Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1845-07-12
TIE, MISSOURI, SATURDAY, JULY ~, IsA5.

call the attention of the public to il; and
particularly that Of the several officers and
Judges Of County Courts throughout the
State. An interchange of sentiments on
the subject might produce important results.
If therefore, any wish to correspond with
the authors of this letter, at Hannibal, their
communications will be promptly attended
to, ,chen postpaid.
ScHooL TOWNSHIP, Nod, Marion co., Mo. }
Office of School Directors, in Hannibal. :
May 10th, 1915. }
Gentlemen: The undersigned respectfully
take the liberty of addressing you on the
| subject Of the State school fund. We have
seen with pain that the agents, selected
| by you for the management of it, have
pursued such a course, that the profits are
rendered entirely uncertain and useless to
any others than themselves. And for the
purpose of having the principal saved from
the populations practised on the proceeds,
we feel called on to address you, as guar
dams of this fund on behalf of patient
but suffering people. We feel assured that
you only require to have the facts furnished
to induce you to apply the proper remedy,
though some difference of opinion may
exist as to what that may or ought to be.
Our complaint is, that the Bank of the
State of Missouri has not furnished any
profits on the State School Fund invested
in the stock thereof, for the last two years,
though by their own showing, they were
in a sufficient condition to do so in last
June. That the said Bank has misapplied
to pay losses on deprecated paper which
came into their possession in the form of
"Specie Deposits" and some of these were
made by thirteen out Of eighteen of the
Bank Directors themselves! To prove our
charges. we respectfully refer to the Bank
report of November goth. 1914, made By
Messrs. Bay, Carson and Fort. First on
page SO we find that the last dividend was
declared on January 10th, 1913, also that
on June Goth, 1914, the net profits exceeded
the dividends which had been declared,
in the amount Of $22S,939 %. The Bank
,CaS therefore in the condition to declare
dividends, but did not, as our first COM
plant charges.
2nd. On page 8, the total loss is stated
at $l22,705 46 sustained by the reception
Of notes of suspended Banks. "This de-
preciated paper was received in payment
Of debts, and on deposit, with an express
understanding between the Bank and the
| depositors, that the same so deposited should
be draUn out IN the same kind of funds"
| Also on page II, the Cashier states that "the
notes above referred to- had been received
| by the Bank in payment Of debts; and
upon deposit with the Bank under an under-
standing Nth the depoSitor that the amount
should be received By him in the same de-
scripti0n Of funds. At the period the Bank
refused to receive such paper, 1t raS deter
mined by tie Board Of Directors, that the
,Chole amount then remaining to the credit
Of depoSitorS, should be, and ,Cas treated as
Specie!!" And on page 80 we find thirteen
of these Directors Were of these favored
depositors!!
Here then are some of the facts in sup
port of our second complaint, and in view
of such shameless frauds upon public trusts
and the sacredness of this trust for which
we plead, we feel constrained to call for
remedy. And although some difference of
opinion may exist as to what remedy to
apply, yet all will agree, that something
should be done and that quickly. No in
stitution should be permitted to practice
such injury without some responsibility or
accountability. If we were private stock
holders, no doubt could be held what rem
edy we should seek, for as indiUidu0iS, pro-
visions are made for remedy by law; and
we would most assuredly feel bound TO
proceeds; but the stock held for the school
fund is not in the form of individual stock
holders, and there none have any authority
or control over it except such guardians
as the law provides. We humby con-
ceive this pertains TO your office as COM
missioners. In article l, sec. 10 of school
law Of 1889, the Governor, Attorney Cen
eral, and Superintendent Of Common
Schools, shall, by virtue of their offices, be
COMMISSIONERS OF THE STATE School
FUND" and by Art. l, Sec. IL, you as COM
missioners "shall direct the same to be in.
vested" &c. Thus your office invests ab-
solute control of the permanent" fund
created by Art /, Sec. l, so far as its Gin
vestment" is concerned. But we reasona-
bly, think that this power also carries with
it such power of guardianship as will pre-
serve it from waste or loss when there is
any danger, unless otherwise expressed in
the law, which is not the case. 1t cannot
be supposed that the Legislature reserved
this power; for between the biennial meet
ings the whole fund might be squandered,
and even if the Legislature found protec-
ton of the funds necessary, commissioners
must be appointed to execute their wishes
But discretionary power is given to you
as commissioners, "ex.olicio," to select be-
tween different stocks, and none of them is
accountable to the Legislature of Missouri,
even on reDort of the commissioners So