El Paso herald. (El Paso, Tex.) 1901-1931, 1918-11-02
By Il. S. RODEY.

state and institution and common
school lands. at the minimum price
fixed by congress. OF 81 per acre as
10 most Of IL. but avoided the erect
of that minimum price, by providing
that the land could be sold IN unlim-
tied quantities. on 80 years time. oy
paving one-tWentieth OF the purchase
money in cash. and the balance IN
equal annual instruments for 80 years
with only per cenrum per annuin
interest on the deferred payments.
II is said that n calculation OF
the compound interest OF per
cent, not charged on these de-
ferrcd payments, when money -
worth S per cent. reduces the ae-
fuaI purchase price from - 10
IN the meantime. during the entire
so years. the holders OF the certiLl-
Gates Of sale Of this land belonging
to our schools and institutions, can
transfer the same almost Ike any
other land scrip. and thus Speculate
upon the raise IN value per acre
Dead Loss to schools.
All this is. OF course. dead loss to
our schools and institutions, because
we could just as well have kept the
land and rented It out at from three
TO six cents per acre, and thus ob-
tanned Just about as much revenue
from II, and we would still own the
The custom since 1912 has been
for men wanting vast quantities OF
land 10 cause the local land office
to select II. and often It was selected
between the checkerboard sections OF
the land Of the railroad and thus
formed n compact BODY often as DIG
as an entire county, and this was
bought in after the perfunctory ad-
vertfsement provided in this infa-
nous law. by the person for whom It
was selected at. the minimum price,
and thus one concern or one owner
became the owner Of a tract Of our
school lands. coupled with raliroa1
lands. that often amounts to, IN many
instances. prIncipalities IN and OF
themselves
The largest portion Of the area OF
some counties in the state. are owned
| by a few concerns. Hundreds OF
thousands OF acres OF this land as I
am informed. have gone into the
hands Of monopolists and specula-
tors living outside OF New Mexico.
do not know how much OF the u.
! 500 600 acres IS thus forever disposed
Of. but I am afraid more millions OF
acres were disposed OF than the local
/ land office cares to have the people
/ know about.
No one has ever been able TO get a
proper detailed report from our local
I land office about these lands. Re
/ fncouprehensible to the average man,
and no one. as we are informed, is
permitted TO go 70 the land ofIiee
md take off n list OF the names OF
| the owners who have bought state
lands. and OF the quantities they
bought and Of the prices they paid
l for such lands.
Money without Interest.
Just before the last general cleo
fion. our local land office had about
] s750.O0O in cash spread around in the
different banks OF the state, drawing
no interest They claimed this was
an offer put up by people intending
TO buy lands that were not vet clear
listed to the state. by the nation. and
that. therefore. II was not public
money. not subject TO interest. and
the state had nothing to do with It
Nothing seems to have been done
about that ridiculous position
All the banks that had the money,
Of course, were in favor OF that pol
icy. and the governor did not seem
to do much OF anything towards fore
ing 81 70 he Maid Into the state treas