Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1892-12-29
THE SCHOOL FUND.
Commissioner Ruth Writes Knowingl
About Its Investment.

About Its Investment.
Commissioner of School and Publi'
Lands Ruth has just issued the fol
lowing circular for the information
of the public:
THE investment of the permanent
school fund of this state, under oul
present law is entirely under the
management of the several counties
of the state, for the reason that there
are but two classes of securities
named in our state constitution that
are on the market, bearing the rate
of interest which we are compelled to
obtain, to wit: six per cent. Those
are bonds of school corporation and
farm mortgages.
These two classes of securities are.
however, 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 cit
liens of their counties.
That there are hundreds of thous-
ands 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.
That there is 81, 800, 900 of outstand-
ing school bonds drawing from eight
to ten per cent interest is a fact
worthy of notice. Those bonds are
nearly all due at the election Of the
school district officers, at any time
after eight years from the date of
their issue, hence | say that we have
securities enough at present and can
obtain them if the people to whom
this money rightfully belongs, will
only dotheir whole duty to themselves
and their neighhors. To the end that
this may De done, l beg leave to make
some suggestions to county officers
and farmers generally.
Tue board of county commissioners
of each and every county of the state
should inform themselves of the needs
Of their constituents in the matter of
money affairs, and advise them of the
opportunity to obtain of this school
fund, loans at six per cent. interest,
they should seek to invest this money
as a duty as wei! as a privilege.
School district officers should look
after the financial interests of their
districts, and refund all their bonds
which are running at a greater rate
than six per cent interest.
To the farmers, laborers and bust
ness men Of the state at large who
desire to borrow money, ! wish tosay,
that the state has no authorized
agents or middlenen connected with
this fund. The mode of obtaining it
is simple and inexpensive. What is
necessary to do is this: Notify the
county commissioners of the county
where your securities are situated, of
the amount of money you desire to
obtain, which in no ase must exceed
$500; give them a description of the
land you desire to give as security,
and if the securities are deemed sutfi-
cient, it then becomes the duty of
the commissioners to call upon this
office for the money, and to make the
loan applied for. All the expenses
you are required to pay are the costs
of abstract Of title and the recording
of the mortgage. The llumblest per-
in the state can do his W bust
ness in this matter, a. well as though
done by a fifty dollar attorney or
agent.
The above applies also to all school
officers. Take the necessary steps to
or take up, by purchase, your
outstanding school district or town
ship bonds. Call upon your county
commissioners for the money, and
they must furnish it to you for that
purpose, as long as any remains in
the hands of the state treasurer.
Some of the counties in the state
have acted with zeal, both in tie puf-
chase of school lands and farm mort
cages. If all had done half as well,
applications for many thousands of
dollars would now be waiting for
their turn.
Knowing that a reduction of the
rate CT interest in our new state is
beneficial to a great majority Of our
and that our people when
advised will cooperate with us
this matter, to the end that in a
very short time six per cent. interest
will be the maximum instead of the
rate of interest to be paid
for the use of money"