to be so included; for when it is collected as a tax to pay the loan it is counted a second time as a receipt. The same may be said of the item "indebtedness" in expenditures. If the use to which the borrowed money is put is treated as an ordinary expenditure, the payment of the indebtedness could not fairly be treated as such. In tabulating the special reports from graded schools only those that are received from the cities and larger villages are included. A tabulation that includes Paris, with a total enrollment of 77, in the same table as Detroit, with a total enrollment of almost 30,000, is less convenient for reference, and, it would seem, less valuable as a permanent record, than one based on some classification of the schools, even if such a classification should be somewhat arbitrary. EDUCATIONAL FUNDS. The Primary School Funds. The moneys derived from the sale of school lands, and from escheats to the State constitute the primary school fund proper, and bear seven per cent interest. The moneys derived from the sale of swamp lands donated by congress, constitute the primary school five per cent fund. The interest derived from each of these funds, together with the surplus of specific taxes remaining in the State treasury after paying the interest on the several educational funds and the interest and principal of the State debt forms the primary school interest fund, the entire amount of which, that may be on hand at the time, is apportioned to the school districts of the State. Primary School Interest Fund. Interest paid by the State on 7 per cent fund Total interest on 7 per cent fund..... Interest paid by the State on 5 per cent fund.-- Total income from both funds... Surplus of specific taxes transferred.. Rent of land Paid by trespassers on school land. Total primary school interest fund $250,489 74 14,817 06 $265,306 80 39,839 66 2305,146 46 625,399 30 1.00 1,678 00 $932,224 76 The University Fund. The income derived from the University fund from July 1, 1890, to June 30, 1891, and the amount standing to the credit of the fund on the latter date, was as follows: This fund, derived from the sale of lands granted by the State and by the general government for the support of the college, draws 7 per cent interest. The state of the fund at the close of the last fiscal year was as follows: This fund, bearing 6 per cent interest, is derived from the sale of salt spring lands, granted by the State for the support of a Normal School. The condition of this fund and its income at the close of the last fiscal year was as follows: In the hands of the State June 30, 1891. Total funds Interest paid by the State.... Interest paid by holders of lands. $64,622 62 5,033 42 $69,656 04 $3,858 93 376 08 Total income.. Very Respectfully, $4,235 01 FERRIS S. FITCH, Superintendent of Public Instruction. |