Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-12-22

the Way Its Distribufive Interest,"
IN Enlarged and the schools Inn.
mediate1y Benefited.

mediately BENEFITED.
The State School Fund OF Nevad,
amounts to something over $500, 600. TIL,
interest on this sum ct 4 and 5 per cent
per annum is apportioned twice a veal
among the counties. Jan. 10 and July 10
The interest from this irredeemable fund,
until the beginning Of the present year
was the chief important source from which
State school money for ap%portionment was
derived. 1t was held by the present Su.
perintendent Of Public instruction thai
certain moneys which had been used to
swell this plethoric fund, from which only
q small interest is derived, should be i'm.
mediately distributed among the schools.
IL 10 known that lands granted to the State
by the General Government for educa.
tional purposes are usually disposed of on
what Is called the so per cent plan, that is,
2o per cent OF the purchase price is paid in
cash and the remainder in nine an
nual installments, with interest al
lO per cent per annum. 1t had been
the rule OF the financial officers of the
State preceding those of the present adj
W pun tulb luttTbbb on Qo-
ferred installments into the I~rreducible
Fund from which only a small rate per
cent OF interest was derived from this in
terest. The law was examined on this
point, and it seemed plain enough that
this was neither the requirement OF either
the Constitution or the statutes, to say
nothing Of the policy OF taking funds from
the public schools, which they sorely need
at present in order to swell an already
plethoric fund for the benefit Of remote
posterity. The question, it seems, had
never come up before, and the precedent
OF the first years management Of the
money had been followed afterwards with
out investigation. Hon. w. W. Hobart,
present senator from Eureka, and ex-Con-
troller, said at Carson last Winter that il
the matter had ever come up before him
as 1t Is now viewed he would have insisted
on the Interpretation of the law that OBJ
tains at present.
The immediate and palpable benefit OF
apportioning semi-annually the money
that has accumulated from interest on
deferred land payments during the six
months preceding, is apparent in the IN
usually large sum that will be distributed
among the schools ON the 10th OF next
January. This sum-, 1872, 900, approx
mately estimated, is larger than the jan
uary apportionment has ever been before.
1t reached S28. 900 in 1876, when there
was an enormous yield Of bullion on the
Comstock from the tax on the net pro-
ceeds of which a large addition was made
to the apportionment. Now, this latter
source Of revenue has dwindled down to
a point Of insignifcance.
As a matter Of purely local interest it
may be added that Of course Eureka's
share OF the money to be apportioned will
be increased in due proportion according to
the number OF children in the county be-
tween the ages Of 6 and Is years old.
There are 654 children Of this age in the
town of Eureka and on Ruby Hill, the
former having 612 Of this number and the
latter 242. There will be about 50, $50 to
be apportioned in the county, Of which
Eureka will get nearly two-thirds. The
County Of Eureka got under the semi-an-
nual apportionment OF last January about
81 900, in round numbers, less than what
will be apportioned on the 10th Of next
January.