The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1909-10-08
IRRIGATION BONDS
Subject Is Of Deep Importance to
Farmers and Investors.
Care Should Be Taken to Purchase
Only Those Offered by Firms Hav-
ing Experience, Which Have
Been Carefully Examined.

ing Experience, Which Have
Been Carefully Examined.
In view of the fact that not less
than one-third of the public lands
have been capable of reclamation and
largely by means of the irrigation
process, the deep Importance of this
subject is at once apparent.
Reference has been made to the
fact that there are certain pitfalls
which the investor in irrigation bonds
must not be subject to, if he would
have his money absolutely safe, says a
writer in Farm, Stock and Home.
To begin with, best engineering con-
ditions in the irrigation projects usu.
ally involve, at the start natural
lake at an altitude considerably
above that Of the lands to be irri-
gated, or a river whose flow may be
depended upon and whose fall--an.
that of the lands sufficiently great
to allow the conveyance of the di-
verified water through canals or "lat-
erals as sometimes called, by gray
ity over the entire contemplated area.
In addition, there should be natural
or excellent artificial reservoir sites,
for the continuous storage of water,
to supplant the flow of the river in
time of protracted drought and as a
safeguard against any unforeseen con-
tingency.
The diversion from the river may
be obtained by means of dams, those
of the modern type being entirely of
rock and concrete, raising the river
to the proper height, with numerous
gates" or locks for the perfect regu-
lation of the flow of water.
The main canals, when built for
permanent use, should be constructed
of rock, earth and concrete, as are
also the laterals, leading off from the
main canals to the bitches, which
carry the supply to the individual
farms upon which the flow is regn-
lated by means of frequent head
gates, permitting thereby the water
to flow through the burrows made by
the farmer according to his needs or
enabling him, if he desires, to irri-
gate his land by flooding it.
1t should not be thought that irri-
cation means simply a continuous,
persistent flow of water. On the
other hand, it simply involves thor
ough moistening of the soil, perhaps
but three or four times during the
growing season, according to the
character of the crops and then re-
quiring the water to be turned on"
but for ~ or "a hours at time.
AS stated before, the development
OF irrigation laws followed the gen.
eral recognition of the vast benefits
and enormous increase to the nation
al wealth which is being brought
about by the practical application of
the centuries-old principles of irri-
cation, coupled with the enactment
of wise legislation seeking to safe
guard the settler, as well as the lend
er of capital.
There are five leading classes OF
bonds, which may be briefly touched
on as follows, as most of them have
within the recent past been offered
to those who have savings or surplus
funds. To begin with, it may be &C.
cepted as an indisputable fact that all
irrigation enterprises have not been
successful In many cases, inexperi-
ence, which is only another name for
inexpert management, has been
largely the cause. The natural con-
ditions have, in majority of in
stances, been extremely favorable.
The first class Of bonds are those
which are issued by an incorporated
Irrigation district These districts
are formed in much the same man.
ner and under practically the same
conditions as School districts, and, in
fact, their bonds are valued tax lines,
superior to all other forms of indebt-
edness, when issued in accordance
with the statutory requirements. In
vestors should be careful to take only
bonds offered by firms having expert
ence and possessing the facilities for
examining carefully the legal details
in issues of this kind When issued
properly, these bonds are unquestion-
ably very attractive.
Bonds are also issued by corpora
lions which are engaged in selling the
water rights" or irrigation lrivi-
leges. These bonds are secured by a
mortgage on the reservoir, pumping
equipment and franchises of these
corporations. These bonds are of a
public service character, but do not
rank so well as do the obligations of
municipalities or districts. These
bonds, as rule, have very fair rec
ord, however.
Baking Soil.