Elmore County Republican. [volume] (Mountain Home, Idaho) 1910-1915, 1913-07-26

A most important work Is being
done by the Irrigation Securities COM
mission which was authorized at the
last session of the Legislature. Its
purpose is to investigate and report
upon all matters connected with ir-
rigation development in this State
and to recommend such changes in
our laws and in the provisions OF
our constitution, If found necessary,
as will serve to give our irrigation Sc
curities a much better status in the
money markets of the country. This
investigation will be OF special inter-
est to the people who reside in any
part of the State which depends up
on either irrigation or drainage in
order that farming may be success
full.
When the first contracts for water
rights under the Carey Act projects
were made the idea was generally
prevalent that in order to find a
market for irrigation bonds it was
necessary to promise a quick return
thereon. The mistake was therefore
made of providing that payments for
water rights should be made In ten
annual installments the first Install
ment falling due at the time the wat
er was ready for delivery. 1t re-
quires no argument to convince you
that in most cases this provision OF
the contract has placed a burden
upon the settler which in justice and
reason he should never have been
expected to carry. In many cases he
has been unable to meet his obliga-
lions and the security OF the bond
purchaser has thereby been impaired.
The result of all this has been that
irrigation securities have been for
sometime practically drug upon the
market and when sold at all 1t has
been only at an enormous discount
which has added an additional burden
to the enterprise selling the bonds
OF course this burden has to be
borne in the end by the settler.
1t is the purpose OF the irrigation
Securities Commission to make a
thorough study not only OF the irriga
ton laws of our State but OF the
irrigation and drainage laws OF Other
states and countries, and OF all 9th
er laws under which any government
has assisted in any form OF industrial
development, no matter what Torn
such development may have taken
The search for helpful laws, In ordel
that their principles may be studied
has covered a wide range, not only
within the United Sttaes but In Can
ada. Australia and perhaps othel
countries.
II is our hope that some plan vii
be found which will result in placing
irrigation securities where the.
i rightfully belong at the head OF th'
LIST of securities issued in western
states. We are seeking a plan un
der which such securities would rul
for a long term of years, say twenty
five or thirty, and at a low rate o
interest, the first payment not 10 DE
gin until such time as the settle
has had an opportunity to ESTABLISH
himself upon his land, bring the sam
into cultivation, and be able to pro
, duce something above the bare ne
cessities of life. Some manner o
: guaranteeing the payment OF prlnc'
( pal and interest on such bonds is be
ing sought, but just what form tn
recommendation in this particula
: will eventually take ! am unable U
say.
The one thing which / most strong
ly desire to impress upon you a
this time is the fact that these ID
. vestigations are being made primaril
: In the interest of the settler within
, our borders and not in the interes
of the bond purchaser as has bee
represented In certain parts OF tn
: state. If you will think about thi
calmly you will come to the conclu
sion / have reached that the mteres
of the settler and the bond purchas