Dakota Cobnty Herald: Dakota City, Nebi'aBka
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FARMERS NOW
CAN BORROW
IN COMFORT
George L Ramsey Tells How
Montana Men Feel About
Working of Farm Loan Act.
RELIEF FROM HIGH INTEREST
Amortized Loans of Joint Stock Banks
Give Montana Farmers Six Per
Cent Money With 33 Years for
Payment of Principal.
"For the first time In their lives
farmers enn now feel comfortable
when they put n mortgage on their
farm."
George L. Ramsey, president of the
Montanu Joint Stock Land bank at
Helena, Mont., made this statemont
when ho uppeared before the senate
committee on banking and currency to
protest against the Snroat bill, which
would put a tax upon farm mortgage
bonds Issued by Joint stock land banks.
Ho Bald In part:
How Long-Tltne Loans Are Paid.
"I have had farmers say to me, 'This
is tho first time I have felt comfortable
In my life,' when the papers were
signed and the money turned over. The
reason for this statement was that
heretofore they had looked forward to
a flve-year renewal of their mortgage
subject to the fayor of n mortgage
broker and subject also to the pay
ment of a commission. They have
said to me: 'Today I have my loan
placed for 83 years and now I can see
plainly that 1 shall be able to pay this
debt.' It is a wonderfully beneficent
provision of the farm loan act which
George L. Ramsey.
makes It possible for a farmer to pay
a one-hundrcd-ccnt debt with thirty
tlireo one-cent payments. And this Is
made possible- without tho compound
ing of Interest, without bulldjng and
loan association computations, without
actuarial figures of any kind, but by
plain Blmple Interest at 0 per cent.
You, who are familiar with tho amorti
zation table, understand how the
farmer pays 0 per cent Interest on his
loan and pays a 1 per cent additional
each year for thirty-three yearn to
wipe out the principal,
Can Pay Principal Any Tlmt.
"Under, tho farm loan act, the bor
rower may, pay off his loau before tho
expiration' of the US years, If ho
chooses. Ho Is permitted to pay off
any part of his debt ou uny Interest
payment date, after tlvo years, without
previous uotlco,
"I want to get Into the record this
plea from the farmers of the West. I
want 'to say that this law In its pres
ent effectiveness Is necessary In order
to keep the fanner on the farm. In
the corn belt, which Is tho garden spot
of tho nation, tho population iu 11)10
was less than In 18S0. At the sumo
tltno the cities of that corn belt have
Increased their population by 100 per
cent. You have got to do something
to keep tho farmer on tho furm. You
have got to give him some benetlts. lie
is tho only man In this nation who
bus had no particular benefit from
tho government.
"Wo are now In tho most critical pe
riod of the world's history, and if this
luw increases production and It does
it Hiirely should not bo Interfered
with for the next three or four years."
Tells of High Rates In Montana.
When Senator Qronua asked Mr.
Itauisey If it was necessary for tho
people of Montana to have a Joint
stock laud bank in order to promote
agriculture, Mr. Ramsey replied:
"It Is, absolutely necessary In order
to get money at 0 per cent. I want to
say to you that the mortgage com
panies In our stuto haye no rate less
than 8 per cen: and that they are get
ting 8, 0 and 10 per cent. Wo have
filed exhibits with your committee
showing that the mortgage houses uro
getting 10 per" cent, und that some
times they ure exercising usury above
ip per cent, getting a commission of 10
per ceBt. Tills is the situation in Mon
tana ami that Is why, I urn pleading for
0 per ceut money to develop the stats."
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GIVE THE FARM
LOAN SYSTEM
FAIR CHANCE
Dean Coulter of West Virginia
Agricultural College Opposes
Changes in Farm Loan Act.
FARM MORTGAGE BONDS SAFE
Experience of Germany With Joint
""Stock Land Banks Bonds Is Re
assuring to American Invest
ing Public.
"Give the farm loan system, in Its
present form, u chance. I worked for
It for years before It was enacted. It
has not had a chnnco to fully develop
on account of the short time It has
been in operation and on account of
war conditions. Leave tho system
nlono long enough for It to prove Its
worth."
This was the appeal made by John
L. Coulter, dean of the West Virginia
Agricultural college, to the United
States senato committee on banking
and currency.
There was pending a bill, commonly
known as the Smoot bill, which, if
passed, would make fnrm mortgage
bonds subject to the income tax. This
tax on tho bonds would result in an
Increase In tho interest rate on farm
loans and also would drive the Joint
stock land banks out of business.
Wants Both Types of Banks.
