arise in connection with the matter, that it is questionable whether anything could be realized from that source. The Committee therefore come to the conclusion that the security on this loan is merely nominal and hardly worth the trouble of a foreclosure. It appears also that Mr. Williamson assumed to pay the claim of the School Fund against T. K. Brooks, of $4,000, and now amounting, with the interest thereon to a little over $6,000. To secure the payment of this amount, Dr. Brooks gave a mortgage on forty acres of land situated about a mile East of the Capitol. When he gave the mortgage it was supposed that he was including the buildings upon his farm, but upon examination it appears that it did not include the land upon which they stand. The value of this security cannot exceed $1,000. A simple statement of the indebtedness and security is then as follows: Amount due on Williamson's Note... Total.... Amount of securities Loss.... $12,550 00 6,000 00 $18,500 00 1,500 00 $17,000 00 Mr. Williamson proposes that if the State will release the claims of the School Fund against him, he will transfer to the State his interest in the Capitol Building, being 200 shares of the stock in the Capitol Building Association of the value of $20,000 of the original cost. Although this would unquestionably be better security by far than that now held, the Committee would hardly deem it compatible with the interests of the State to hold part of the stock of the association, and become a partner in interest. With this view of the case, the Committee have deemed it to be their duty to extend their inquiries, beyond the subject of Mr. Wil liamson's communication, referred specially to them, and to ascertain as far as circumstances would permit, the condition of other securities for loans from the School Fund, connected with the Capitol Building Association. Attached hereto is an abstract marked "B" showing the names of the persons borrowing of the School Fund, including those named above, and the amount borrowed by each, together with the amounts due on the 1st of January last. Nearly the whole amount borrowed is alleged by these parties to have been expended on the Capitol Building, and it appears from the records that they composed the Capitol Building Association. These parties in interest propose to transfer the whole of the Capitol Building to the State upon re ceiving a release from the claims of the School Fund. June 26 and 27, 1856: The total am't. borrowed was $40,101 00 Interest unpaid to Jan. 1, '62 Total indebtedness Jan. 1, '62 From this amount deduct the amount of indebtedness of J. 20,025 54 60,126 54 A. Williamson as shown above 18,459 04 Loans against the other parties 41,667 50 In estimating the amount of securities on this sum, the Committee draw their conclusions more from general facts than from a particular knowledge of them, and they do not claim to be as accurate as perhaps the importance of the subject demands. Indeed it would be impossible for any person to examine the records and trace titles of the securities, and ascertain the defects in them, without consuming more time than will be allotted to this session of the Legislature. Unquestionably the best secured claim of these is that against Alexander Shaw, which now amounts to $4,500, covering by mortgage the house and lots occupied by him as a residence directly opposite the capitol. Mr. J. M. Beck, in his report of Nov. 10, '57, estimated the value of this property at $11,000; while your Committee do not regard it as worth over $3,000, and taking a defect in the title which is said to exist into consideration, a person of ordinary prudence would hardly purchase it at any price. Besides it is a homestead, which, under the circumstances, the State of Iowa would be slow to violate. The principal security for the claim against J. M. Griffith, which amounts to $12,377 50, is his residence also, which is worth from $1,500 to $2,000, and the other property held under the mortgage to the School Fund is worth from $800 to $1,200. Without going farther into detail the following table of estimates is made, which we believe to be above rather than below the values of the securities: Showing an inevitable loss of the snug sum of $44,426 54 which the State must make good to the School Fund, and whatever the Capitol Building may be considered worth over $15,700 00 will be so much gain, in case the State accepts the proposition made. It may be said that the State has a lease of the Capitol Building for fifty years, at the nominal rent of $1 per year, and that the use of the building for that length of time as the Capitol, would be an equivalent, with the securities now held, to the claim against these parties. The Committee suggest that it may not conform to the wishes of the General Assembly to hold this building as a Capitol for many years, and that if they should conclude not to do so, then the State will forfeit all claims on the building. It would also seem to be unjust for the State to hold the Capitol Building, at the nominal rent of $1 per