The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1915-12-09
STATE LAND BOARD GREATEST
FINANCIAL INSTITUTION
IN IDAHO STATE
Handles $1O,OOOOOO of the Peoples Money, Which is
Loaned Idaho Farms at Six Per Cent Interest
Almost Half Million Contracted This Year.

In respo: se to unofficial requests,
Register Heber @. Hale of the state
land department has prepared a re-
sumo of the work of the depar ment,
showing thu magnitude of its opera
tions The land department is by far
the largest financial institution in the
state, though few understand its
workings. In his resume, Mr.. Haze has
not touched upon all the administra-
tive duties of the board, such as super
vision of the Carey act projects, the
Lava Hot Springs, etc.
Mr. Hale's statement follows:
The state land department has grown
to be the greatest financial institution
in Idaho. The equity 1t holds in inter-
est bearing land contracts, its invest
ment in school district and state bonds
and its farm mortgages aggregate the
enormous total of approximately ten
million dollars The basis of these funds
rests entirely upon the land grants by
the governm ent to the state for general
educational, penal and charitable insti-
tutions which lands aggregate about
| 3,31S,0O acres The wisdom of the con-
stitutional fathers of the state was
shown In safe guarding these land
grants W ith a Constitutional provision
which was subquently enacted into law
by the state legislature under which
none of the lands could be sold for less
than $40 an acre.
Since 1890 when Idaho was admitted
to statehood 22.406 acres of land from
these several grants to the state have
been sold on time contracts bearing
per cent interest The sale are held
Ian ff
the highes- bidder The minimum bid
must be th= appraised valuation of the
lands, which in no case can be less thar
$40 per acre. The moneys so received
from sale OF lands and timber are invest
ed in first mortgages on farm property
and in school district and state bonds
all bearing per cent.
The uns"ld lands belonging to thN
state are leased for agricultural ant
grazing purposes for a term of five veal
or less, subject to renewal The aver
age rental for grazing purposes is IL
cents and for agricultural purposes 2
/ cents an acre per annum. The money
received from deferred payments ON Ian
contracts from rental of lands and fron
interest on farm mortgages and bond
Is prorated to the various institution
of the state for maintenance purpose
to which the lands respectively belong
only the principal as above indicated /
invested and this principal constitute
a permanent and irreducibbe endowmen
fund in favor of the respective educa
tional, penal and charitable institution
OF the state
Land Leases and Sales.
Since Idaho commenced leasing 1t
lands for agricultural and grazing puI
, poses to the farmers and stockgrower
Of the state. 2.102. 643 acres have bee
thus leased and consequently brought II
to revenue producing condition 70
the benefit of the various institutions
The total rental received up to Decem
ber 1, 1915 amounts to $317 ,642.0S. Th
average covered by leases now in fore
aggregates 1,o4s, ,072.52 .acres. The acre
= age leased by the state land department
for the year 1915, lis 354, 1877 acres, whic
: has produced a payment of rental
the amount of $41, 924 for the year. Th
great demand for leasing state land
is demonstrated in the fact that NOR
lands have been leased and more rents