The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1911-04-13
LOAN $500. 900
ON FARM LAND
State Auditor Taylor Sets
Public Right on Leaning of
State Funds.

Auditor S. ID. Taylor, relative to
the loaning of endowment funds
belonging to the various state
institutions. Mr.. Taylor said:
My attention has been called
to resolution adopted at mass
meeting recently held at Moscow,
in which the state land board
was urged to loan out these state
funds on improved farms and
school district bonds in place of
depositing the money in banks at
three and one-half per cent inter
est.
1.-THE people of Moscow seem
to be laboring under a. misappre-
hension of facts. The state land
board keeps these funds loaned
up very closely. On the first of
March farm loans had been APP
proved to the amount of 100000
in excess of the funds available.
However, ON account Of the. fact
that so many applicants fall down
in furnishing a clear abstract, or
change their minds after present
ing their application, the state
land board has been able to ac-
commodate all applicants since
the first of the year. On March
LIST, practically all the available
funds had been discussed for
farm loans, but within the past
ten days there has been received
$685. 900 from the Payette Lum-
Der company as the proceeds of
land sale, and in addition to this
amount there has been reported
to my department. at the begin
ming of this quarter about $780,
900, coming from miscellaneous
sources, and which is now avail
able, or total of about $780,
900. With this sum on hand, the
state Land board will approve
large number of applications for
farm loans that have recently ac-
cumulated.
1t has not been thought wise
to advertise for farm loans for
the reason that the applications
were already in excess to the
funds available. AS stated, the
funds are loaned up very closely
and the only time that there is
any accumulation is at time as
above noted. when the receipts
are very heavy. OF course, it
then takes little time to get
these loans placed.
81 have recently checked up
the farm loans made by the state
land board and find that they
amount to 100000 in round mum
bers. The balance of these funds
are taken up by school district
bonds and state bonds.
In checking up on farm loans
find that north Idaho counties
have not had their equitable
share of this money. The law
provides that in making these
loans that it shall be divided
equitably among the various coun-
ties of the state. On December
LIST, at the time i became MEM
Der of the state Land board, the
following loans had been made
in north Idaho counties: Bon
ner, $4,000; Idaho, $4,000; Koot-
enai, $1,000; Latah, $1,000; Nez
Perez, $43,S90; Shoshone, moth
ing. Each of these counties is
entitled to an additional allot-
ment of $4,000 or $4,000. In
order to make an equitable adj
iustment of the allotments of this
money for farm loans, those coun-
ties that have not had their share
will have the preference, and al
though there will be more appli-
cations than funds to loan, pref
erence will be given applications
from those counties that have not
received their due proportion.
"In connection with the sub
iect of farm loans, l desire to
add that any correspondence adj
dressed to me personally, from
anyone desiring farm loan, will
receive prompt attention.
Parties desiring to secure a
loan of state funds on an improy-
ed farm should write the register
of the state land board, Boise, Ida
no, for an application blank. The
money is loaned to the amount
of one-third the appraised value
of the land. The time allowed is
from three to five years, and the
rate of interest is six per cent. !"
no PosToFFICE RESTORED.
M L. q efian fhn dicnon.