The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-01-17

has sustained and Is sustaining losses
that can hardly be oycrcstimated. Its at
tention has been repeatedly called To the
strong and urgent necessity of such Il
measure
No disluterestcd and thoughtful person
can read tho able mud exhaustive report
Of the commissioner Of the general land
Office without reaching the conclusion that
there has been great lack OF watchfulncSs
oror this magnificent heritage. which the
r0nrng~ and statcsmanshlp OF the founders
az the republic made possible FOR the pres
cnt aud all future generations to enjoy
He expresses opinion that. because of two
laws alone the fund has LOST from 5000,
600 TO Sl2.OuO 600.
1rinr ia June 30. lSau, the proceeds from
the sales Of timber growing upon lhcsc
lands and amounting to S6T4, i0S ~ were
credited to the available school fund and
80 expended Since that dnte, however I'LL
such proceeds have been uniformly placed
10 the credit Of tho permanent fund The
present commissioner. shortly after eutcr-
ing upon his o1iclal dulles IN 1SGp consid
Crnbly Increased he price IT timber real
iline on an average in hts ,nles - per acre
iuore than had before been received ia
the purchase NJ bonds whenever premium
hAs been paid the permanent fund has ofteu-
times and largely been depleted IN the
amount If such premiums without provision
for It's restoration Undcr tho present
administration tho policy has been alto
where 4 premium has been paid. not only
was its return 10 Tho permanent fund
made certain, but It also became Interest
bearing whilc SO used
Under the act n April r. tSp2 transfers
ngsrrgatng Sl.&3G3pl. rs Mere made trnm
tho principal of tho permanent to thc
RNAilahi" school fund for expenditure until
liz repent March /, 1890 Those transfers
transfer being on July 30, tsas on Janu-
AIRY I, $500, there was 90 tho credit Of the
fund $l,2i3342.GT In money, Under the
law then In force u was found impossible
ia AZ tfr1h Ia, ltf.s
been converted iuto bonds during tho Pre-.
riuus two years rho state hoard NJ Cdu-
cotlon was povorlcsS to compete
Tho nets of March 1. 1899. April 20. SOB.
and Aprll y, 1901, In giving the state
board Of udGcaiion an option on all bonds
aftcrWard issued aud authorizing invest
mcnts hearing moi less tnHu . per cen, iu-
tcrest por annum, and also, the purchase
~ the houds oC cities nul Independent
school districts. relieved the situation.
From January t. 1890, TO December 1.
1902, including tho amount on hand at the
date hrNt WcGIoncd. the money rccctpls
To the fund Amounted To S6,S"., 2S4 90 and
of THIS So iOJ.922, % Was invested hctvcrn
snid dates In the several kinds If securities
authorized 10y law. Iu no instance was a
purchase determined unpl the bonds had
been approved hy the attorney general and
also, until IL had hecu satisfactorily shown
O" tine stat" hoard of education that the
uncrcd. of tho county. city og district o.
fcrtng thcm did not exceed per cont
II rs real estate values rs shown by tue
latest tax rolls,
Il is thought that vlth the present law
all surplus money can bc safely invested
within reasonable time after its payment
Into the treasury. aud that no further log
islatiou Is nov needed upon the subject
With the explanation given. u msy me
stated that on September 1902 the per-
mHueut school fund consisted ~ 80, OS1 22.
acres ~ land; So POI $50 81 In state. county
city and Independent school district bonds:
SS42. 30 2S IN the bonds ~ the Te1as mud
Nov orleans Railway compsuy, and SiS
$50 t66 pS IN land notes In this st.t,.
luent has been omitted all the railroad
bonds appearing ia the treasurers report
OF the condition Of tho permanent srboo
the Texas and New Orleans RAILWAY com
pany, on which the interest and sinking
fund are being semi.annually paid. Tbe
bonds eliminated were purchased prior 10
our civil war. with 8 per cent securities ~
the United States. then owned hv ma
permanent school fund
II Is suggested that they should 10
omitted from all future statements as mis-
leading, unless the legislature shall. aftar
q careful ana thorough examination into
rho subject, hold them TO be valid ana
suhsisting, No Interest or sinking fcnd
has been paid on any OF these bonds since
March J, l&S. Legislative ingcs igation
ana action Is recommended