Page:Oregon Historical Quarterly vol. 8.djvu/164

156 F. G. YOUNG. Legislative provision for this "irreducible fund," in iden- tically the same .language, is found in the act relating to "common schools," passed at the fourth regular session of the Legislative Assembly, 1852-3. The provision, however, for supplementing the income, as a sum to be distributed, by means of a territorial tax, was repealed. 62 The school law enacted in the next session, 1853-4, in enumerating the sources from which the principal of this fund should accrue, mentions only the "sale of .land" and bequests for school purposes. Donations seem to have been despaired of and other uses found for "licenses, fines, forfeitures or penalties." Not- withstanding these elaborate legislative provisions for the accumulation of a school fund, the records of the treasury show no materialization of one during the first seven years of this period. 63 Evidently no bequests or donations had been received, no law had appropriated the proceeds of any licenses, fines, forfeitures or penalties to it, no provision 'had been made for the sale of the school lands, and no revenue had been received from renting them, and the territorial tax of two mills for school purposes, although on the statute books from September 9, 1849, to January 31, 1853, had not been en- forced. 64 The Legislative Assembly, at its seventh session, 1855-6, made it the duty of the county superintendents to sell school lands under certain conditions and restrictions, and to deposit the moneys, notes and securities received therefor with the Territorial Treasurer. This official was to loan all money be- longing to the school fund at not less than ten per cent, pay- able semi-annually in advance. The loans were not to be for a longer period than five years. The county superintendents could sell for "one-fourth of the purchase money in hand, and 62 Oregon Statutes, Fourth Session, 1852-3, pp. 55-57. 63 The Treasurer's report for 1856 contains the first school fund statistics. Receipts from "licenses, fines, forfeitures or penalties" were turned into county treasuries for school purposes. 64 As will he seen hy reference to the statistics of general revenues given below there was not a prompt compliance even in the payment of the one mill territorial tax for general purposes.