THE FARMERS IN CONTROL 



cent, interest, and it may also be assisted by 

 bond issues authorized by the state. Ten or 

 more depositors may constitute a Home Buy- 

 ers' League within the Association. When- 

 ever a member of a Home Buyers' League 

 shall have deposited 20 per cent, of the pur- 

 chase price of the home he wishes to buy or 

 build, the Association supplies the rest of the 

 required amount, and takes his mortgage for 

 the sum, repayment to be made by monthly 

 instalments so determined that they shall ex- 

 tinguish the principal within an agreed-upon 

 period not less than ten years nor more 

 than twenty. The interest upon this mort- 

 gage is to be determined by the Industrial 

 Commission on the cost of the money plus the 

 cost of administration. The other members 

 of the Home Buyers' League are to be liable 

 to the amount of 15 per cent, of the purchase 

 price. The houses are not to cost more than 

 $5,000, except in the cases of farm-houses, 

 where they may cost $10,000. 



This plan was criticized as clumsy and in- 

 volved objections that may have been well 

 enough founded, for a special session of the 

 legislature, called in the fall of 1919, amended 

 it so as to facilitate the money supply. After 

 that it seemed to be in good order. Deposits 

 began to flow in, and Home Buyers' Leagues 

 to be organized. Wage-workers and minors 

 were especially sought as depositors. 



271 



