The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-03-12
STATE SCHOOL OF MINES
Work Will Begin Oh the Building This
Year.
THAT'S THE WAY 1T LOOKS
Mr.. Paschaps Bill Fixed the Whole
Business Up Pretty Handsomely
and Butte Is the Winner Be-
cause of That.

BUTTE, March l1.-There is a strong
probability that work will be commenced
on the state school of mines this summer,
and that active steps will be taken toward
putting Butte into actual possession OF
the institution which she now has on pa
per- Under the wise provisions of two
bills with reference to the construction
and furnishing of the school OF mines,
and providing means of paying for the
same, which were introduced into the late
legislature.by Representative Paschal and
passed, il is possible to commence work
on the buildings this spring, and there
does not seem to be any reason for the
slightest delay in this important matter.
1t does not seem to be generally known
that during tho closing days of the session
Paschal secured the passage OF an
amended bill which appropriated $1,000
for the school of mines and $1,000 Tor
the furnishings. Under this liberal ap-
preparation for building, which is double
the figure named in the first bill, there is
no reason why Butte should not have one
of the very finest, as we'll as one OF the
best equipped. mining schools.
In the enabling act the national govern
ment gave 100000 acres of land TO the
state for the erection and maintenance or
viIes for the payment of the approprla-
ton for the erection and furnishing of the
institution IN warrants drawn against the
proceeds from thIs immense tract OF land
which is now being sold and leased by tho
state board of land commissioners. LUIS
land is among the best in the state and a
valuation of only 50 an acre, which Is
ridiculously low. gives s5OJ,OOJ against
! which only $4,000 in warrants can he
drawn. In order to make the warrants
| more easily converted into cash, MIR. Pas
/ chal afterwards introduced a supple
| mental bill. which also became law, au-
thorizing the state officials TO pay interest
| on the warrants annually at per cent.
| The yearly revenue from the lands VIII be
| a great deal more than sufficient TO pay
| tue interest, and eastern moneyed men.
| who see in the warrants n perfectly safe
| and very profitable investment, don't care
how long they run so long as the interest
| is paid annually. III
| Under these conditions warrants can be
| easily disposed of at their face value ana
it is not at all improbable that they may
| be sold at a premium. II. Is. Palmer, OF
! Helena, who deals in western securities
! for eastern capitalist, has already offered
| to take all the school of mines warrants
| at par, together with those for the ercc-
| ton of the state normal school at ID Hon.
Mr.. Cooper, who was at Helena during
| the legislature in the interests OF n Bos-
| ton syndicate, has offered to take oil OF
| the warrants that he can get for his COM
| pany at par. Mr.. Cooper will arrive IN
! Butte in few days to confer with tho
school of mines commission and present
bid.
Mir. Paschal stated to n STANDARD re-
| uorter this afternoon that he saw no rea-
| SON why work should not be commenced
| on the institution in earnest early this
summer. 1t is Mr.. Paschals idea thai
after the warrants issued in payment for
| "A Of hsa
of mines have been redeemed, the money
remaining in the fund, after all OF the
land has been disposed of, should be IN
vested for the benefit of the institution
This money carefully invested, he be
lieves. would furnish an annual incom,
sufficient to maintain the school in excel
lent shape.
| Mr.. Paschal was warmly complmented
for the manner in which his bill was pre-
pared Similar bills we're passed provid
ing for the erection OF the reform
school at Miles City, the agrcul
and dumb asylum at Boulder. tin
state normal school at Dillon and the
state capitol at Helena. but Mr. Pascha
was told by by both Palmer and Cooper
and others that his bill was the best of tn
lot, from a legal standpoint, ana the war
rants which it provides for would be NOR
easily and quickly sold than those TO b
issued under the other measures.
The new state capitol at Olympia
Wash. is being built under n plan exactl
similar to that provided for the school o
mines, at n cost of 100000, and the wal
rants are being bought up by eastern pal
ties at par as rapidly as issued.
The commission having the erection c
the school i'm charge is composed of f. L
|, Sergeant, NJ. Kirkpatrick. c. w. Goodalt
j. II. Leyson and +. II. Wilson. When til
institution is completed it will be turne
over TO the state board of education, VIII
will then take charge OF it.