year, built at the expense of these parties who have been so unfortunate in the financial crisis which has swept over the country, as to become bankrupts, and at the same time to drive the families of some of them from their homes. A majority of the Committee therefore report the accompanying bill without recommendation, leaving the Senate to adopt such course as it may deem proper in the matter: "A." List of property mortgaged to secure payment of School Fund borrowed of James D. Eads, Superintendent: JAMES A. WILLIAMSON'S MORTGAGE. Lots 1, 2, 3 and 4, in block No. 3, and lot No. 4 in block 6, in W. A. Scott's addition to Des Moines City. And, also, lot No. 7, in block No. 18, and the middle (1) onethird of lot No. 14, and the middle (1) one-third of lot No. 13 in block No. 9, and lot No. 7 in block No. 3, according to the original plat of East Fort Des Moines. And, also, 20 feet off the West end of lots No's. 11 and 12 in block "D," in J. M. & H. H. Griffith's addition to East Fort Des Moines, all in Polk county and State of Iowa. W. A. SCOTT'S MORTGAGE. All of block No. 4 in W. A. Scott's addition to De Moine, known and recorded as Scott's block, containing twelve (12) lots. Also, lots No's. 1, 2, 3, 9 and 10 in block "C:"lots No's 1, 2, 7, and 8 in block "L. "lots No'e. 1, 2 and 3 in block "M," in Scott & Dean's addition to Fort Des Moines, in Polk county. [See Note "1."] J. D. CAVENOR, MORTGAGE (NO. 48.) The S. W. of Section No. 4, and the S. W. and S. of the N. W. of Section No. 15, and the West fractional of Section No. 7, and the North fractional of the N. W. 1 of Section No. 18, and the West of N. E. of Section No. 30, all in Township 77, North of Range 25 West, all in Warren county, and State of Iowa. 880 acres. [See Note "II." J. D. CAVENOR, MORTGAGE (NO. 49.) East of N. W. of Section 25, in Township 78, North of Range 24, West. Also, S. E. of N. W. of Section No. 19, in Township 79, North of Range 24, West. Also, lots No's 6 in block 7: lot No. 14 in block No. 12; lot No. 7 in block No. 19; lots No's. 9 and 10 in block No. 28; lot No. 3 in block No. 32; lot No. 5 in block No. 34; lot No. 10 in block No. 43; lot No. 9 in block No. 42; lot No. 8 in block No. 46; lot No. 6 in block No. 47; lot No. 10 in block No. 55; lot No. 5 in block No. 53; lots No's. 7 and 10 in block No. 58: lot No. 8 in block No. 66; lot No. 5 in block No. 65; lot No. 14 in block No. 79; lot No. 2 in block No. 69; lot No. 11 in block No. 80; and lot No. 1 in block No. 71, all in the town of De Moine, Polk Co., Iowa. Also, lot No. 11 in Dean's sub-division of out-lots adjacent to the town of Fort Des Moines, Polk county, Iowa, and lying in Section 3 of Township 78, Range 24 West, 5 acres. J. M. & H. H. griffith's MORTGAGE. Lots No's. 3, 4, 5, 6 and 10 in block "E;" lots No's. 1, 2, 3 in block "H;" lots No's 1, 2, 3, in block "B;" lots No's. 5 and 6 in block "F;" and lot No. 5 in block "A" in Griffith's addition to East Fort Des Moines, now being in the City of Des Moines, in Polk county, Iowa. ALEXANDER SHAW'S MORTGAGE. The South fractional of the N. W. 1, and the North fractional of the S. W. of Section 30, in Township 78, North of Range 27 West, 164 64-100 acres. Also, the following land commencing at a point seventy-two and eight-elevenths rods West of and forty-four rods North of the S. W. corner of the N. E. fractional quarter of Section No. 3, in Township 79, North of Range 24 West, thence running North 44 rods, thence East 18 4-11 rods, thence South 44 rods, thence West 18 4-11 rods to the beginning, 5 acres; in Polk county, Iowa. Also, the N. of the S. W. 1, Section 26, Township 80, Range 24 West; 80 acres. Also, lots 9, 10, 11 and 12 in block No. 5, in the town of De Moine, Polk county, Iowa. [See Note " III." T. K. BROOK'S MORTGAGE. The S. E. of the N. E. of Section 2, Township 78, North of Range 24 West; 40 acres. NOTE I. The mortgage given by W. A. Scott includes the brick house and barn formerly occupied by him as a residence, on the east bank of the river, which is all the value there is to this mortgage, except perhaps that after the mortgage was given, his brother, Mr. Scott, built a small frame house on two of the lots mortgaged, without the knowledge, as he informs us, of such incumbrance, which is now occupied by him as a residence. The lots are all on the low bottom of the Des Moines, and overflow at high water. NOTE II. The land mortgagd by Mr. Cavenor is unimproved prairie lying in Warren county, and is said to be of second or indifferent quality. It could not probably be sold for $1,50 per acre. The lots are situated on the low bottom below the Scott Bridge, and are unimproved. They might bring $5,00 per lot, but we think it doubtful. To the State they would be worth nothing. The taxes have not been paid on any of this property for five years. It is probable that it has all been sold for taxes. NOTE III. The title to the land in Dallas county, mortgaged by Dr. Shaw, seems not to have been in him at the time the mortgage was given, and has not been since, consequently is not of any value here. |