, 1844-11-30

s-I- -.
our people not consent TO make tc
preserve from depreciation and loss
the sums WHICH were placed in iheil
! possession for such important pnrpo'
ses! Fol it should be borne IN mind
that ihe State is entirely indebted,
under a compact with the Genera
Government, for the funds now under
consideration, and that our own citi.
zens have not contributed toward;
any portion of them.
it will be seen by the report ol
the cura,ors Of the University, here.
with transmitted, that the time has
now arrived when that institution
must cease to exist, and all the fond
hopes which were at one time enter
tanned of its usefulness, We forever
blasted. Shall this result he permit
ted to take place? 1t is for the Leg.
islature to determine. 1t is well
known that. without pecuniary aid.
the University cannot be sustained;
and in this, as in every other system
of public instruction, it is essential 10
success that the income acclu,ng
should be certain and permanent
Every plan of education must Ian
guish and die that subjects professors
and teachers 10 fluctuations and de.
lays in the receipt of their compensa-
lion.
The question now is, what aid will
the State afford the Universe y in this
its most trying necessity?
When the State invested the fund,
which was set apart for the support
Of the University, in the stock of the
Bank of the State of Missouri, no
doubt was entertained but that it was
done under the belief, that it would
be both a safe and profitable invest
ment; but the experience of nearly
the last three years induces the opin-
ion that it is neither the one nor the
other. The average dividends de-
clared by the Bank for this period, on
the capitol stock thus invested, have
been little more than m per centum,
and the value Of the stock at this
time, if put in market, is believed not
to exceed seventy-fve per centum.
Great loss has therefore been sustain
ed by the Seminary and Common
School Fund by being thus invested
by the State in Band stock; and it is
respectfully submitted whether good
faith does not require that the State
should guarantee TO both these funds
annual income, equal TO six per
centun, the rate of legal interest al
by law. Should this sugges-
lion meet with your favorable con-
sidera,ion, it would perhaps be due to
the State, in return for such guaran-
tee, that if, nj any time, the dividends
OH these stocks should exceed six per
ccntum per annum, such excess
should be paid into the State Treasu-
r.y.
In the mean time, il, under the
constitution Of the State and the &C,
Incorporating the Bank. the power is
reserved in the Legislature TO
make any disposition Of these funds.
which in their opinion, would prove
safe and profitable than their
present investment, would it not be
well, If the stock held in the Bank.
IN account of these two funds, he
sold, and the proceeds invested in
such State securities rs are in market
can be procured by negotiation.
{ these stocks will realize seventy
i've per cen,um, the Seminary Fund
for inslance) would amount TO seven
y-fve thousand dollars. This sum
invested in State Bonds, bearing at
he lowest rate, six percen,um, would
four thousand five hundred
annually, which is FAR more
han the meagre amount arising from
he dividends of the Bank, which
idNC ltdlfAcu oh luc tdpitdi STUN VI
me hundred thousand dollars, the an.
'ual amount, for nearly the last three
ears, of about one thousand dol
ars. I
If the General Assembly, then,
hould think itself bound to take care
hat these funds suffer no diminution.
night not The deficit thus created be
upplled by money arising from the
ale Of five hundred thousand acres of
md granted to this State by Con-
ress? 1t is true. hat the assent of
congress must previously he obtain
yet ! think that on a memorial to
nat effect there would be no difficult
y in obtaining for this purpose a
notification of the grant, which would 4:
Till leave a large sum for an internal J
Improvement fund. I
The great cost of the construction /,
{ the public BUILDINGS in the civ of