The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1916-03-23

lmade part OF the tax hOtlee ant
1.-THE collection could be made a
1.-THE same time the tax is collected
land with the same receipt at prae
Itieally no additional expense
THE treasurer would have all the
tax data at hand and ii all tax
collections of whatever kind OF
mature were made in the county
treasurer S office, as it should be
Instead of a dozen different plae-
Ies, all data relating TO the wei
fare of the states securities
would be on file there and the
Estates interests could be fully
protected. In ease of non-pay-
ment, 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 of officials. However, TO COM
pensate the county, the state
could well afford TO turn over 10
the county the one per cent APP
praisement fee now charged for
the expense of making appraise-
ments.
We can put all our school bonds,
sale contracts and mortgages on
a six per cent semi-annual pay
ment basis, five per cent to apply
as interest and the balance to ap-
ply on the amortization of the
principal, and the state would
actually save money by so doing
If handled by the counties as Sug-
gested and the saving in the ex-
pense in handling would be given
to the school districts, the borrow
err of state money and the pur-
chaser of state lands. This
would put all land sales, loans
and school bonds ON a 36-year bas-
is. In other words, the purehas-
er or borrower of state money, by
a 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 dis
posed of in &c years. The actual
time figures a fraction more than
than SO years, but the extra
amount is so small that il could
be included in the last payment
The following. worked out ON the
basis Of a $1,000 loan, shows the
method:
Take a note dated January 1,
1917, for $1,000 at 6 per cent inter-
est and amortization, payable
semi-annually which would be $50 |
every 6 months, the rate now
charged. Instead OF counting all |
IF this $50 as interest each time, |
give the state 5 per cent semi-an-
nual interest on the new princi- !
pal each time straight through |
md apply the balance Of the pay |
nent to amOrtizing the principal, |
hus reducing the principal each
payment and also the amount Of
interest paid but increasing the
mount to apply on the principal.
Thus the interest on $1,000 at 5
yer cent for six months would be
i25, which would permit IS 10 ap-
'ly on the principal. This leaves
995 on which to figure the inter-
st for the next six months at 5
'er cent or $24.SS and $5.12 20 ap-
ly on the principal. This leaves
on which to figure inter-
st for the next six months, or
2475, and $5.25 to apply on the
Irineipal. This leaves $9S4.63 to
CURE interest upon at 5 per cent
Dr. six months, or $24.62, with
5.3S to apply on the principal,
nd so on for SO years, when the
rincipal is all paid.
II laws can be passed giving us :
his method Of handling Just the
N million dollars we now have
loan, it will mean a saving 10
Ie borrowers Of the state OF that
mount of money every 36 years
I'd the people will not have lost
dollar; on the contrary, they
III be saved much Of the expense
handling their funds while get
ng them on a better business
isis.
] think it would be wise to per-
i those school districts having
Itstanding bonds, every man
no now has a state loan and ev-
Y holder Of state land certif- .
te, to come under this new ar. =
ngement and furthermore al
v them the privilege Of paying
part or all Of the principal at
y interest paying date.
These are purely business prop
tiOns. The immediate sale Of
tie lands and perhaps some 9th
matters mentioned have been
vocated before and it is not my
arr4fofs "a Je4.<sA - a