106 * F. G. YOUNG moneys are thus the same as found and are used for needs less universally and less keenly felt, the vigilance and the con- science applied in the care of them are more yielding. Losses to them have occurred in divers ways, mainly through poorly secured loans; while these were deplored, nobody was held accountable to restore the sums that had vanished. The amounts of cash in the treasury belonging to the dif- ferent trust funds are regularly reported, also the securities belonging to these funds ; but no accumulation account is offered. No emphasis is put on the limits reached year by year by these accumulating irreducible funds. In the discussion of the sale of Oregon's lands it was re- counted how, through shameless policies in the disposition of the indemnity school lands, the possibility of securing a magnificent endowment for the common schools was sacri- ficed. We are here concerned only with indicating 'the spirit with which the comparatively meagre proceeds have been ad- ministered. Statements characterizing conditions in which these funds were found at three successive periods must suf- fice. The Investigating Commission of 1870 charged the Board of School Land Commissioners of the preceding period with loaning the common school and university funds on inadequate security; and with neglect to enforce prompt payment of the interest on these school and university fund notes. The testi- mony of the clerk of the board then in charge was that he had learned through inquiries sent to the treasurers of the different counties "that in some counties, for instance, Benton and Yamhill, large sums had been loaned from the funds men- tioned, which the state was likely to lose, owing to inadequate security." In one county the loss was estimated to amount to one-half of the funds loaned. In several counties the notes had been allowed to run a long time, and the interest had been permitted to accumulate without any payments being made. The language of the report of the Committee of Investiga- tion of 1878 in characterizing the administration of the edu-
