The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1860-01-26

From data found elsewhere thev ascer;a;n ,he
amount Of The 5 per cent. fund received from
the United States up to the first of .June
1897, TO We S552 500. .OS, and amount Of n,e,
m'nms on draess therefor bv Col. Benton to
he S37.aS. making total of 1852 eA1 O6 Of
which is only accoupted~ Cor sto3 G1l sG
leaving a balance unaccounted n, or sIte
1910. This amount represents th,..,,,,,,
loaned to individuals. retained or otherwise
disposed of by Mr. Eads, the condition and
security Of which was reported upon by Mr.
j. NJ. Beck under the direction OF former
General Assembly, and which is more fully
traced out in the report of the Commissions
ers. who find against Eads an actual deficit
Of some S72.SS097, subject, however. TO
deduction Of Waits note Of 81 900. since
raid, and whatever else may be realized from
collaterals held by the State. -... p
The Commissioners fourd no acco1nt in
this or any Office showing the amouot of
School Fund chargable to the several conn.
ties Of 'his State, as five per cent fund dis
ti7huted TO them, or as proceeds of sale of
school lands held by them and enabling them
TO ascertain reliably the present amount Of
the School Fund Of this State.
Taking the figures furnished by the last
report Of the Superintendent of Public In
structIon, and correcting the computation
made bv him, the total amount appeared 10
be 81, ,631, ,241.56. But they do not consider
this sum AZ reliably ascertaned.
The present Constitution Cart. 7, Sec. 3
requires that all losses to the permanent
School or University Fund OF This State,
which shall have been occasioned by the de-
fa'ca'ion, miSmana@ement or fraud OF the
agents or officers controlling or managing the
-"'nn- shall be audited by the proper author
't'eS OF the Sta'e. rne atnoIInt so audited
shall he permanent funded debt against the
State in favor of the respective fund sustain
ing The loss, npon which not less than 6 per
cent. annual interest shall he paid.
The Commissioners are of opinion that no
data exists at this time in any of the State
offices for the discharge of this constitutional
duty, and that only the particular eyamina
ton by local or general agent in each coun
w. together with special examination in the
State Land Office of lands sold pertaining TO
this fund, and the consideration, therefore.
as shown by certificates Of purchase and nav
ment, and an examination in the Auditor
Office of vouchers Of five per cent fund dis
tributed 10 the counties. will render it possi-
ble to audit this Constitutional claim.
| should he faithleSs to my convictions of
duty if ] did not endorse and specially invite
your attention to some cogent reasons which
they also offer for partial change in the
of this fund While the people
Of the whole State are liable for losses to the
fund it is only the people of the county who
designate and elect the officers managing it
in the county. They suggest that the coun- !
ties as principals should he responsible to the |
State for 'hc conduct of their own several
agents; thus the responsibility of loss NAV |
fall upon those only who control its manage
ment This principle is one of universal ap- |
pl,'ation in law, is just, and is well worthy |
Of your consideration as likely to increase
the care and vigilance ofth- people in pro-
teG1,ng II this i'm portant fund from loss. This
The efficiency Of the system will depend |
much upon the promptness with which the |
annual interest of the fund is paid. learn
that interest TO the amount of 100000 is |
now due 'ha' should have leen paid a year
ago or .aorc The annual pavment of inter
est. due this month, it is expected will great
lv add to this amount
It's suggested whether the annual pay
ment by the counties of nine per cent. inter
est, they loanng it at ten per cent, would
not release large annual revenue to the fund
and be much more reliable for the support
of common schools than The present irregular
payments ofintereSt at ten per cent, depend
emf upon the prompiness Of individuals.
The liability for the principa! or the inter-
est of this fund cannot he forced upon the
counties. But it is sufficient that the State
has the power TO withdraw the funds from
them unless, under the authority of your le-
gslation they would assume the liability pro-
posed for the conduct of their own officers
and agents in the management of the fund
For other important Suggestions bearing on
these questions, | respectfully refer You to
the 18th and 18th pages of the report uron
this Office; also to a resolution passed by the
Board of Education at its late session, ex-
pressing similar views.
TREASURY DEPARTMENT.
The ve1v full renort of the Commissioners
upon the Treasurer's office presents several
important tables and accounts. The late
Treasurer has during his three terms of Office
IN to jane /. 1853. received for general pur-
poses S95S, $50 % Tabul,r statements are
furnished, showing the sources from which