The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1866-01-11

An appropriation was made ut your last
session for the erection of ar additional
and much needed building. Owing to the
unexpected and rapid advance in the price
of material and labor, farther appropri-
alton of about Sl1 600 will be necessary to
complete the structure as designed, which
I earnestly recommend be granted. The
wants of this important institution should
always be promptly provided for.
A University is properly an institution
in which all departments Of learning are
taught A branch for instruction i'm the
science of medicine is now established nj
Keokuk. In order to ohviate the necessi-
ty our young men are now under of going
out Of the State to pursue regular course
of studies i'm Jurisprudence, and to promote
sound legal learning, recommend. the or
ganizaNon of a Baw Department. with
power to confer diplomas upon graduates
Which shall entitle their possessors to prac-
tice i'm all the Courts of the STATE
While in some resnects it would he de-
sirable to have tho Law School. when es-
tabIisliod. located at the same place with
the collegiate department Of the UNIVERSE
tv. vet the fact THAT tire United States and
State Supreme Courts. attracting ut reg'I-
lar periods the most eminent legal talent
Of the State. sit at Des Moines, and that the
State Law Library a valuable auxiliary tn
Law School. is also located there, pre-
sent peculiarly strong reasons for thu loca-
ton Of this school at the Capital. Law
students will naturally seek Court centers.
where. while studying the principles al
law. they ran also observe its practical
workings in the conduct of causes.
PERMANENT SCHOOL, FUND.
The Auditor in his able report hascalled
your attention to thee present condition of
the permanent School Fund. This subject
should receive your early and serious at
tnntion' The plan originally adopted OF
distributing this fund among the counties
vesting the school fund commissioners
| with authority to.loan it ont to individuals
always of doubtful expediency has caused
much embarrassment, and resulted in a
material dimunition of the fund. Through
the incompetencyrand acknowledgements OF
county officers a large amount remains
unaccounted for, and although strenu-
Gus efforts have been made by the Audit
or of State to obtain satisfactory adjust
ment of the accounts, great discrepancies
still exist in many instances between the
sums charged to counties an the amounts
accounted for in their ret rms. Unless a
nf,,l no obi
those delinquent counties, and the rene
dies aga INST them strictly enforced, the ul-
innate loss to the School Fund will
amount to many thousands of dollars.
The last General Assembly, by the Act
approved March 20, 1864 attempted to pro-
vide for the gradual return ofthe School
money to the Sa Treasury; but this act
leaves it discretionary with the County
Supervisors to retain and reloan it in their
counties, or direct it to the State Treasurer
for the pu pose of being invested in U. 5.
Stocks, as they may deem advisable. it
should be considered expedient to with
draw this fund entirely from the counties
and invest it in safe and available securi-
ties, it will be necessary t., modify the I'd
section Of this Itct and make it obligatory
up n County TreaSurers to transmit this
fund promptly as received to the Treasur-
err of State fOrinvestnent. cordially rec
omarend to you the suggestions Of the Au-
ditor whose opportunities, for thoroughly
understanding this subject entitled his views
to great weight.
Our Constitution makes the St,fe' the re-
sponsible and perpetual guardian of this
Iund, ultimately liable for every dollar
which passes through its hands. From
this liability the State cannot absolve it.
self; and, the people being subject to taxa
ton for all losses which may occur, the i'm
portance of carefully guarding and pre-
serving this fund by efficient Legislative
enactment is apparent. The educational
interests of the State, and the success OF
our common. schools depend upon it; and
therefore this duty must at all hazards be
faithfully performed.
1t should be born in mind that the prin-
cipal constitutes the permanent and mex
haustible fund, while only the interest de-
rived from it's investment creates the semi
annual fund distributed among the schools
of the State sDr their current support. Nc
| mode of investment or rate of interest is
prescribed by the Constitution. This mat.
ter is left to the sound Judgment Of the
Legislative department.. We may loan il
out to individuals we have heretofore
| done, or invest it i'm bonds either State OF
National. / am decidedly Of the opinion
that it would be advisable to require the
| whole OF this fund, now floating among
the counties, to be returned to the State
Treasury AS soon as practicable, and so i'm.
vested as to render the interest promptly
receivable for apportioment among the
schools r..
Would it not be judicious to redeem OIL
outstanding State bonds with this fund
executing in lieu thereof, bonds bearing
the same rate of interest, payable semi
annually to the School .:und, and the
pricipal redeemable at the pleasure of the
! General Assembly? We are now paying
an annual interest of S3s, 900 upon our bon
ded debt, and the most of this goes into the
| pockets of nonresident holders. by
adopting the plan here suggested we could
within reasonable time, liguidate oul
entire Indebtedness, by transferring it tt
ourselves, paying the Schools of the State
instead of strangers, the interest accruinl
thereon; and at the same time make a SAFE
and permanent investment of this sacreG
fund. can perceive no sound objection
to this measure; and it's importance is Sc
obvious that trust it viii meet with your
lrly and favorable consideration.
AGRICULTURAL COLLEGE.
The coaapletiOn ofthe Agricultural Col.