Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1902-03-20
STATE LAND WEALTH
WHAT THE STATE SCHOOLS HAVE
IN THE WAY OF LAND ENDOW-

:&5S sME2CNI !. 80 @
.5s w. F. Gushing writes of the school
land endowment of the state: Up to
the present time there have been ST.
i1O1, ,779 Of the permanent school fund
invested in district school bonds bear
ing an average interest of 5 per cent.
OF this large sum, but one bond, So
500 is considered doubtful. This bond
was fraudulently issued in territorial
times, and bought by the state in the
early days when the purchasing sys-,
tcm was not so perfect as now 1t is
thought, however, that this may be
made good eventually by the district
and the state lose nothing.
At the present time there is a balance
of 100000 and the permanent fund Of
the state institutions, about $4,000, all
of which will be invested in bonds and
farm mortgages as fast as possible.
The income from the interest on de-
ferred payments, rentals, ETC., for the
biennial period ending June 80, 1902,
will be about 100000, including about
$4,000 derived from the same source
and credited to the several institu-
tions. This is an increase of about
100000 over the previous biennial
period, and is an illustration of the
rapid increase in the income, which
goes to aid our public schools and in
stitutions.
During the last four years there have
been about $4,000 of the permanent
school fund invested in farm mort
cages at 6 per cent interest. To the
minds of many this was doubtful ex-
pertinent, as it was feared no state
officers would ever be found to enforce
connections. But out of all the loans
thus made there has been but one de-
fault, and in this case the state is
amply secured by the land, which will
be sold the same as the school lands,
more than making the state whole.
About $4,000 of, these lands have
been taken UP, leaving only $4,000 in
vested in this class Of securities at the
present time.
Last year sales OF school and insti-
tuition lands were made to the amount
of nearly $1,36O,OO0, about S34O, 200
of which was for institution lands.
The sales were ON twenty years time
at 6 per cent interest, five equal pay
ments. The first payment put $2O3.-
772 in the permanent school fund and
$79,239 to the credit of the permanent
funds of the institutions, as follows:
Agricultural college, $16160.23; blind
asylum, $4,522.1S; capitol building,
S9,S13.O9; school for the deaf &c.
144.99;; insane hospital, S2,4961 12; in
dustrial school, $4,935.96; Valley City
normal school, $4,s62.52; Mayvi1le
normal school, $2,S17.52; reform
school, $5,0s5.7S; scientific school, s2,-
461.55 school of mines, S3.642. .16;
soldiers home, $4.5S5.9O university,
$11 .O63.07. OF this sum credited to
the institutions S14,75O has been in
vested in school bonds for their bene-
fit as follows: reform school, ST.
300; university. $1,000; agricultural
college, $4,000; school for the deaf,
$500; industrial school. $3.50; May
vile normal school, $1,s0O; Valley
City normal school, $1,000.
Three payments have been made on
much Of the land sold up to 1901,
largely reducing the interest revenue.
and to the end that these revenues
shall be maintained other sales Of
school and institution lands will be
made this year. In. all only about s
per cent Of the state lands have been
sold, from which it will be seen. the
state has a priceless treasure in her
land grant.
PLACE FOR FUNSTON.