The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1915-12-09
STATE LAND BOARI
GREATEST FINANCE
AL INSTITUTION
Continued from page u

CONTINUED from page u
ant state department, there should N
added to the amount of loans alread
granted this year at least three hun
dred thousand dollars, which amount
covered by applications for loans whic
have already been granted by the boar
and are new pending completion. Thf
would easily aggregate over one-half m
lion dollars loaned to the farmers of thb
state Of Idsho. through the state boarI
of land commissioners, at 6 per cent
during the year 1915. These loans ul
for five years, payable on any Interest
date and renewable on expiration, pro
viding interest has been kept no and
security has not deteriorated in value
The loans made during the curren
year have exceeded the loans granted
in any previous year in the history Of
the state by fully one hundred thousl
and dollars. This is accounted for from
the fact that there is not only greats
demand for money at this time than
In the past years. but for the furthet
reasons that the farmers of the STATE
are becoming more acquainted with the
opportunities for getting money cheap.
ly and easily from this source Thu
farmers thought a ne time tn al
they were not in a position to nego-
tiate loar from the state unless they
lived near the state capital or could
send a special representative to tran.
sact business for them, or hire an at
torney at home to do the work There
never was any excuse for such mis-
conception of conditions. Suffice it to
say that they have gradually grown in
to the knowledge that applications may
be filed by them on forms provided for
the purpose, and that appraisements vii
be made and abstracts examined, and
in due tims notes and mortgages prepar.
ed and sent to them for signature and
the entire business conducted through
correspondence by any farmer who can
read and write. The present board has
a ruling providing for the filing with
each application Of bank draft or certi-
fled check in an amount equal to /
per cent of the amount applied for and
which covers all costs to the applicant
of appraisement of the lands and COM
pletion of the loan, so far as the state
is concerned
school District Bonds.
During the current year, or up to
December the state Land board has
purchased school district bonds to the
amount of SEES and the total amount
of such bonds now held by the state,
which are still in force aggregate the
enormous thtal of $2,397, 241.69 These
bonds have been issued by school dis
tricts of the state for the purpose OF
erecting school houses and furnishing
same and usually run from 10 to 20
years.
From what has already been said it
Is apparen. that the business of the
state Land department, insofar as equit-
les in land contracts, farm mortgages
and bonds are concerned, aggregates
over $1,000 900, which far exceeds any
financial r banking institution in the
state Of Ide no.
Cash Receipts.
The actual casn receipts for the de-
partment for the current year are ST.
217, 432. 40. This enormous business is
conducted with lie IS help and more eco
nomically than any similar institution
of equal ms gnitude In the country. The
money representing principal paid. as
above ind,ce ted, is reinvested in farm
mortgages or school district bonds as
fast as it is received SO that 1t is kept
CONTINUOUSLY WORRYING and producing rev.
enue The interest collected is appor-
toned to the various Institutions of the
state to which funds or lands respec-
lively belong from which the revenue is
derived and which apportioned interest
goes to the payment of maintenance and
operating expenses of these various in
situations
It is obvious that with these splen-
did land endowments, safeguarded as
they are with proper legislation, and
the funds handled as they are by judic-
ious officers with business ability and
integrity, the time will soon come when
the educational, charitable and penal in
situations Of the state of Idaho. will be
to great extent If not quite self-sus-
tanning and will not have to look to the
taxpayers for their means of support.