The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1912-01-18
IDAHO RICH AS CROESIS IN
SCHOOL LAND HOLDINGS
Auditor Taylors Policy Has Increased that Wealth a.d
Greatly Assisted the Farmers of the State
at the Same Time.

otdtC iAuuitoI y. II. LAY lOr HAS
been an earnest and consistent
worker as a member of the state
land board for the best interests
of the people at large, and has
accomplished much along pro-
gressive lines in getting the great
est possible results from our vast
school land interests.
1.-The state of idaho has loan
ed more money to the farmers
OF the state during the year 1911
than the entire amount of farm
loans in force December 3lst,
1870" said Mr.. Taylor at his Of
flee this week.
ION January 1st, 1909, the
total amount of farm loans in
force was $219, ,44OO0-all that
had accumulated since statehood.
During the two years of 1909 and
1910. there was placed the sum
Of 1924 ,577.00, while during the
one year of 1911 the amount of
state money loaned on farm lands
was $646, 795.OO".
This favorable showing is
the result of policy proposed
by myself, and supported by my
colleagues on the state board of
land commissioners, to discontinue
the practice OF purchasing school
bonds with the endowment funds
Of the state, and enlarging upon
the policy OF investing these
funds in farm loans. The schools
have prospered just as though
the state purchased their bonds,
because eastern bond houses are
glad to buy them, while hundreds
Of farmers of Idaho have been ben
efitted by securing this money, at
a low rate of interest, with which
to develop their lands. During
the one year ending December
I31st, 1911, the state purchased
1925, ,448.00 worth of school bonds
and loaned $646, ,795.O0 on farm
lands. The greater part Of the
bond purchases were made this
year before the change of policy
took place. If the farm loan pol
icy is continued during the pres
ent year, the amount so placed
for the present biennial period
Twill amount to not less than ST.
$50, 100000. The distribution of
this vast sum over the state will
without doubt help the banker
and the merchant as well as the
farmer. >"
1.-THE state has at this time
more than $2,OOO,0O0.O0 tied up
in school bonds, and it is a most
unfortunate condition that we
are unable to dispose of this mus
ty paper in the east and secure
the cash to further extend the
farm loan policy, in order that
the state by it's own financial re-
sources may assist the farming
industry. The land board has
not been able to dispose of these
bonds, owing to the low rate of
interest that they carry, but /
am pleased to state that negotia-
tions are under way for the dis
posal of considerable block.
The land board vii! continue to
take care of the small districts
whose issues are too small to be
considered by the bond purchas-
ers."
"The common schools and the
public Institutions of the state are
enormously rich in land endow-
ments, and if the endowment
funds derived from the sale of
these lands are judiciously hand
led they can be made to do vast
service toward the development
of the state, while the interest
earnings of these funds, available
for maintenance, will go far to-
wards ameliorating the tax bur-
den, which at the present time
is so much in the minds of the
public.
Congress gave the state g.
O0S, 900 acres for the benefit of
the common schools, and 668,0OO
acres for the benefit of state ed
ucat onal and other state institu-
tiors, a total of 3,748,000 acres
worth $37 ,48O, 10000 at the con-
gressional valuation of $1,000 per
acre, but from which the state
will eventually realize from $780,
O0O,O00.0O to $75,000,000.0. If
the state had this land turned in
to cash, and the cash placed in
the permanent, irreduceable en-
Idowment funds, its earning pow