The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-03-24

: land to be sold.
The Idaho State Land Board, il
making loans follows the method o
having the party wishing loan, max,
application ON blank furnished b,
the State. Then an appraiser is sen
out from the office to look at the lane
and place value. Because Of it!
manifold duties, the Board in approx
ing a loan must rely entirely upor
the report of the man sent out from
the Office to view the land; no matter
how good the mans judgment nigh
be regarding lands in one locality, hi
cannot possibly give the time to each
application, sufficient to familiarizt
himself with all the details OF identi
fication of the land. its value, etc, ex.
cept through inquiries Of the friends
and neighbors of the applicant and
sometimes this is not always the best
information. On the other hand, il
the County Commissioners were re-
quired by law to make the appraise-
ment, they would know the land in
most cases personally, besides having
the benefit of the advice of the asses
sor. Another thing, it is a part OF
their duty each year to equalize values
of all property and in that wav they
would be more competent and familiar
with values, locations, ETC., than any
special examiner of the Land Board
with the limited time at his command
to examine each piece of land
The County Attorsey could be au-
thorized to pass on the abstracts and
obtain immediate corrections, thus re-
lieving the Attorney General of one
of h S too-many time consuming Off
cial duties.
The collections of principal and in
terest are now made in the State
Treasurer's Office. This necessitates
an endless amount of correspondence
in checking up the payment of taxes,
water maintenance, ditch assessm ents,
ETC., which could in the main be done
away with by having the County
Treasurer make the collections. The
notice could be put on and made a
part of the tax notice and the collec-
tons could be made at the same time
receipt at practically no additional ex-
pense. The Treasurer would have all
the tax data at hand and if all tax col
lections of whatever kind or nature
were made in the County Treasurer's
Office as it should be, instead of
dozen different places, all data relat-
ing 10 the welfare of the States secur-
tiles would be on file there and the
States interests could be fully protect
ed. 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 of officials.
However to compensate the County,
the State could we'll afford to turn
over to, the County, the l8o appraise-
ment fee charged for the expense of
appraisement.
We can put all of our school bonds
sale CONTRACTS and mortgages on a SO
sem.-annual payment basis, 59o to ap-
ply as interest and the balance would
apply on the amortization of the prin-
cipal 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 borrower of state money and the
purchaser of state land. This would
put all land sales, loans and school
bonds on SO year basis. In other
words, the purchaser or borrower of
state money, by a semi-annual pay
ment at the rate of 6% on the amount
of the original loan, would have his
eneire debt OF state money disposed
OF IN SO years. The actual time figures
a traction 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 /. 1917,
for $1,000 at oSo interest and amorti-
cation, payable semi-annually. which
would be 5000 every six months, the
rate now charged. Instead Of count
ing all OF this $1,000 as interest each
time. give the state Sc semi-annual
interest on the new principal each time
straight through and apply the balance
OF the payment to amortizing the prin-
cipal, thus reducing the principal each
payment and also the amount of inter-
est paid but increasing the amount to
apply on the principal. Thus the in
terest on $1,000 at SEE for six months
would be $500 which would permit
$500 to apply on the principal; this
leaves $oo5.0O on which to figure the |
interest for the next six months al
SO or $24.SS, and $5.l2 to apply on
The principal; this leaves $98o.88 on
which to figure interest for the next |
TX months or $24.75, and $5.25 to I
lpply on the principal; this leaves
'9S4.o3 to figure interest upon at 5Gt |
or six months or $24.62 with $3.50 to |
!pply on the principal. and so on for
% years when the principal is all
,aid.
$1,000 Note Dated Jan. 1, 1917.
1000 note.