The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-28
NORTH DAKOTA
ASSETS OF But 50
Armstrong; Receipt Showed This
Was All Of the Visible Wealth
Of Dakota.
North Dakota Alone Now Has a
Cash Balance Of More Than
a Million.
Special to The Journal.

Special to The journal.
Bismarck, N. D., Aug. 2s.-There is in
the vault of the state treasurer OF North
Dakota an interesting historical document
which is a striking proof Of the remark
able growth Of the Dakotas in the last
thirty years. 1t is a receipt signed by
Moses K. Armstrong Of st. James, Mimi.
then territorial treasurer Of Dakota, for
the entire funds III the treasury Of the
territory and calls for the modest sum Of
50 as representing the then cash assets or
the territory.
Mr.. Armstrong has called the attention.
of the State Historical society to the ex
istence of this receipt: He also refers to
the fact that this sum at the time repre-
sented the visible wealth of the territory.
There was no furniture, no stationery, no
appurtenances Of any kind, and the future
Of the territory was a matter Of specula-
ton entirely. At the present time, thirty
nine. years later, there are two states
carved out of the then territory, and
North Dakota alone has a cash balance
in all funds Of more than a million dol
lars.
Looking for investments.
The stats board Of university and school
lands is somewhat at a loss to find in
vestments for it's permanent school en-
dowment fund. Since the failure Of the
institution bond issues, there is a balance
awaiting investment. At it's meeting to-
day the board bought about $4,000 Of
school district bonds and instructed the
governor to correspond with various bond
owning firms, to see If the bonds of the
state of North Dakota which are held by
them might not be purchased by the
board.
An offer for the sale of certain state
bonds was made to the board this spring,
h1,f oh tfr,1n 1o1of Ia pScf =
tuition bonds would take up the surplus
in the fund. Now that those bonds have.
failed, the board will endeavor to pur-
chase the old state bonds. 1t is stated
by members Of the board that half a
million dollars could be invested In that
way and the fund would still be large
enough to care for all school district bonds
that will come in.
Law Forbids II.
Tho suggestion that the various banks
Of the state could care for the tenapor-
airy emergency existing In the state insti-
tutions by supplying funds for the carry
ing on Of improvement work Is unfortu-.
nately open to the objection that such a
course is positively forbidden by. the law.
Section 1923 of the revised codes of the
state prohibits trustees of any institu-
lions from anticipating the revenues of
any institution or from contracting debts
IN advance or any appropriation. The
trustees of every institution are held per
sonally liable by the law Tor, any. surnaot-
money 50 expended, and In addition are!
liable to forfeiture Of their offices. 81
Attic 1t Is said this law has been vio-
lated in the case Of some state institutions
where funds have been raised in anticf-.
patton Of appropriations, the law.ise ex-
pltcit and plain on this point.
-S State Trolley Line. za.:~a
The city Of Bismarck will, at the next
meeting Of the council grant a franchise
to the state for the operation Of single
track trolley line from Main. street to the
state capitol. This is the street car line
for which an appropriation was made by
the last session Of the legislature. The
materials for the construction Of the line
have been purchased and the power house
Is In course Of erection. The cost will be
about $4,000. It will be operated by the
state. 81