Dean Coulter believes there Ib a
distinct service for tho Joint stock lnnd
banks to perform and n distinct serv
ice for the federal ltu'd bankB to per
form. He believes that the bonds of
both banks should bo exempt from
John Lee Coulter.
taxation. In a letter to the senato
comuiitteo ho said:
"It will bo n grievous blunder to re
peal tho tax-exemption clause, as np
plied to cither tho Joint stock or the
federal land banks and it would be a
serious blow to tho system to drive
either typo of theso land banks out of
business. Tho two types of banks nro
demanded by tho investing public and
ore demanded also by the borrowing
public.
"When tho original uct was passing
through Its various stages In congress,
we fully Investigated tho viewpoint of
the investors. Wo found that muny
who are Interested In farm mortgages
or loans on farm lands said: 'We
would prefer tho bonds of the federal
land banks because they would repre
sent tho Jolut or co-operutlvo liabili
ties of scores of small farmers, nnd
they are, after all, tho backbone of the
nation. When they fall wo are all
lost.' Wo found ubout an equal num
ber who Insisted : Wo want bonds Is
sued by Joint stock banks with double
liabilities, with limited right to Issue
bonds (only 1C times their stock com
pared with 20 times for the other) and
with bonds based upon farina of indi
vidual, large-scale farmers where
brain supervises brawn.'
Farm Bonds Safe Investment.
"It was clear to us that there wore
two classes of farmers to serve, thosu
who wanted to form associations, and
those who wanted to 'go It alone.'
"Tho two classes of farmers and tho
two classes of Investors and, therefore,
two sources of tunds for tho develop
ment of agriculture, all looked toward
more food for our great urban centers,
which, if It would not mean lower
prices, would at least mean that prices
would not go so high us otherwise
would bo tho case.
"You may ho Interested us, to the
situation In foreign countries during
tho war. Even In Germany during the
war, tho two types of banks (the Joint
stock and tho co-operatlvo banks) con
tinued to thrive sldo by sldo. I am
told that tho bonds of tho stock banks
sold hotter than government bonds
while tho co-operntlvo land ' banks
(landschaften) bought largo blocks of
government bonds. Iu other words,
governments may como ami go, may
rise and fall and chaugo form, nnd
government securities may bo accepted
by the new government or may ho dls
claimed, but bonds based upon farm
mortgages are us good us the land it
self, which Is as enduring as theworld
ami more' permanent thin lljq lUlfV
Little Maid in the "Moon Door" .
Symbol of the Hope of New China
xy&,
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1 IWn d&tfLTjrT!
...r, .? dPW' W P"1"" ' I ' P I I1 " ' I i S A T
Glnllng College, at Nanking, Is Girls' School in Five Provinces With Popula
tion of 111,000,000 Interchurch World Movement to Aid Institution.
The way to all things at Glnllng lies
through tlio moon door. And through
the moon door on tho way to wisdom
pass and repass, every day the 70
Chinese maidens of the "gung-gwan."
The moon door at Glnllng is round
as" the full moon whence it has its
name. And the Chinese maiden, as
she steps over its high sill, may spread
wide her arms and still not touch Its
rim with the tips of her fingers.
Some times iicross the court yard is
another moon door, and beyond It, like
tt smaller concentric circle, still an
other, leading through that Chinese
puzzle, a house, tho "gung-gwan" or
official residence at Nanking, China,
which Is now the home of Glnllng Col
lege for Chinese girls one of the three
women's colleges In all China.
The moon door is but n single feu
turo of tho old place. Onco inside the
high stone walls that enclose It one is
lost in a maze of courts and galleries
nnd covered passages and Isolated
rooms.
The whole Is China, old China and
new. The moon doors nnd the archltee
ture as a whole lend tho dignity nnd
the greatness of old China. But the
laboratories and dormitories, libraries
and studies made from the old rooms
of state nnd ceremony are modern,
just as the spirit of the Chinese girls
who use them Is modern; Just as the
force of America is behind It all, rep
resented by live American mission
ary organizations and the American
Smith College which maintain Gliding,
Is modern.
One pushes ajar the halves of a
LEGAL NOTICES
First Pub. July 8,T920 4w. ""
I'UOHATi: NOTICi: TO UKMMTOItS.
In tho County Court of Dakota
County, Nebraska.
In tho Matter of tho Estate of An
drew J. Parker, deceased.
Notice is hereby given, that the
creditors of tfio said deceased will
meet tho executor of said estate, bo
foro mo, County Judge of Dakota
County, Nebraskn, at tho County
Court ltoom, in said county, on the
2nd day of Septombor, 1920, and on
tho lth day of October, 1920, at 10
o'clock A. M. each day, for tho pur
pose of presenting their claims for
oxominntlon, adjustment ami allow
ance. Threo months are allowed
for creditors to present their claims
and one year for tho executor to
bettlo said estate, from tho 2nd day
of July, 1920. This notice will be
published in tho Dakota County
Herald for four weeks successively
prio.r to tho 2nd day of September,
1920.
Witness my hand, and seal of,snid
court, this 2nd day of July, A. D.,
1920.
s. w. Mckinley.
