The herald-advance. (Milbank, S.D.) 1890-1922, 1902-10-24
n AM ENTS.

-
the state will vote at the coming cleo
ton are one covering the relocation OF
county seats; providing for an increas-
ed limitation of Indebtedness by mum
inequalities for securing water and put
ting in sewerage; and a reduction OF
the minimum rate of interest in the
loaning of the permanent school fund.
The first two mentioned are largely
local in their scope, while the last one
is OF interest to every taxpayer OF the
Ltate.
The permanent school fund is piling
up to greater and greater proportions
and all which lies idle brings nothing
to the income fund and in no way helps
to reduce school taxes, the end which
it is expected to attain. Those who
have purchased the state lands are
paying in full rather than to carry
the state loan at 6 per cent. and pay
ing a premium for this privilege. In
the past two years $424, 100 has been
SO paid, and with it $25,451 premium
in the way of advance interest. Be
| sides this the different counties OF
the state have been compelled to pay
into the fund $3,S23.17 interest upon
funds which the state has been COM
PEELED to force upon them, and
amount will grow with every appor-
tionment so long az the permanent
fund is piling up. In relation to this
amendment Land Commissioner East
man says:
Eastman's Statement.
"The constitutional amendment pro-
viding for a 5 per cent. rate Of inter
est on loans from the permanent
school and endowment funds which
will be submitted at the next election
should be endorsed by every voter in
the state, and when you find a voter
who opposes the amendment, you can
rest assured that he is an exclusive
money loaner and not interested in
any OF the commercial pursuits Of our
state.
This department has employed ev-
cry resource consistent VIII the law
governing the loaning Of this fund to
keep the same invested. We have
sent at each apportionment period the
amount apportioned to the several
counties regardless OF applications for
the same, and have required sixty days
interest to accompanya remittance of
kuC lUuU " InC Sl0tC u CdcuIy.
I'm all cases before amounts Of this
fund can be returned to the state
treasury by a county, the county sudi-
tor is required to advertise for borrow
ers in . newspaper in the county for
six weeks before the first days of July
and January and for four weeks after
those dates, and yet with these efforts
and the bonus or advance interest re-
quired to be paid o. return of the mon
ey which advance interest amounted
to 5 3,8z3.17 in tho past year, there are
only a very few counties which have
not returned more or less in the past
two years. There has been in the
state treasury an average monthly
balance of this fund for the past year
of $262, 1868, and today there is $4S1,.
925.14 begging for borrowers at 6
per cent. interest.
1T is true that some private money
has been loaned in the newer parts Of
our state on farm security at as high
or even = higher rate than 6 per cent,
but the individual loaner can make
concessions to fit each individual case
and sci interest stimulates every eff.
fort to secure the loan while the coun
ty officers can make no concessions
to fit individual cases and cannot be
expedited with their oxnsr multirar-
ious duties to do more than is required
by law.
THE permanent and deferred paw
ment fund now amounts to $4,O84, 56G..
So, and at the rate full payments on
lands have been made and money of
the permanent fund returned in the
past six months, 1t is safe to predict
that If the general prosperity of the
country continues for the next two
years, and no reduction shall be made
In the present interest rate, our state
treasury will by that time be burden.
ed with from two to three million dol.
lars of this fund. earning not a cen
for the support of our common schools,
and safeguarded only by the honesty
of the treasurer and his bond OF $3.50.
600.
We sincerely our voters will be
alive to their interests on the fourth
day Of November next, and not fail to
place an x in the space opposite yes
In the amendment, the first line OF
which reads the rate of interest upon
all investments on 'amedment bal.
lots"