Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-01-24

and farreaching in its character cannot
engage the attention of an enlightened
and humane legislator.
SCHOOL FUND.
Irespectfhlly and earnestly renew The
suggestions contained In my bien NAL
message to the Eleventh General AS
senrbly, ir reference to the Urgent ne
cessity of requiring the permanent
school fund, now on loan to the eoun-
ties, to be returned to the State Treas
ury, for the purpose of q more safe and
available m vestmtnt.
This suggestion did not originate
with me, nor ann alone i'm entertaining
the opinion that it has become asutject
of grave concern. My. predecessors,
Governors Grimes, Lowe and Kirk
wood, wisely directed legislative atten,
ton to this subject And, III forcible
terms Urged the necessity Ut Gmore
prudent management of this fund. In
these views they were cordially sus-
tanned ey the accounting aid financial
officers OF. the State, whose duties and
means of observation entitled their
opinions to additional consideration.
But, for reasons which am Enabled to
understand, these wholesome recon-
menCations have been -disregarded, and
this sacred fund, which the Constitu-
ton commits 10 our care, is permitted to
fiOat db0ut the State uEuer the precari-
Gus guardianship of county authorities.
The immense and continued losses
already. resulting to the State;is deemed
d Sufficient argument to illustrate the
impUlicy of titus creating a hundred
local banking shops out of this invalu-
able fund, designed for the education
of our youth. The principal of this
fund has already been diminished to
the amount OF nearly $I25,OO0; and
while the State has obligated itself to
pay to the schools interest on the entire
amount at the rate of eight per cent,
yet the aggregate of interest actually
realized, owing to these losses, is only
six per cent. on the entire principal,
constituting thereby an annual loss to
the State in this direction of $5O,OUO.
Under the Constitution the State is
mace the responsible ghartfiaf! bf this
fund, the principal Of which is intended
az permanent endowment on oui
common schools, the interest thereon
being applied to their temporary sup.
port. g-~- -
The state Is thus rendered liable fol
every dollar of both interest and prin.
cipa', and the people MUST inevitably
De taxed to reimburse all Losses Which
| occur. How long this loose manner OF
performing Cunstitutioiial obligations
Will continue. Is question which rests
In the ,soutid discretion and foresight OF
the General Assembly. 1 can not
however, divest myself of the convic.
ton that our imperfect discharge oil
this solemn trust Is dereliction of O
duty, which must in the calm judg.
ment OF posterity subject US to a merit.
ed reproach.
The efforts of the present Auditor to
obtain u satisfactory settlement with
the delinquent counties have, owing to
the imperfect mannerin which accounts
are Kept, so far resulted only i'm partial
success. The county of Allamakep
acknowledges the Receipt of $Il3, l44. 81
from This fund, over So, 1000 of which
SO far as the State knows or can ascer-
tain, have been lost sight of since the
month of JuEe 1855. Losses of a SINH.
lar character might be cited from other
counties.
. i therefore, again recommend and
urge the General Assembly to recall
this money from the counties. and
appropriate it to the establishment OF
Normal anu Reform Schools, or other
State institutions; and that bonds be
issued therefor to the school fund, bear
Ing interest &C eight per cent. and pay
able semi-annually.