Morris tribune., 1895-01-16

Minnesota funding bonas, 3h per
Tennessee settlement bonds 8 per -'''00''oO
cent .,...... 1,e73 $50 90
Minnesota revenue bonds, per
Minnesota building bonds, 4 per 0N's0
Tennessee redemption bonds, AZ 000.00
per cent .......; ....:......:.. 100000. 90
Tennessee redemption bonds, 3 per
Alabama consols, series ''V0
and per cent 1873, 90
cent ...........,...,:. 1890. 100000
Alabama funding bonds, per cent 105, 1877 so
school district and county bonds,
per cent .................... 1,OZ7,739.12
| Total ....................... $40, TIP. 119. 60
| INVESTMENTS OF UNIVERSITY FUND.
| Cash ....................... $S,927.27
Land contracts Including $780,
provement land contracts) $3.50. 500, 100. es
Minnesota funding bonds, 3h per
Tennessee settlement bonds, 8 per
cent '........-...... ........... 1o,ooo.uo
Minnesota revenue bonds, per
m eeht 1850. 1900, oo'oVo'oV
per cent 100000
Fruit farm Observation-Disclosures. 300. 10
Experimental farm .............. $4,000
Total 81, 034, O67 .o5
The law under which these funds are in
vested in state bonds, limits the investment
to not exceeding dozen enumerated
states, and most Of these are not borrowing
states, so that it is now very difficult and
in time will be next to impossible to make
investments in such stocks. The field OF
investment in state bonds should, in the
discretion of the investment boards, be ex-
tended to all the states of the Union. The
foregoing table shows that the highest
rate of interest is derived from school dis
tot 49, hD.,1 dc Tn ynvry Of @
fact and in view of the urgent demand for
an enlarged field of investment, it would
seem to be judicious and good economy to
permit investment to be made, under prop
er safeguards, in the bonds of the several
towns, villages and cities of this state, is
sued for general or specific municipal pur-
poses. 1t is better for the state and bet
ter for the borrowing municipalities that
these funds be invested among our own
people. I accordingly recommend that
proper constitutional amendment be passed
and submitted to the people for ratification,
at the next general election, authorizing
the investment of the school and univer-
sity funds in the bonds of these various
municipalities of our state. In this con-
nection also call your attention to the de-
cision of our supreme court in the case of
Rogers VS.. Board of County Commissioners
of LIE Sueur County. The decision indi-
Gates that additional legislation Is needed
in order that the power to borrow money
on the part of counties may become of
practical utility.
State Institutions Land Grant.
Under chapter of the General Laws Of
1865 swamp land grant of 325,00O acres
was made to certain charitable, educational
and penal institutions of the state; 300, 900
acres of these lands have already been Sc
lected, and from these have been derived
the following revenue and income:
Sale OF land SlS, 2S5.1S
Right or way oo0o0
Sales Of timber IL, 596. IA
Mineral leases ...................... l1,975.OO
TOtal S04, 1921
Which is invested as follows:
Cash in treasury $31 ~
Land contracts Observation-Disclosures. l6,94O5I
IOIal Yof, I0S.@a
In view of the existence of this fund, it's
permanent character and it's continued in
crease, more ample provision should be
made for it's permanent investment than is
now given, to the end that as large a reve-
nue. as is compatible with safety may be
obtained from this source.
State Finances.
On the Both of November, 1894, the state
treasury had to the credit of the several
horoipoftor doSorihod tho foJ1o uino