The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1919-01-14
Rigid Conservation of State Land Endowment Funds Is
Essential; Resist All Temptation to Spend Those FUNDS

the mas, year. II the state win spend 100000
during the next two 20 Ave years In a thorough
resources survey and classification Of is lands, u
will realize millinns IN added values IN the sale Of
those lands. That the lands will be sold more and
more rapidly goes without saving. for the wise de
vclopment of the state demands that the lands pass
into private ownership for development onto the
tax rolls for taxation and that the money derived
from the sales be permanently and pcrpciually in
vested IN endowment funds for the Institutions to
which they belong.
That brings up the main argument in Mr..
Hagerman' = article, and the one which should have
the most careful consideration. lie urges the IN
vestment Of the sales funds ~ that they never can
be touchcd. no matter what the temptation or the
emergency. That u mighty good business sense.
The writer's estimate Of nm endowment fund of
sf0.0o0OO0 and nm annual income there from of
t2.00o.O0o az the end Of fifty years, j. very con
servative.
In fhc immediate future. when the states re-
quircmcnis for money for maintenance are very
heavy, aud when our revenue from taxation Is very
limited. there win be frequent temptations In in.
vest the state land cndowments or 10 pledge them.
Every such temptation should be resisted. Indeed
Il should be made impossible for the temptation To
be considered.
At the suggestion Of Commissioner Eryicn. the
Legislature Of 1915 enacted a law requiring the i'm.
mediate permanent investment Of these permanent
land funds. That law stopped the practice Of using
these funds for buildings aud other investment of
a sem permanent character The practice had been
general. Eventually the state must refund TO the
~cndowments the money thus used from endow-
mcni funds. no matter how critical the emergency.
We should require thai these endowmen funds pile
up and up as sales are made; aud IL w do 10 we
will secure reasonably quick development Of tea
million acres in this state, we viii add huge values
Co our tax rolls and we viii encourage the most
speedy development Of our most substantial in
dustry, the growing of livestock. Mr.. Hagerman' :
analysis Of the state land policy is a valuable docu.
ment and its most valuable feature il that cmphn.
sizing the necessity for conserving the funds de.
rived from sales. That conservation means that ths
state will both 'eat is cake and have it, We will
get the development we need the added taxable
valuation we need, aud the wealth production we
need from the land, aud w will have in the treas
ury the purchase price with III splendid income
production from interest.
We can wclrlimii state land legislation to these
suggestions Conservation Of the permanent funds
conservation ~ sub.surfacc. or unknown resources
AID Intelligent classification Of the lands for futnr,
most advantageous sale.
Thereafter New Mexico should devote al it'
energies 10 securing from congress the grant Of th'
remaining public domain IN this state. exclusive
of the national forests, bccausefthe state can rs
that land 10 best advantage and can most quckl!
bring il into beneficial use. for state, nation IN,
the individual.