American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1916-05-25
BIG SLUMP IN

For the past two years or more Idaho people have taken
pride in stating that the state had an active capital of
about ten million dollars derived from the sale of state
lands and timber; that this capital was rapidly increasing
and earning a large amount which was being used to re-
duce taxes. Prior to two years ago it was said that this
active capital would soon be ten million dollars.
State Treasurer Eagleson has just completed a state
ment which showing actual investments of $7485, 1901.
The amount of cash on hand, which the report does not
show, added to the investments, will show a capital ap-
p~r0ximating seven and three fourths million dollars.
This is the first time in years, it is b believed, that the actual
amount in these funds has been known. Information has
often been sought, but an estimate was the best that could
be secured, and that estimate was about two and a
quarter million dollars too high.
Criticism for this condition should not be thoughtlessly
leveled at the state land board. The same condition exist.
ed under Steunenberg, Hunt and down through the Haw-
ley, Haines and Alexander administrations. 1t is the
fault of inadequate system. With the growth of the de-
partment, which has been gratifying to every citizen, re-
cord books have been multiplied and new sub-departments
created and authority divided. In order to learn the exact
financial condition Of the department it was necessary to
examine half a dozen different record books, in different
departments, a task that would require weeks if not
months Of painstaking investigation. Each succeeding
administration has simply adhered to the system origin
ally installed.
State Treasurer Eagleson is entitled to great credit for
the new system he has installed, which transfers into one
record what was formerly carried in six, and shows at
the close of each day the exact financial condition of the
state land department. He has performed a great SER
vice for the state. 1t is a little disappointing to learn that
we have only about three-fourths of the estimated ten mil
lion dollars of active capital, but it is an advantage to
know exactly what we have.
The showing constitutes a strong endorsement of the
adoption of a uniform system of accounting advocated by
Senator Davis, by means of which all state departments
would be brought to a common head and the exact financial
condition of the state shown at the close of each day.
Henceforth when accurate information concerning the
land department is desired it can be Immediately supplied.
Following is the statement issued by Treasurer Eagleson:
Amount Invested in Farm Mortgages, $2,673,0OS.24
Divided Into the Various Endowment Funds as Follows:
General school ............. 81 59,94774
Normal school .............. 203,45700
School of Science .-......... 1S6,S7I50
Penitentiary " 161, 124.00
University .............. 1872, 1880
Agricultural College - 14,525.00
Charitable Institutions .-.~.... 321, 1920
Insane ASYLUM 103, 10000
School Bonds, $2,3l9,326.69.
Divided as Follows:
General School ......w~$ 81 754,519.3S
Normal School .....-..-.... 16l,575OO
School of Science .-... S0,250.00
Penitentiary .............. 100000
University 13S,41231
Agricultural College ...-.... 3S,S50.00
Charitable Institutions ....-. li5,52OOO
Insane Asylum .....~....... 46,500.00
Certificates of Sale, 81, i62, S55.9S.
Divided as Follows:
General School --.~~$ 81 617,64S.3S
Normal School 117,333.62
School of Science. .......... 63,222.32
Penltentary ..~""."..."-""".. S,436.32
University =. ......~m...... 10S,55S.67
Agricultural College ........~.. 260, 396.06
Charitable Institutions ...... 13S,591.54
Insane Asylum ..~..~w~.. 94,232.72
Total Invested from General School Funds:
Farm Mortgages ..........$ 81 ,359,947.74
School Bonds .............. ,74,519.3S
Certificates of Sale ..... 1,617,648.3S
Total ~~~.~..~~~~. s4,7S2,115.5O
Normal School:
Farm Mortgages ~~~-~~~~S 2OS45zOO
School Bonds l6l,575OO
Certificates of Sale .-. 117,333.62
Total -..~.-.~.~..~.~-. s 4s2yS65.62
School of Science:
Farm Mortgages .-....~.$ 186,S77.5O
School Bonds .-~-. 80.250.OO
Certificates of Sale ..... 63,222.32