But we can make an estimate, however, on that data. There should be punishment, fine, or imprisonment, or both, if they indulge in the evil habits of drinking or mosars. They are ruined, most of them owing to their idle habits. The money-lender through greed advances loans for their bare needs with or without security and loses even the installment loans Minnesota principal often. Simple interest is often calculated sometimes yearly, but more often after three years, while in some cases compound interest is charged. The cultivators are nearly ruined and the money-lender is not earning the desired profit.
Secondly, to add to the misfortunes of the poor cultivators there is no concession in the courts for them. The parties may be made to understand that while getting a loan and executing a document bad credit personal loans Rhode Island they should make it a condition that installment loans Minnesota in case- of dispute the matter is to be decided by arbitration. This will save- them from unnecessary waste of money and time in a civil court. The award of arbitrators should be sent to such courts for execution. The farmers in this country are quite illiterate and followers of.
The custom of mortgaging land for 20 years is prevalent but to a little extent. This induces them to idle habits aB, they do riot work so hard as to produce the best yield on their fields. Provision should also be made that in case the farmer fails to pay proportionate principal and interest yearly the period would be lengthened. Beawar has a good mandi and is a trade centre of all products of the districts, where there are very many wholesale dealers, who- can purchase all the produce that is brought for sale. This wili be replied to in detail when I appear as a witness. At present when the cultivator or any other person brings the produce to the Beawar town and installment loans Minnesota sells it through an agent, who would! The agent recovers the money thus advanced later on in the evening or within the next 15 days. By affording this facility the cultivator has not to wait, while at times the agent gets another chance of earning a similar commission in arranging purchases for an exporter. The traders sometimes even advance money if the producer desires to keep his stock to see the trend of the market. But in this case 6 per cent, to 9 per cent, interest and godown rent are charged. The money is advanced installment loans Minnesota on railway receipts or when the goods are in actual possession of the money-lender or bankers or commission agent. Now-a-days long period loans are required nearly by all classes of agriculturists and traders. After 20 years the loan-holder or debtor is sole owner of the land if it is mortgaged, and hence full value or even good value is not advanced. People are afraid that the Government give preference to the co-operative banks and the zamindarg. There may be some defects in the Bystem of advancing of takavi loans, but I think most of the cultivators do uot take advantage of it as they know that the amount will have surely to be repaid. They borrow off and on, from their indigenous money-lender, for the payment of whose loan they are not particular. If they are educated and taught never to borrow, unless they are able to repay, much can be done.
Their extravagant old customs, their habits of drinking or of carelessly spending money when they get it either by hook or by crook, are the main sources of their ruin. Yes,, the adverse effect of the Land Alienation Act is given above. Yes, if such a bank be established with a capital of about 20 lacs, it will work very nicely. It should be worked on installment loans Minnesota the lines of a limited company, but should have full support of the Government and the tehr. The highest rate to be recovered on loans to the agriculturists should be 7 per cent, to 9 per cent. The value of land should be calculated at 50 per cent, to 60 per cent, of the selling value of the land near the plots offered.
Their rights can be better established if the provisions of the Land Alienation Act, are made a little slack or generous. The security of land is sound but the expensive habits of the cultivators make it all the more difficult for themselves to pull on during hard times as the crops are almost uncertain in this part of tho country, where failure of rain is a certainty. They should be taught economic ways, to reduce their expenses on deaths and marriages and to give up their evil habits of drinking. Money should be advanced for improvement of land, sinking wells or for the purchase of cattle. Law should be made to penalise drinking and extravagances, 1665. The Government should also, when they ask the money-lenders to charge less interest, show their sympathy by reducing court and other expenses for this poor class of their, subjects as this would be true (sympathy. Th e waiting period would also be too much and an ordinary cultivator would be tired. Instead of having model farms at fixed places where success is cent, per cent.