The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1913-02-07

money now available foi bond pur-
poses. 1t is said by the register of
state lands that it requires more labor
to pass on an application for a farm
mortgage than a bond, and that a
farm a requires more attention
than a bond loan. On the other hand,
the agricultural interests say that
bonds a be readily fioated on a low
rate of interest, While it is practically
impossible for them to procure farm
loans at a low rate of interest, and
that by passing of this bill, ready and
safe investments of all of the funds
can be easily procured. Not only
would the state be the gamer from
the 6 per cent on farm loans as
against bonds bearing a lower rate,
but the saving to the farmers would
be very great. as they now pay s to
10 per cent on their mortgage loans.
The state board Of LAND commits
sioners has been unable to invest the
full amount of moneys received in the
various bond issues designated by
statute, and there is now u~ninvested
and deposited in banks more thar
$660,000. The state board of land
commissioners is evidently disposed to
invest this big sum, together with the
funds available during the years 1919
IA which is estimated at 50, 100, 900 in
bonds. and the register of state lands
in his report referred to argues tina
there is a class of bonds that are
safe and bear 6 per cent, which be-
cause not specified in the 1909 laws,
are nyplldn1 from state ,hN1r l in,-nSt-
ments An amendment authorizing the
board to bid for such bonds in amount
they deemed advisable, should be en-
acted. I refer to bonds or Carey ir-
rigation projects in Montana
There are m%eritorious Carey pro-
jects ready for construction. BY rec
ognition as recommended above, Of the
bonds for financing these projects,
the state can safely and very profit
ably help its wv development.
1T would not be necessary for the
state board to buy all the bonds is
sued against a Carey project. If the
state bought only d small part the
bonds would then be readily sold to
obtain full benefit"
ne tnell states lldt lie estimated
amount available for investment 1913
IA is $2,151,O 900.
Objections.
A bill to meet the suggestions of
the register of the state land office,
has been introduced in the senate. To
this bill, the agricultural interests of
Montana object, and insist tina before
any more of the permanent funds of
Montana are invested in bonds, that
reasonable provisions should be made
for the investment of these funds in
farm mortgages. They object to turn
ing over the funds of the state to
crafty politicians and Carey project
promoters, to be used by them to pro-
mote their individual schemes. 1t
would be a fine thing TOR land specu-
lators if the state would take up a
portion of their bonds. With his sub
stantial Endorsement the sale of the
remainder of the bonds would be COM
paratively easy.
In other words, it is seriously pro-
posed that the state of Montana shall
provide lands at a low price, practic-
ally guarantee to eastern investors the
safety of the bonds by taking a large
share of them, while the Carey land
spectators reap the harvest. Against
the need of the farmers of Montana
FOR cheap money it is proposed to the
enormous profits of a handful of land
SharpS.