It will be seen from the above that the State Agricultural College Endowment Fund is a perpetual fund, and shall remain forever undiminished; that it shall be invested in "stocks of the United States, or of the States, or other safe stocks yielding not less than five per centum;" while section 3, chapter 71, Acts of the Eleventh General Assembly of the State of Iowa, requires the State Treasurer to invest said fund in bonds of the State of Iowa, or United States registered bonds. As no provision has been made for the payment of any premium or other expense in the purchase of bonds, I have not been able to invest said fund as required by law. In as few words as possible, I have directed your attention to the law, and also, to the fact that $32,105.42 lies idle in the State treasury, (which sum will, probably, be largely increased during the next two years,) leaving you to suggest what mode of relief, in your judgment, will be for the best interest of the State and College. May 18.. United States for credit Black Hawk county.. 10,056.10 4,724.11 1875 Feb. 16.. United States for credit Keokuk county... 14.. Paid Clinton county. Apr. 12.. Paid Howard county. 16.. Paid Floyd county. ..... Jun. 17.. Paid Woodbury county pr. S. C. & P. R. R. Co.... July 24.. Paid Keokuk county. Sep. 11.. Paid Grundy county. Oct. 26.. Paid Greene county. Total........ ....... Your attention is directed to the Swamp Land Indemnity Fund, as shown above. The law requires that the amount paid by the State to the agents appointed by the Governor to make a settlement with the Commissioners of the General Land Office shall be divided pro rata among the several counties, according to the amount in value of the money and lands secured to such county. See section 12, chapter 160, acts of the Ninth General Assembly of the State of Iowa as follows: SEC. 12. The agent, or agents, appointed by the Governor under the provisions of this act, shall receive as a full compensation for the services rendered, and expenses incurred by virtue of said appointment, the sum of four dollars per day, which said compensation shall be paid by the State; but the amount so paid shall be divided pro rata among the several counties, according to the amount in value of the money and lands secured to such county by the provisions of this act, the land to be valued at $1.25 per acre, and the amount so found due by each county to the State, shall be paid before such county shall receive its share of the money and lands which may be obtained under the provisions of this act. I found that it had been the custom of my predecessors to retain two per centum of the Swamp Land Indemnity Fund paid into the State treasury by the General Government, to re-imburse the State for the amounts paid State agents, and I have retained the same per centum on the amounts so received, as the above account will show. The per centum so retained now amounts to $4,303.04, and lies idle in the treasury for want of authority to transfer to the fund where it rightly belongs. The agents were paid out of the General Revenue fund, and the State Treasurer should be authorized to transfer said per centum from the Swamp Land Indemnity fund to General Revenue. The amount due Monona county, $4,629.63, still remains in the treasury, together with the per centum, $4,303.04, makes the balance as shown above. STATE TREASURER'S CONTINGENT FUND. DATE. 1875. CR. Apr. 1.. Paid Sam'l A. Ayres for services in Auditor's office-amount loaned State Auditor........ $150.00 Jun. 30.. Paid P. H. Seay for services in Treasurer's office from February 1st to July 1st..... 416.66 Paid M. C. Christy for services in Treasurer's office from July 339.34 $900.00 SPECIAL DEPOSITS. Funds deposited for the benefit of the McGregor and Sioux City Railroad Company, by virtue of Section 7, Chapter 58, Laws of the Twelfth General Assembly, by Theo. Hawley, Agent for the occupants of the following lands: Funds deposited for the benefit of the Des Moines Valley Railroad Company, under the provisions of Section 8, Chapter 22, Laws of the Eleventh General Assembly, as follows: DATE. 1874. AM'T. TOTAL. May 22.. M. D. Reed, se qr, sec 19, township 92, range 28................ $526.00 1875. Nov. 1.. By balance......... $526.00 $526.00 $526.00 APPENDIX. DES MOINES, Iowa, Nov. 1st, 1875. To the Executive Council of the State of Iowa: GENTLEMEN:-I have the honor to submit the following report of the receipts and disbursements, and the amount remaining on hand and unsold, of the property received from the Trustees of the State Agricultural College and Farm, deeded to them by Samuel E. Rankin and turned over to the State in compliance with Section 4, Chapter 78, Acts of the Fifteenth General Assembly; the same having been placed in my hands for sale, and collection, by order of the Executive Council, January 18th, 1875. Respectfully, WM. CHRISTY. |