Morris tribune., 1885-12-02


Land contrats bearing 7 per cent
e Dec. /, 1852. .................... 1851 90
ST ,923, 900 Minnesota railroad
adjustment bonds. .............. 1922, O25 90
100000 Minnesota revenue 49,.
$685., 900 United States registered
per cent bonds. ............... 46O,95s II
$4,000 United States registered
4l3 per cent bonds. .............. 31,9S9 70
$S1, 900 Missouri & per cent bonds 73,6S9 30
Total. 255, 632 3S
PERMANENT UNIVERSITY FUND. 49,
CASH. PZS, IoA u
Land contracts bearing per cent -
interest ...:-...---.;. of|,Z-o %
justment bonds. ................ 27zOoO 90
Fruit farm 1909 10
Experimental farm ..... $500 90
1862, 7SS 80
INTERNAL IMPROVEMENT LAND FUND.
Cash SIG, 1876 IL
Land contracts bearing 7 per cent -
interest. ...................-... 962,47O 60
1922, 900 Minnesota railroad adj
JuStment bonds................. 32Z,ooo w
$l,3OO,6O5 II
The congressional grant of land for the
use of schools it is estimated, will amount to
about 100000 acres when the surveys of
the state are completed; COS, l45 acres OF
this have been sold at an average of So. OF
per acre. Estimated upon this basis, the
common school fund will ultimately realize
over 81 8, 100000 from this source. This
will probably be increased to go, OOO,O 900
by sale of swamp lands 1nur1ng to this fund
after prior grants are satisfied. The perma-
nent university grant has 90, OS1 acres yet to
be disposed of, which will swell the accumu-
lations of its fund to fully 81 ,OOO,O 600, and
ultimately constitute an endowment for our
state university that will assure its future
I Ill. Er,,
ment land fund has pa ,S33 acres of it's
grant, yet unsold. Its final accommodations
Should be nearly So 900 600. This may
properly be denOminated sinking fund tor
the redemption of the state railroad adJu ST
ment bonds, as it has been provided by con-
stitutional amendment that all the revenues
of this fund shall be applied to the payment
of the principal and interest OF those. bonds.
STATE DEBT
The present Indebtedness of the state is rep
resented by the following issue of bonds:
Railroad adjustment bonds. issue of
1881, due in twenty and redeema-
bic in ten years. 4l2 per cent. .S4, 2S3,OOO
Revenue bonds, issue of 1888, re-
deernable at the pleasure of the
state, DIG per cent. .................. 2Oo,OOO
Total ,483, 900
These revenue bonds will be redeemed
within the next three years. provision hav
ing been made therefor. The trust funds of
the state hold So, 523, 900 of the adjustment
bonds, 1922 900 of which are in the internal
Improvements or Sinking fund" These latter
might properly be Cancelled, and the indebt-
edness of the state reduced by that amount.
There is also nearly 81 600, 900 of land con-
tracts in the sinking fund, which will be in
creased from time to time by further sales of
land. Whenever it is deemed advisable,
these contracts might be transferred to the
permanent school fund, and adjustment
bonds to an equal amount held by that fund
redeemed and Cancelled. 1t may not be de-
sirable to do this at the present time, but l
would recommend that authority be granted
the board of investment to cancel the
bonds now in the land or Sinking
fund" and any further bonds of like char
acter it may acquire in the future. AS OPP
portunity has been presented to purchase
our state bonds the board of investment have
converted other securities and invested in
them; the advantage OF these transactions
being a net gain to the trust funds of $1O5,-
600. The auditor makes some practical sug-
gestions relative to the future investment of
the trust funds of the state, which merit
your attention. The state has expended
over half million dollars within the last
four years in replacing structures destroyed
by fire Comparatively little insurance was
upon the buildings destroyed, and even that
was placed without direct authority there
for, by the board of management suffering
the loss, the premiums being paid from their
perence and as simple business PROPOSE
ton, [ submit that the policy heretofore pre-
vailing of refusing appropriations to pay
premiums should be reconsidered and the
boards in charge of the several state institrI-
lions be authorized to procure reasonable
against fire on such buildings as
are exposed to danger from that source. The
structures recently erected are practically |
ireproof and will not need to be insured.
EDUCATION |
The report of the superintendent of public |
Instruction presents an exhaustive review Of |
jhe educational interests Of the state; their |
development during the past two years. the |
noted, and the defects still |
existing in our system Of popular education. !
Due attention to the criticisms and sugges-
ions of the superintendent will discover
wherein that system may be much improved |
ind it's advantages more generally realized |
~ the people of the state There Is no ques- |
ion of state policy that interests or affects
)ur people to a greater degree than the
means adopted for the development of popu-
ar intelligence. With it's admirable plan of
organization and it's munitcent endowment,
by large tribute of annual
axes, our common school system should be
made a model of its kind. Assuming that it
s your desire to contribute your efforts to
secure that end. 1 commend the recon-
nendations of the superintendent to your
favorable consideration. The enrolment in
,ur public school the past year was 223, 2O9
IN increase of 26, 566 since the last bien-
lial report. Three hundred and ninety-two
lew school blu ldings have been erected at
cost of 81, OS5, 10. There has been raised
or educational support during the past two
ears ID, sos, 93I7O. The permanent fund
or the support OF common schools has been
increased in the sum of 1888 ,3O6. 15, max
ny it's present aggregate ST, 300, 6323S.
The estimate of $2O,OOO,OOO as the prob
bile amount of this fund when its grants of
ands are disposed of, seems likely to be re-
Lljzed A personal inspection of the three
formal schools the past season has confirmed
ny Judgment previously expressed of the
'aluabe work these institutions are accom-
'ltshing. Their organization and admins
ration are in high state of efficiency, and
n results accomplished as well as prospec-
lively promised, justify the liberal provision
n tbnir m nj r1tp bn oil !