The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-09-05

governor. attorney ce1e-a. arc CT
--S.o-.e- g agriculture a1-1 .4o1.
conp--e tie ..o-s.-.a. c---o-
which meets lpo. ca. a. Is sec
Tae ain c. tbs AK S . ..--s ..
a..o9et.e- safe Gepos.. =. s4t-.
funds.
Other Po....cai 4oo..4o--5 e. -:
state III. ava, themselves 4. @
STATE cepo...o-y. b.. arr or.T .aeaL,
required - CO 50 r..c- s-at.s.ae.1-!
bonds are no. furnished rg .o-a. a..
p~osito-.es.
BY virtue o. this sys.e- ire sat.
treasurer Is -eI.sre6 9. Ire rassSt!
Q. designating cep~os..o-.sx G. t1r
reconciliation o. q lo-.g string d. oa-z
statements. and the pubic funds a-s
warranted 20 BE- safe. as Ire .a...'
ard credit Of tire state arc p.e1gs-
% the replacement 9. these az e.
other deposits.
Rural Credit Department
The rural cred. CT farm oar &C.
partner. OF the state S also operate
through the office o. ,.e state treas
l.e-. ard the bank acts as agent %.
the state. Resident farmers -.ay Sc
cure loans O. Their land nr MAXIM
application 20 the bark Wasa Tres:
leans are allowed a.. details are .aEf-
car Q. b. the bank. s1ca a nc -9k-
ing out OF notes ard mortgage IT.
borrower pays this loan G. .se
amortization plan. q system pa
termed after the federal land naak
50 tha. after q pe-.o1 Of approx
Ma.ely IS wears the farmer .as pai1
not. only the .a.e-es. b.. ire p-.--
clpal as well. Notes arc mortgage
given IN consequence c. these .oa-:
are later assigned and turned or =
the state treasurer n blocks Q.
500 900 or more. These are recorded
and kept on file !. the t-easu-e-s o.
fee. bonds being issued anc a.G b.
the state % cover tAe total amour;
Of mortgages uEce- each bicEE as
Segment. Al the p-eseu. tire GU.
state has more than 1000 sue. .oa-s
aegregattag an amour. - exceed
$50 900 coo.
The records Q. ctr states bonded
Indebtedness consequently SHOW Up rs
being some 3o.ooo 900 more tha. I.
actually IS. since the bends Issued .o-
the above loans are supported D. a.
equal amount Of mortgages wn.c. arr
TO be paid b. the borrowers. tie safe
merely backing the bonds b. IS re-
sources n exchange fer tie mort
cages which i. ho.Gs as security
North Dakota IS the o.iy state 80 .ar
as I am abe 10 learn. that Issues Is
bonds or a pre-exlS..ng ,rvestnen.
instead Q. On an anticipated invest
uent.
These farm loans d. TIE STATE were
Instituted 10 enable TIRE ag-.c-.fu-S.
to borrow money a. a cheaper rae G.
interest. Both tho pan. anG rne c...ce
OF the state treasurer keep a complete
record OF these loans and tn pss-
mcnts made on them. and these rec
ords are compared monthly as q
check.
University and School Land
Another fund tina. is available in
our state for making loans 0. farm
property IS the board of university
ard school land fund. I understand
that many other states have this
same feature. o Will not common. up
or it excep. to say that the state trea-
surer is also custodian OF this fund
and must keep a complete record Of
the standing Ct all loans made. and
has on file in the office all notes.
mortgages and abstracts in connec-
ton with them. The state land de-
partment acts a. the agent CT the
state IN making the loans. and also
keeps its own record.
Cigarette and Snuff Law
We have what is known as the
cigarette and snuff Law. which is new
with US. and ! am informed is not
common in other states. This law
went into effect July /. 1925. The
sale OF revenue stamps in this depart
raent Of the state treasurcr's office
averages about $1,000 per day-last
year the total amount Of collections
from this source vas $382 .04. This
department requires the full time
services Of two clerks to take ca.e of
the orders received through the mail.
The proceeds from this department
are placed II the general fund Of the
state.
State Deasds
The safe treasurer is custodian Of
the va-iOus state funds. One q these
Is the state fire and tornado fund. the
accumulated premiums and profits In
this fund amounting to almost 4 mil.