POSTLUDE l6l 



homesteads. The money for the loans to be made to the 

 First Homestead Unit is being secured locally through the 

 sale of the first issue of a series of Independence Bonds, bear- 

 ing 4 1 /2 per cent interest and maturing in fifteen years, and 

 secured by all the property of the unit. The capital for the 

 subsequent units is to be secured by the issuance of fur- 

 ther series of Independence Bonds, except in so far as gov- 

 ernment aid makes this unnecessary. Of course, the local 

 situation is such that without government aid the expan- 

 sion of the homestead movement cannot proceed as rapidly 

 as hoped for. Application has therefore been made for a 

 loan of $2,500,000 from the Federal Emergency Relief Ad- 

 ministration and the Reconstruction Finance Corporation 

 for this purpose. 



The estimated expenditure for the fifty units, which 

 will homestead between 1,750 and 2,000 families of five 

 persons each, is as follows: 



Building materials $1,175,000.00 



Land and community property 510,000.00 



Wells, pumps, plumbing fixtures, pipe, electrical supplies 1.5 3, 750.00 



Sewing-machines, canning appliances looms, and other appli- 

 ances, and machines for household and craft production. . . . 148,750.00 



Feed and groceries during construction 139, 037 . 50 



Motors, tractors, trucks, agricultural implements, and tools. . 108,115.00 



Livestock <. 101, 375 .00 



Seeds, plants, trees 58,191. 50 



$2.,49533- 



With this development, a new frontier will have been 

 established around Dayton to which the enterprising, in- 

 dustrious, and ambitious families shipwrecked in some way 

 by the depression can migrate, just as in all the great de- 

 pressions of the past century, they migrated from the in- 

 dustrial East to settle on the old frontier. 



