The Meridian times. (Meridian, Idaho) 1909-1938, 1916-03-31
Davis Makes Fine Speech
[coNrINUaD FROM F'IRsr PAeEl

CoNTINUED FROM FIRsr PAGEl
complicated about the plan, declar-
ed the speaker. 1t was more simple
less expensive and more profitable
and safe than the plan now In use.
The first step was to convert DOR
mant resources into Understanding
securities. The state has approx
imately 2,500,000 acres of land that
| is not only bringing in no revenue,
but is entailing an annual expense
for care. Approximately one-half
moillion acres brings in revenue
from leases, but this revenue is not
one-fourth what 1t would be If the
land was converted into securities
bearing 6 per. cent interest.
The second step would be to in
vest the greater part of the earnings
and increase the states capital The
fact that the lands were given for
the beefit OF the schools would
make no difference. The earnings
could be used for the benefit Of the
institutions for which the lands were
| given, just the same.
1t was an indisputable fact, de-
clared Senator Davis, that a sum of
money placed at 6 per cent interest,
compounded annually. Will double in
less than IL years. The state sold,
up to the close of 1914, 377,0S4
acres of land for $6,085,610, or
about $16.14 per acre.
My opponent questions the $40
value that / had placed upon these
lands, by saying that we had acres
that would not bring $40 in CEN
fury. not taking into consideration
the fact that all lands sold to date
have averaged about SIT per acre, :"
said the senator.
Il call your attention to the recent
| land sale. in Canyon county at over
/ $50 per acre, and the big land sale
Iof $500 acres held in Power county
a year ago last January, which aver
aged better than $33 per acre. Much
OF this land was from 20 to 35 miles
from a railroad
II also call your attention to the
! further fact that we own the largest
and best body of white pine timber
in the world, which will bring thous-
aIds of dollars ler quarter section
and this has not been taken into con-
sideration in these estimates. We
have more than 100000 acres yet
to sell, and at the same average price
per acre, this would bring $50,034,-
900.
Suppose we can, for any reason,
sell only one-fourth of this land at
| $16.14 per acre. This is certainly
conservative enough. State Treasur-
er Eagleson estimates that we can
realize $100,000,000 from these
lands, and other well informed men
j place the value at which they can be
rapidly sold at from so to 100 mil
lion dollars. / feel that one-foutrh
l..k n l.
conservative enough to satisfy the
| most skeptical That is barely more
than we have received for only the
small part OF our land and timber al
ready sold In IL years this $12,-
100000 would become $23,017, 700;
in "a years $50, 900, just where
we would have started If we had
sold all the 100000 acres of land
at $1614 per acre. This demonstra-
ties that even though we may not be
able to realize more than fourth as
much as the best informed men be-
llieve we should be able to realize,
it will not delay the arrival at a tax
less goal for longer period than "a
Years.
] Later on in his address the Senator
said:
If we follow the present system we
will never have capital of more
than so to 100 million dollars, with
a maximum earning capacity of not
more than million. BY adopting the
policy have suggested we can build
4 up a fund large enough within re-
asonable time to make Idaho taxless
forever
j Senator Davis read several letters
indorsing his plan. one of which was
from Captain E. G.. Davis, his oppon-
ent in the race for nomination which
was dated June IL, 1918, in which
the CAPTAIN said in part: so
fully believt that you have started an
argument which will not end until
your ideas have been accepted, and
until this great reform shall have
been accepted and acted upon"