New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1885-01-14

ST. ,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; 9O8, 145 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 $1S 100000 from this source. This
by sale of swamp lands inuring to this fund
after prior grants are satisfied. The perma-
nent university grant has SO, O91 acres yet to
be disposed of, which will swell the accumu-
lations of it's fund to fully ST. ,OOO,OO and
ultimately constitute an endowment for our
financial stability. The internal improve
ment land fund has 274,S33 acres Of it's
grant yet unsold. It's final accommodations
should be nearly SIS, 600, 600. This may
properly be denOminated a sinking fund for
the redemption of the state railroad adjust
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 ana 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-
BILE in ten years, 4 q per cent. -. .$4 283, 900
Revenue bonds, issue of 1888, re-
deemable at the pleasure of the
state, q per cent. ACKNOWLEDGEMENTS. 2OO,OUO
Total. .S4, 4s3, 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 tn, internal
improvement or Sinking fund" These latter
might properly be cancelled, and the indebt-
edness of the state reduced by that amount
There is also nearly 81 900, 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
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
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 $685.
900. 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
current expense funds. In view of this ex-
perience and as a 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 institu-
tions be authorized to procure reasonable
indemnity against fire on such buildings as
are exposed to danger from that source. The
structures recently erected are practically
freprOOf and will not need to be insured.
EDUCATION.
The report of the superintendent of public
instruction presents an exhaustive review Of
the educational interests Of the state; thei1
development during the past two years, thu
improvements noted, and the defects still
existing in our system Of popular education
Due attention to the criticisms and sugges
tions Of the superintendent will discover
wherein that system may be much improved
and it's advantages more generally realized
by the people of the state There is no ques
| tfon Of state policy that interests or affect
our people to q greater degree than thl
means adopted for the development of popu
lar intelligence With its admirable plan o
j organization and it's munifcent endowment
! supplemented by a large tribute Of annua
1 taxes, our common school system should b,
made model of it's kind Assuming that i
/ is your desire to contribute your efforts t,
1 secure that end. I commend the recon
mendations Of the superintendent to you
favorable consideration. The enrolment /,
1 our public school the past year was 223 .2O9
an increase Of 26, 500 since the last bien
NAL report Three hundred and ninety-tw
1 new school buildings have been erected q
9 cost Of 81, O85,17O. There has been raise,