The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1875-01-14


that all funds arising from any fine
" collected for any breach OF the pena
laws, and monies received for license
. sold TO liquor dealers, shall be investe
" in u ). Bonds, Therefore be it
- Resolved, That the State Treasure
" be, and he is hereby requested u immt
. diately invest said money in such I'm
ted States Bonds as viii yield the lara
. est amount of interest to the Commo
- School Fund"
The investment Of the School funds i
the Treasury ($66, S65.5 IS, was made Of
the 18th OF November, 1874, when Messrs
j. Il L. Green filed their receipt for tn
amount named, and the same was invest
ed in L. ). bonds, Old 1865, beariu;
six per cent. interest, the whole amour
OF bonds being $57 10000, the premium
aud expenses of the transaction being tn,
difference between the total amount o
bonds and the total amount of currency
! invested, which we find to be correct
upon examination of the commercial re
| ports OF last month, in the Eastern cities
The following communication from the
State Treasurer exr lains why the requ 81
of the Board of Education was not more
! promptly complied with:
| TREASURY DEPARTMENT,
JACKSON, Miss, Jan eth, 1873.
Gentlemen In response to your inquiry
as TO why permitted some SIX months Il
elapse after the State Board OF Education
| had ordered the investment OF the Uni.
ted States Currency in the State Treasury,
| belonging 10 the Common School Fund,
| IN United States Bonds, before the COM
| pletlon OF the transaction, | have to >ay
that delayed making the investment
| with the intention of not making it III all,
| unless ordered 10 do SO by the Legisla-
ture, believing, ami in fact having assu-
RANGES from prominent members OF both
political parties that that body would
sustain me in such action. | believed
that l would be justified in pursuing
such a course for the following reasons:
The Legislature has, by an evasion Of
the letter of the Constitution, avoided
the investment of the Common school
fund of the State in L. 5. bonds for and
during the space OF five years. That
body, by a unanimous vote of both
houses, in 1873, passed an act proposing
and submitting 10 Il vote of the people
an amendment to the Constitution, having
Tor is object repeal of that portion oI
that instrument requiring the investment
OF that fund III such bonds and pro-
vldlng for the use OF the money by the
State, which amendment received almost
The unanimous voice and ballot of those
who voted upon the question at all-the
said amendment failing only from want
ot interest on the part of the electors-a
majority OF ali the votes cast for members
OF the lower house being required 10 adopt
1t. l knew that the people of the State
We're in no condition to take money out of
the Treasury and invest it in United
States Bonds, at IL time when thew were
impoverished from loss of crops. knew
that it could be used by the State and
save at least one tenth OF the taxation
OF this year tor general purposes, and telt
satisfied, AMI was assured, that the Leg
stature would make such use of il. 1T
invested in Y. >. Bonds, "a large premi-
um would have to be paid, and to this
would be added the cost OF purchasing,
and Of an early sale OF the same TINS
would more than eat up the interest for
the short time that the investment would
remain. The Legislature, and the peo-
ple--th0se who voted at all - had expressed
themselves III the most positive manner
IN favor OF keeping the money at home
and | knew, from the interest manifested
by all classes, when the effect Of the
failure OF the former amendment was
known, that ii would again be submitted
and carried, and that IL was better to
have the fund here, ana in use by the
State until that Was accomplished, Is,
.,,,ll L -i,.t
ever ia doing so.
~ soon - / learned Of the action OF
the School Board, | demonstrated with
them against their order; and while those
persons agreed with ne that the state
was in no condition 10 loan money, re-
ceived from the tax payer, to The United
States Government, ut time when II
was 80 much needed at home, land in
deed when our people were in c0udI-
ton Of starvation and suffering from
overflow Of the Mississippi river they
still regarded their duty as imper-
alive.
1t was generally understood by promi-
nent members OF both parties that / was
not going to make the investment, nm
less compelled to do 80, before the Legis-
lature could take some action in the mat
ter, and heard no complaints, nor did
find any person, not interested, who
did not agree with me that it was a wise
thing to keep the fund at home, il it
could be done, until some time in Octn-
Der. when it was rumored around that il
was being used fer private speculation,
either by myself or those in my office.
Soon it was stated th.t the fund. was in
i I
could not, for that reason, make the in
vestment ordered by the School Board
and, finding that where | expected praise
and commentator for saving ID the use
of the State Il large sum OF money, and
thereby wpiDg out more than one tenth
of the tax Of 1919, Tor general purposes,
| was about 10 receive ccusuTe and accu-
stations OF dishonesty. j Immediately
bundled up the money and sent l.
through the banking house OF Messr..
J. q f. Green Tor Investment IN the
bonds of the United States. Ny ONLY
regret in the matter now Is, that allow
ed the grumbiiug aceus-t lions Of few
meddlesOme persons 70 move me from
my original purpose To disregard the
order OF the School Is 1ari. A. t. the
charge that have baeu receiving IN
teresl upon that, or any other state .uad,
or that any person ~ my employ has
been doing so, refer you to tha aIuas
and an examination OF thot books.
When | came into the Office Of fres--
urer, | found several thousand dollar, ct
currency or deposit in one OF both
banks, and regarding the security 81 the
| safe and vault Of the State Treasury a.
+ little better than DO safety AT all, | kept
up the practice OF keeping more or less
| funds in the banks, most Of the time on
! III Inr,.,-it Ii = Ern-.,r, IL. -. -.