Congressional Edition Volume 6754

Congressional Edition Volume 6754

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 edition. Excerpt: ...or to improve and equip his farm in order to extend agricultural production, or in order to refund outstanding mortgages. (4) That the loans shall not exceed 50 per cent of the value of improved farm lands or 40 per cent of other lands, the value to be determined by an appraisal. This proportion was arrived at after a careful study of the proportions used in European countries and of American conditions. Moreover, the proportions used follow those in reference to loans on farm lands provided in the Federal reserve act. (5) That every such farm-mortgage loan shall contain a mandatory provision for the repayment of such loan by amortization. The investor in the national land-bank bond will know that every mortgage held by the bank of issue contains a mandatory Krovision for amortisation payments, so that when the national lanclank bond held by him falls due the bank will have received in cash from the farmer the amount of the mortgage held by the bank to secure such national land-bank bond. The loan to the farmer must be for not less than five years, because the amortization principle can not be very well applied to a loan for a shorter period. It should be noted that the farm-land banks are authorized elsewhere in the bill to lend money on farm mortgages running for less than five years; but they can not issue national land-bank bonds against mortgages running less than five years, because such mortgages run for such a short term that they do not lend themselves to the amortization plan. The whole theory of the bill is that no national land-bank bond can be issued by any farm-land bank unless the mortgages securing such national land-bank bonds contain an amortization provision, which of necessity pays off the mortgage by its maturity, and...show more

Product details

  • Paperback
  • 189 x 246 x 18mm | 621g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236977572
  • 9781236977571