St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-01-09

eent........ .....-,....... 100000 90
OBSERVATION-DISCLOSURES. 10000 90
Tennessee redemption bonds.
ALP per cent Observation-Disclosures. 10000 90
Tennessee redemption bonds,
3ls per cent -. - POI. $50 90
Alabama consols Series A,
and per cent %. -. $4,000 90
Alabama consols Series D, 3
per cent ..................... 5000 90
Alabama funding bonds, per
cent. ..........s... To-. 1877 so
bonds per cent..n.......... 1,G27. $50 70
Total. ........................S $40, 7l2, l19 50
Investments Of University Fund
Cash ............. SS92727
Land contracts (ineluding Sss,-
763.4s transferred Internal i'm
provement land coatracts) 50Q $780, 8
cent. -. .......,.. -. 3OO,OO0.OO
Tennessee settlement bonds,
per cent. ....,............. 100000
Minnesota revenue bonds, per
cent. ............ .......... 100000
Tennessee redemption bonds, 4l2
per cent. ....................... 100000
tiult farm. NEUTRALITY-SUSPICIOUS.. 1859 10
Experimental farm ............... $3.50 10
s2,034, O67. o5
The law under which these funds are in
vested in state bonds limits the investment
TO not exceeding dozen enumerated states,
ana most OF these are not borrowing states,
SO that 1t is now very difficult and in time
VIII De next TO Impossible to make invest
mentS IN such stocks. The field Of invest
ment IN state bonds should. in the discretion
OF the investment boards, be extended to all
me states OF the Union. The foregoing table
SHOWS hat the highest rate of interest is
derived from school district and county
ponds. In view of this fact, and in view of
Il E,,- rrad+ ali Of
investment it would seem 10 be judicious
and good economy to permit investment 10
be made, under
proper safeguards in the bonds OF several
towns, villages and cities of this state. issued
Ior general or special municipal purposes.
IL IS better for the state, and better for the
borrowing Municipalities. that these FUNDS
be invested among our own people. l ac-
cordingly recommend that proper con IT,
tutlOnai amendment be passed and submit
led 10 the people for ratification at the next
general election authorizing the investment
OF the school and university funds i'll the
bonds of these various municipalities OF our
state. In this connection | also call your at
tention to the decision of our supreme court
III the case of Rogers VS.. Board Oh County
Commissioners of lie SGeur county. This
decision indicates that additional legislation
IS needed in order that the power 10 borrow
money on the part of counties may become
OF practical utility.
State snssitutions' Land Grant.
Under chapter :. of the General Laws of
1864. a swamp land grant of 525. 090 acres was
! made TO certain charitable. educational and
penal institutions of the state. Three hun
dred thousand acres of these lands have al
| ready been selected, and from these have
| been derived the following revenue and in-
come:
sales of land. SIS. 285 IS
| Right of way .......... .. 335 s.
sales of timber ........, 1856 ii
Mineral leases. Observation-Disclosures II 975 90
Total S54 1872 81
Which is invested as follows:
Cash in treasury. .,.. So. PSI 70
Land contracts. ............ $500 %
1OiaI --....... ..--.-. Sl4 W. -
In view of the existence of this fund its
permanent Character and Its continued in
crease. more ample provision should be
made for its permanent investment Than is
now given. to the end that as large a revenue
as Is compatible with safety may be obtained
from this source.