(Seal) County Judge.
KSTItAY NOTlCi:.
Taken up by tho undersigned on his
fai m west of Hubbard, Nub., on or
about July 1, 1920, one wnite inure,
.velght about J0O pounds; age about
15 years.
Owner can li ve same by pnyine for
this notice, and. lor feed nnd tare.
JOHN C. SUL11VAN,
Houto 2, Hubbard, Nehruaa.
oitiiix.vNn: no. 217.
An Onlluiiiu-c iiroMrilmr for the ap
propriation of .Mollis lo lie raised hy
ttie luvjliik" of tax on all ttis utile
proncrt) In the Vllla-ru of Dakota
I'll), Nebraska. S:iM moiiej to bo
used to dofuij tie iium- of Mild
Village for tho I Is'-nl .nr Commenc
ing on the Lust Iih'mI.i,! in April,
11)20, anil ending on the hist Tuesday
Iu April, 11)21.
Ue it Ordained v the Chairman
and Village Board of trustees, of tho
Village of Dakota City. Nebraska;
Section 1. l'hlit tlin fullnvutnit
amounts bo appropriated for the ut.e
of tho Villaira uf IJiikoti fltv Mp
braskn, for tho tisyil year cor.nncnc-
utg on me nisi luosuay m April,
1D20, and ending on tho latt 'husdoy
In April, 1921.
Interest on water huuiU ami
sinking fund ,....$1250.00
General Villugo Purposes ., 1500.00
Total , . . , .82750.00
Section a. That a tnx no levied on
wmfmmMmijj
moon door) latticed over paper In
plum blossom and honeycomb design,
and enters a chemical laboratory bet
up in a room with 20 windows, each
framed in dragon tracery. And from
the flagstones of tho laboratory floor, I
often is scraped fungi and mould for
use under the microscope.
These are typical contrasts of Gin-,
ling College, revealed through the sur
vey of the Chinese field now being
made by the" Interchurch World Move
ment, which seeks to promote the
closer co-operation of Protestant
Churches of America in nttninlng their I
world alms. '
Glnllng College the survey shows, Is
nt the heart of five Chinese provinces
with a total population of 111,000,000
and is the only'woman's college In that .
great areo. Yet Its capacity to receive '
young Chinese girls is limited by the
capacity of the old "gung-gwan," rent
ed since the beginning of the Institu
tion, four years ago.
Fund of $500,000.
Glnllng owns 37 acres of land on
tho hills beside tho Yangtze Itlver. In
the Interchurch World Movement sur
vey of China, there is a budget item
of $500,000. It is there to show the
Churches of America how they can
place upon that land on the hill the
library, administration building, reci
tation buildings, chapel all that nre
needed for a modern college. Unless
the fund Is available by 1021, many
young women of China seeking college
educations must be denied admission to
Glnllng, because the old "gung-gwan"
is too small. j
r.ll taxable property in the Village
of Dakota City, Nebraska, sufficient
to make said amounts, and that the
amounts so levied be certified to the
County Cleric of Dakota County, Ne
braska, by tho Village Clerk of Da
kota City, Nebraska.
Section 3. This ordinance shall be
in force from and after its passage.
Passed and approved this 2nd day
of July, 1920.
'J. P. BKOYHILL,
Chairman Board of Trustees.
Attest:
Sidney T. Frum, Clerk.
(Seal.)
Webster's
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Springfield, fcu,
?itirou what anil how la tUailit
Mrour wfftfttl ilo4 lluwtr raJtauwl
f hen to Plant lU Mu:a ctoita aui and
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THE HERALD FOlt NEWS
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County Treasurer's Statement
Summary or Collections, IMslHiii.ienls and Hnliinccs, for tho Six Mouthi
Ihiillng June Mil, 1020, of Walter J:. Jllllcr, Coimlj Trcnsuier of Ia-
kola Count;, Nebraska.
