley Recording Precinct, Fourth
Division, Territory-of Alaska.
Now therefore, on motion of Albrecht
and Taylor, attorneys for toe plaintiff,
it is ordered that service of the sum
mons in this action be made upon the
said defendant by publication of sakj
summons in The Kusko Times, a oews^
paper published at McGrath. Alaska,
hereby designated as the newspaper
most likely to give notice to the said
defendant; that said publication shall
be made not less than once a week for
six weeks.
Or. in lieu of said publication, service
of this summons and the complaints
shall be made by serving upon said de
fendant personally without the Terri
i
'■ TV ■
tory a copy of this summons and of tii6
complaint duly certified.
And it furtlter appearing to me that
the residence and address of the said
defendant B. T. James is Oakland. Cali
fornia. care of Union Construction Co.,
it is ordered that a copy of the sum
moos and a certified copy of the com
plaint in this action be forthwith de
posited in th<a United States postuUice,
taxstagie prepaid, ’ addressed to B. T.
James. . Oakland, C-alt.'orpin, care of
Union Construction Co
You are hereby required to appear
in the District Court for the Ter
ritory of Alaska. Fourth Division,
at Fairbanks, Alaska, within thirty
davs after the completion of the six
weeks period of publication of this
summons as, prescribed by said order
for publication: or if service of this
summons shall be made personal ij upon
the said defendant out of the Territory,
then you are required to appear as
aforesaid within seventy-two days after
the date of the said personal service of
this summons upon you.
And unless you so appear and answer
the plaintiff’s complaint filed herein,
the said plaintiff will take judgment
against you for the sum of fifteen hun
dred dollars [$1.5001 with interest,
thereon at the rate of twelve per cent
per annum from the twelfth day of
April, 1017, and .for an attorneys fee
equal to ten per ceatr o. the total
amount [principal and interest] due
upon said note at the time of the rendi
tion of judgment: and for the costs anil
disbursements of t his action: and will
also apply to the Court for the relief
demanded in said complaint,
And upon judgment taken the prop
erty seized and held in attachment in
t his action, and hereinbefore described,
will be levied upon and sold in execu
tion.
Witness the Honorable Charles E.
Bunnell, Judge of said Court, rim
4th day of April, 1921.
i SeaH ’ H. Gt.attdk Kyxajy,
Clerk of the District Court
First publication, April 20, 1921.
Last publication, June 1. 1921.
Max Simel
The Pioneer Trader
Furs Bought and
Soldi
Miners’, Prosoectors’
and Trappers’
ISupplies
Steamer Service On the Inoka
i River
Ask the People of Ophir aoout us.
STATION
Fairview, Innoko River
<
I
I
The Thor
Operating On Ktfstvikwim
and Tributaries.
Freight and Passengers
THE SALMON RIVER FLYER
A Fast Boat for Quick Trips. 12-horsepower
For Rates and Reservations--see
Frank Fox - - Owner