Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1903-01-09

Reform School.
Bonds S5O.VU
Deferred payments .........77,SS2.64
Cash on hand. S,6Sl.oS
Total .9t,4l5.tl
Acres sold 9,o4l
Acres unsold .30,SS6
Scientific School.
Deferred payments. .......6 $3.50
Cash IIo.l3
o,cc,-c
Total .S3,663.56
Acres sold 1896
Acres unsold 32,l45
Soldiers Home.
Deferred payments. ........ SO,66O.S4
Cash 2o.33o.2l
Total ,S9l.oo
Acres sold $3.50
Acres unsOld ,12o
This fund of over six millions of
dollars is but a small part of the mag
niiicent endowment hat eventually
and at no distant time will accrue for
the benefit of our common schools and
public institutions and it seems to me
most timely that adequate provision
be made for its %judicious investment.
Our constitution provides that these
funds shall be invested only in bonds
of school corporations within the
state bonds of the United States. bonds
of the State of North Dakota, or in
first mortgages on arm lands in the
state" Since June 80, 1900, our Uni
vesity and Common School Lands
Board has purchased nearly all of the
common school bonds that have been
issued by the districts of the state,
but the total amount purchased owe
the total mount of bonds paid only
during the same period have de
creased more than $27 900. The total
amount of cash on hand has grown
from $4,000, on June so, 1900 to the
very large sum of 1861, 1862 on jan
nary 1. 1903. This also does not in
clude quite a large amount of de-
ferred payments on land contracts and
farm loans which became due on Jan
nary 1st, and which will further in
e a this amount. What to do with
this money is a serious problem with
our School Board. Our present law
has proven inefficient and too cumber-
some. Under it's provisions it takes
from two to three months to get a
farm loan through and many of our
best loans are lost because the small
saving of interest is not sufficient to
offset the inconvenience of the delay.
Then, too, the limit of 81 900 to one
person takes our loans practically out
of the best part of IA state. | would
recommend that the law be amended
to provide for the direct purchase of
real estate mortgages; to provide that
the limit of the amount loaned be
measured entirely by the value of the
property; to provide for a more expe-
dltious manner of appraising and com
pleting the loans. I would also rec
Ommend that an amendment to the
constitution be submitted, authoriz.
ing in addition to the present proyis.
ions, the investment of the permanent
funds in county, township and munici.
| pal bonds within the state. The sec.
n matter in connection with these
funds is the reimbursement of the per
manent fund for losses sustained by
reason of premiums paid for bonds
purchased. In 1892 the board pur
chased a large block of bonds bearing
3 to 10 per cent interest upon a basis
of net 4 per cent. The premium on
this purchase amounted to S71. S54.5 So
a part of which was paid out of the
permanent fund and has never beer
returned to that fund. These bonds
have now been nearly all paid and il
seems time that the permanent fund
be made good. The benefit of the
nigh rate OF interest has accrued to
the interest and income fund and II
woul be no injustice to that fund to
proVlde That 1t reimburse the perma
nent 1und for all losses on this ac
count.
The third matter is in relation tc
the institution bonds that pledge
the interest and income fund of thei,
land grant for their payment. The,
all provide for a sinking fund but DE-
hot s~peclncally make it the duty o.
any a or officer to set aside an,
part OF this income for this purpose
AS yet no such sinking funds have
been started, presumably because Il
has n o been the apparent duty of any
10 do so. recommend that thu
University and Common School Lane
Board be authorized and it be thei,
duty to set apart a sufficient amour
annually from the interest and incom,
OF each OF thetse institutions to TAX,
up these bonds at maturity.
Board OF Control for Our Edueatiora
Institutions.
The experience Of other states ha
proven beyond q doubt that the mar