Indianapolis Times, Indianapolis, Marion County, 7 January 1943 — Page 2

Ms State Take «ou |

4 The Endowment and School Funds.

i “Among the bills which will comé| p for early consideration by the|

general assembly will be “one

“designed to “také thé counties out |

the loan business.” The measure was preparéd by a

‘sub-committee. of the Republican | ring committéé and would také|

common school funds and perma-

nent endowment funds out of the| |

of county auditors. Undér present law, funds aré distributéd by the staté

, ‘to the counties whith pay interest] -

on the moneéy at § per cent. County

‘auditors, in turn, logn thé thoney|

on real estate first mortgages, Places Time Limit __ The new bill would require the auditors to liquidate all such loans

within. a period of 20 years, return-|

ing the money to the state. The ~ state, in' the future, would administer thé investment of the money. Investments will be limited to ‘United States government bonds, governmeént guarantéed sécurities, bonds issued by any state or bonds issued by taxing units within Indiana. No money can be invested in bonds of taxing units which have _ @efaultéd on bond issues within five years before the investments are made. : _, Aceording to proponents of the bill; handling of the funds by the counties has resulted, in many cases, in actual 168ses to the county units, - Wherever interest on the loans, all madé on a flat five-year basis, is in default, the county must ‘make up enough to pay its own 5 per cent to the state.

on Results in Losses

Somé loans havé been found which are from 15 to 25 years old. In many instances foreclosures -on the security results in losses to the counties, losses which must be made up. ! i . Interest on the permanent en- ~ dowment funds, derived originally from a federal grant in the 1860's, . goes to Indiana university and amounts to between $20,000 and | $25,000 annually. If the proposed law is passed, Indiana university would take a reduction in this source of inconie, since the interest rates on government and other public obligations are considérably lower than 5 per cent. The reduction, however, would bé . Spread gradually Over thé 20-year ~ liquidation period.

SAYS BRITISH NAVY - NEEDS YOUNGER MEN

~ _SALTBURN, Eng, Jan. 7 (U. P). | —Comm. Robert * T. Bower, con- * §érvativée member of the house of commons, said in a speech today - that drastic changes were needed :a the admiralty with emphasis on younger men. - “The professional head of the navy and thé chief of the naval air forces are both officers in the middle sixties and both are: far : advanced in what Mahan calls ‘the _ age of declining powers,’” Bower said at a retarian meeting. “Thé time has come to bring to . the direction of our naval policy some of the brilliant younger flag officers who have so distinguished | themselves at sea.”

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ARMSTRONG SEEKS END OF l H S. Ai A

James Armstrong, 25-yéar-old Re-

ville who is a great basketball fan, iritends to introduce a bill in the legislature to completely dissolve the Indiana High School Athletic association. Senator Armstrong is highly critis cal of the I. H. S. A. A, terming 1t a “Qictatorship.” He emphasizes, however, that his criticism is not directed at any one man nor is it of a personal nature. His bill, which will be introducéd early in the session, would take control of high school basketball away from ‘the independent I. H. S. A. A. and place it under the control of the state board of education. The board of education would appoint a “board of athletic control” of five members—an athletic coach from a city school, an athletic coach from a non-city school, a prificipal from a city school, a principal from a non-city school and a private citizen who is interested in school athletics. The board would appoint a director of athletics who would receivé ‘a salary fixed by thé board, not to exceed $5000 pér yéar. Theé director would serve at the pleasure of the boartl. Board mémbérs would receive 4 per diem of $10. Othér sections of the bill provide that all money réceived by the board shall be paid into the state treasury and that all property owned by the I. H. S. A. A. be transferred to the new bosard. One of Senator Armstrong’s chief criticisms of the I. H. S. A. A is that there is. no public accounting of funds. He says that under his bill the state board of accounts would audit basketball receipts and the public could know what disposition is made of them. Bills similar to Senator Armstrong’s proposal have heen introduced in previous sessions but have made no headway. The youthful senator declared that this was due to “strong lobbying forces.”

SMEAR CAMPAIGN CHARGED BY DIES

WASHINGTON, Jan. 7 (U. P.).— Rep. Martin Dies, Tex, chairman of the house committéé oh unAmerican activities, told the house yesterday that hé would expose at some futuré daté thé work of organizations and some public officials who, he charged, were “smearing” and trying to deféat congréssmen whose views they disliked. Dies said he had been gathering evidence against organizations and in@iividuals, none of whom hé iden-

théy had Spént money illegally in their efforts to defeat certain congressmen. Dies said he would lay his evidence before the membership and

committee or the appropriations

B | committee to call the officials for an

explanation. Hé added that he would démand the officials’ dismissal and that if they were not discharged he would seek to have congress “strike them from the payroll,”

PLAN NURSE INVENTORY

SOUTH BEND, Ind; Jan. 7 (U. P.).—Florénce Schenk, president of

|the North Central District of the

Indiana Nurses’ association, . said yestérday that her organization will prepare a second inventory of all graguaté Hoosier nurses. The association will co-operaté with the U, S. department of public health service 6n the project, desighed to help solve the manpower problems,

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