COLLECTIONS
To Cash on Hand $ 10I160 94
To 1915 tax collected 1 12
To 1916 tax collected , 73 85
To 1917 tax collected .'...., 7G 48
To 1918 tax collected ? .... 220 89
To 1919 tax collected ) , 102214 82
To tax paid under protest 487 70
Tp School Lnnd interest collected 17 41
To School Land Lease Collected 3G0 88
Agricultural College land 106 28
To June Apportionment received from Stnte Treasurer 2505 81
lo miscellaneous collections County General 662 80
To lines and licenses' 229 00
To inheritance tax collections 2249 811
To automobile license collections" . ; 95G5 25
To Redemptions "130 53
Jo lees no 75
Tolul $225180 34
DISBURSEMENTS
By State Treasurer's Receipts 383.') 8
By county general warrants redeemed '...'..'.'.'. 11120 21
By county bridge warrants redeemed GG62 35
By county road warrants redeemed v 909 25
By emergency bridge warrants redoi med .".'.'.'.' 520 CO
Drainage district No. 2 1 oqgi 50
bchool distiict No. 1, sinking fund ."!'!!!!!!! 9b5 01
Far m Demonstration . . r". 13 88
Home economics -. . . ! .T! . ! ! ! ! 4 79
Jackson light !!..!!!!!.!!.!!! y88 HI
Jackson general !..!.!!!!!!!!!!! 329 52
Dakota (Jity general !.!!!!!!!!! 2355 82
Homer w ater bond fund ", , 250 00
Dakota City water bond !!!!!! 212 50
Dakota City lignt '.'..'.'.'. 347 65
South Sioux City water bond J250 00
Auto rel und !.'!!'" I, 00
Road dragging !...!!!!.!!!!!!!! 2198 30
Lineison light po ()r)
By school order.- paid V ) , ' !,"""'"'" 47,., uo
Emerson Music & Amusement , !!.!!'..".!!! 2u 00
Emerson nark !!!.!!! 33 'jO
By inheritance tax orders paiu . . , !!!!!!!!!!!!!.'!!."!! 433 60
By protest tax 1 efunded 151 97
Emerson general , .'.'.'..'. 306 00
By road district warrants '. !..'!.'.'!! 2389 59
Homer water extension .' ' "2I6 12
Homer light- !!.'!"'.!!! 688 40
By orders on drainage district No 2 bond interest 467 50
Homer park 1G9 24
Homer sewerage 433 50
By city treasurer's receipts, South Sioux City general...'.'...'.' 3548 66
By city treasurer's receipts, South Sioux City, Sidewalk 212 94
By village treasurer's receipts, South Sioux City light 1142 27
By village treasurer's receipts, South Sioux City fire 143 57
By village treasurer's receipts, South Sioux City park 430 74
By village treasurer's receipts, Hubbard general 421 90
By village treasurer's receipts, Homer general 1075 11
Homer streets and alleys 509 27
By redemption o3l3 .",,
By county treasui er's commission 15GG 00
Cash on hand and in banks 93320 16
Tolal '. '. $225180 34
BALANCES
State funds $ 35G2 24
County commissioner district No. 1 U22b 08
County Commissioner district No. 2 1607 lb
County commissioner diutrict No. 3 1470 'G
Diainage bond interest 145 78
inheritance ta. fund 3139 94
County general fund G428 73
l ounty bridge xur.d 3248 02
South Sioux City sinking fund . . . . : 344 23
Homer sinking lund " ci)5 70
Homer water extension v ? . .', 123 45
Homer sewerage y . 21G 89
boldien.' rcliei fund ". , 1 41
Emerson park , on 60
Emer&un musrc .". , 20 ',1
Emerson light 20184
Advertising fund 2 00
Homer park ". 1 07
South Sioux City water ...., 17
Jackson light '. 69 57
Sphool district fund 28230 69
Homer light . 4 27
South Sioux City park '. . .Y. 42 06
Fines and license fund .' . . ' 229 00
Dakota City light . , 59 02
Protest fund 12944 44
Road district fund 7697 8G
Fees 110 75
Covington judgment 428 31
South Sioux City light 113 75
City of South Sioux City general 358 46
Homer streets and nlleys 7 . .. 3 20
Village of Dakota City general . . ." 29'J 28
Village of Homer general '. 12 01
Village of Jackson . . , ."..'. 75 99
Village of Emerson general , 304 63
Village of Hubbard general 362 01
Homer water bond 1437 47
South Sioux City bonds 933 46
1904 scavenger ...;.. 25 48
Redemption fund .' ... 232 00
Interest ; 314 33
Swamp ditch fund : 479 99
Drainage district No. 2 ....". 3656 72
Emergency bridge fund 2787 77
Road dragging fund 2901 G9
Dakota City water bond v 678 t5
South Sioux City f.ro 14 21
Emerson bond Ib6 25
South Sioux City sidewalks 63 26
D.iKota City shoveli't-r snow 29 90
Over draft lob'J t.O
lul-il casli on nand $ 93320 16
WE DO HEREBY CERTIFY That we have examined the above State
ment of Walter E. Miller, County Treasurer of Dakota County, Nebraska,
for the Six Months Ending June 30, 1920. To the best of our knowl
edge wo believe each collection has been correctly entered and property
accounted for, and that the Vouchers and other items of Credits were in
proper form and correctly entered and that the footings were verified
by us and found to be correct, and that the above Statement of Bal
ances agrees with said accounts in said County Treasurer's Gen. Ledger.
JOHN FELLER,)
WM. II. ROCKWELL,) County Commissioners.
O. W. FISHER,)
Westcott's Undertaking
Parlors
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SIOUX CITY, IOWA
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