Camas Prairie chronicle. [volume] (Cottonwood, Idaho) 1901-1917, 1916-03-31


at the same time the tax il
collected and with the same re-
ceipt with practically no additinal
expense. The treasurer would
have all the tax data at hand and
if all tax collections of whatever
kind or nature were made in the
county treasurer's Office, as it
should be, instead of a dozen
different places, all data relating
to the welfare of the states Sc
curities would be on file there
and the states interests could be J
fully protected. In case of non
payment, similar procedure could
be had as with the non-payment
of taxes and at the same time
and manner with no additional
cost.
No county would for many
years exceed 100 loans and this
would be no great burden to any
set IF officials. However, to COM
pensate the county, the state
could we'll afford to turn over to
the county the one per cent ap-
praisement fee now charged for
the expense of making appraise-
ment.
We can put all of our school
bonds, sale contracts and mort
cages on a six per cent semi
annual payment basis, five per
cent to apply on the amortization
of the principal, and the state
would actually save money by so
doing if handled by the counties
as suggested and the saving in
the expense of handling would be
given to the school districts, the
4 borrower of state money and the
purchaser of state land. This
would put all land sales, loans
and school bonds on a 36-year
basis. In other words, the pur-
chaser or borrower of state
money, by semi-annual payment
at the rate of six per cent on the
amount of the original loan,
would have his entire debt of
state money disposed of in Sc
years. The actual time figures a
fraction more than SO years, but
the extra amount is so small that
it could be included in the last
payment. The following worked
out on the basis of a $1,000 loan,
shows the method:
Take note dated January l,
1917, for $1,000 at 6 per cent in
terest and amortization, payable
semi-annually, which would be
$50. 90 every 6 months, the rates
now charged. Instead of count
ing all of this $4,000 as interest
each time, give the state S per
cent semi-annual interest on the
new principal each time straight
through and apply the balance of
the payment to amortizing the
principal each payment and also
the amount of interest paid but
increasing the amount to apply
on the principal. Thus the in
terest on $1,000 at 5 per cent for
6 months would be $500, which
would permit $500 to apply on
the principal; this leaves 1895. 90
on which to figure the interest
for the next 6 months at 5 per
cent or $24.88 and SIS. IL to apply
on the principal; this leaves 1899.
88 on which to figure interest for
the next 6 months or $24.75, and
S5.25 to apply on the principal;
) this leaves $98.63 to figure in
terest upon at 5 per cent for 6
months or $24.62 with 1888 to
apply on the principal, and so on
for SO years, when the principal
is all paid.
If laws can be passed giving
US this method of handling just
the ten million dollars we now
have to loan, it will mean a saw
ing to the borrowers of the state
of that amount of money every
Sc years and the people will not
have lost a dollar, on the contrary
they will be saved much of the
expense of handling their funds
while getting them on better
business basis,