The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1904-03-04
THE SCHOOL FUND.
Explanatory Letter from the State
Auditor,

The following letter from State
Auditor Irerson explains itself and
we give it verbatim in order to allow
the people of District No. u to judge
for themselves. Mr. VERSIONS expiana-
tion is very acceptable as far as it
goes. However. why the fund mem
toned should be SCALED ''school
fund" is hard TO imagine. Properly
named, it would probably be more
consistent TO name it the drainage
and ditclling fund"
Tile school fund Of the state bids
fair to reach into the hundred mill
lions within very few years. The
state board is investing it to the best
advantage of the state, as Mr.. Iverson
says, but why not have the school
fund. or part OF it. available for the
purposes for which it was created?
Mr.. Iyerson writes as follows:
Editor of MINER,
@ Ely. Mimi.
MY DEAR SIR am in receipt of
copy of last issue Of your paper and
note your front page article on
''Schooi Fund. | am sure that the
good people of Elv and yourself, are
fair minded. and not disposed to place
criticism where none is deserved. To
quote from your article 'SOme OF our
| citizens in touch with the workings
Of the state departments, attribute
this condition TO State Auditor Iver-
son who they claim might have ar
ranged things during the past eight
months in a manner satisfactory to
the district" etc.
| My sins of omission and commits
sion are. no doubt, very numerous,
out Imust emphaLicaliy decline to
assume tile responsibility Tor the acts
uf the state Investment board, Of
which L am but one memDer. 1t is
Lrue Tie correspondence is conducted
With Lnls Ufnce, but the lnsinuatiOn,
LnaJ personally was instrumental in
ueieaJlug lie application for the loan
made Dy your school district in IN
warranted by Tie facts and uncalled
Ior. 1 am but one member OF the in
yesLmenU board, and L certainly do
not arrogaJe 10 myself any control
lover The entire board. Governor Van
oaut and Stale treasurer Block, who
are also members OF the investment
BOARD would hardly feel compli-
mented with that insinuation. Ano-
Lner fact which may have been over
.uuked by you. is that before the in
vesiinenL board can act the papers
must be approved by the attorney
general. 10 quote further: 1T does
seem strange that an educational
fund should be devoted To ditching
purposes, and our institutions OF
learning would suffer for a little
loan. This is no doubt intended to
criticise the investment board for
making loans TO counties for ditching
purposes. L beg leave to call your at
| Lention To Chapter 1873, G. l.. of Min
nesota, 1903. which expressly authors
yes such loans, and / only regret that
he funds do not permit the invest
ment board to accommodate all the
counties in the northern part OF the
state with the money they need for
draining the low lands SO that they
may be made iii for cultivation. The
members of the state investment
BOARD are all desrouS of pleasing
The people of the state, so far as they
can do so, within the law, but they
ind the application for loans from
counties. towns. villages, cities and
school districts at this time far in adj
vance OF the available funds on hand
IN the state treasury.
We are all anxious to keep the funds
invested TO produce the largest in
come possible for the school fund,
and the entire investme board, my
self included, regret our inability to
make the loan asked for to your school
district.
Very truly yours,
SAMUEL q. IvERsoN,
State Auditor.