The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1911-12-14

hence, the owner was entitled [,
a loan of only $1,000 under tn,
constitutional provisions regulat
ing loans. If the appraiser hae
50 valued the property, the schoo
fund would not have been loser.
The foregoing experience shoulc
be warning to those who may
from time to time, be entrusted
with the lending of these funds
but | regret to say that present
conditions do not show that we
have profited by the lesson
taught us in the '9Os.
Having heard rumors of extra.
VACANT loans while making a re-
cent trip through Fremont and
hammock counties, / visited the
court houses in Pocatello and st.
Anthony, and examined the re-
cords to ascertain the truth or
falsity of such reports. l need
not go into the details as l found
them. Let it suffice that | found
where a loan had been made in
Bannock county of seven-thous-
and dollars ($7, 00O) by the last
state administration, November
", 1910, ON 160 acres of land,
which was assessed this year un-
der your full cash value assess
ment, at $1,000. This assess
ment was raised by the county
board of equalization to 1892 4;
while under the constitutional
provision governing such loans,
the land should be worth $21 900,
or three times the amount of the
money loaned.
In February of this year, a
loan OF ten thousand dollars
t$1O,OOO), was made to one of
your appointees.
This loan was made on the NJ
of section "a, T. 5 S., R. "a E., B.
M. 1920 acres). This land was
also assessed under the full cash
value system and was valued at
six-thousand dollars 10000. This
valuation was later raised by the
county board of Equalization to
$500.
Thus $4,000 were loaned to
two men, when there are hun
dreds of farmers who would glad
ly pledge equally as valuable Lane
for small loans to help them over
the present stringency in the
money market.
The two loans described are
of others made by this
and former administrations. They
may prove to be amply secured,
if the values of land continues to
soar, but there is a feeling of dis
trust in financial circles, and the
of all money lenders, is to
contract, rather than to expand
loans.
The trainers of our state s con-
stitution never contemplated loan
ing on land even one-third Of it's
boom price values.
| know whereof | write, be-
cause | drafted the Article relat-
ing to loans, myself.
Mr.. Day, State Land Commits
sioner, gave an interview to the
press during recent trip he
made through Idaho county. He
stated: 1--WE already have S.
100000 in the public school
fund.-. Do you not think it
would be good business for the
board having control of this fund
20 issue a balance sheet showing
where the money is invested? In
what counties, and to whom it is
oaned? Let us have a showing
,heck up the loans and find out
what losses have occurred.
1t seems incredible that during
he entire life of our state, no
lear statement has ever been
published of the condition of this
und.
The farmers who are the home
builders of our commonwealth
hould be given the preference in
loans where such prefer
nee can be given without chan
es Of loss. But it should be need
ess to state that a board loaning
ive-million dollars belonging to
chool children, should not per-
nit either personal or political
friendship to govern their ac
ions. Respectfully yours,
w. j. MCCONNELL.