The herald-advance. (Milbank, S.D.) 1890-1922, 1892-12-16

The Investment Of the Perma Ten
school Fund Is Entirely Under
the Management Of the
Several Counties.
PIERRE, ). D., Dec. 1O.-fhe invest
ment OF the permanent school fund OF
this sta:e, under our present law, is entire
~ under the management nf the several
counties of the state, tor the reason thai
there are but two classes OF securities
named in our stale constitution that are
on the market, bearing the rate of inter
est which we are compelled to obtain to-
wit: Six per cent Those are bonds Of
school corporations and farm mortgages.
These two classes Of security are, how
ever sufficient to absorb all Of this fund
for the next five or ten years, provided
all of the authorities would, do their
whole duty to the citizens of the coun-
ties.
That there are hundreds Of thousands
OF dollars of farm mortgages now in the
state, drawing from the farmers from
eight to ten and even twelve per cent,
there is no denying.
school bonds drawing from eight 10 ten
per cent interest, is fact worthy OF
notice. These bonds are nearly all due
at the election Of the school districts Off
GERS. ut any time after eight years from
the date OF this issue, hence l say that
we have securities enough at present and
can obtain them if the people 10 whom
this money rightfully belongs will only
do their duty 10 themselves and their
neighbors. To the END that this may be
done, beg leave to make some sugges-
tions to county officers and farmers
generally.
The board OF county commissioners of
each and every county of this state should
inform themselves OF the needs Of their
constituents in the matter of money af-
fairs, and advise them of the opportunity
to obtain of this school fund loans al 6
per cent interest. They should seek to
inyes: this money as duty as we'll
as privilege.
School district officers should look
after the financial interest OF their dis
tricts and refund all their bonds which
are running at a greater rate than per
cent interest.
To the farmers, laborers and business
men Of the state at large who desire TO
borrow money, | wish to say, that the
state has no authorized agents or middle
men connected with this fund. The
mode Of obtaining it is simple and mex
pensive. What is necessary to do is
this:
Notify The county commissioners of the
county whore your securities are situated
OF the amount you desire to Obtain
(Which in no case must exceed $500 give
Them description Of the land you de-
sire to give as security. and If the secur-
tiles are deemed sufficient, it then be-
comes the duty Of the commissioners to
call upon this office for the money, ano
to make the loan applied tor.
All the expenses you are required L
pay are the oosls of abstract Of title ano
the recording of the mortgage The
his own business in this matter al
we'll as it can be done by a fifty y-dollal
attorney or agent.
The above applies also to school off
GERS. Take the necessary steps to re-
fund. or take up by purchase, your out
standing school district or township
bonds. Call up on your county commits.
soners for the money, and they must
furnish 1t to you for that purpose. as lont
as any remains in the hands Of the stat'
treasurer.
Some If the counties in the state have
acted with zeal. both in the purchase .
school land and farm mortgages. IT al
had done half rs we'll, applications to
many thousands Of dollars would nov
be waiting for their turn.
Knowing that reduction of the rat
of interest in our new state is benefIcla
to great majority OF our people
and that our people when full.
advised will cooperate with us il
this matter, to the end that in yer.
short time six per cent interest will b
the maximum instead Of the minimum
rate Of interest TO be paid for the use
money. | am,
Yours truly,
THOs. H. RUTH,
A..l~ I'd Dvr1