Mexico weekly ledger., 1877-01-18
GOV. HARDiN'S VAIEDIC Glory

frem nntiring iabors and wen digested views Of
it's provisions. An important part OF your duty
This was deemed SO laborious a task that tne
trainers of this instrument provided therein tnat
this session might extend to l2o days: nalso II
exacting from you the soundest and most mtein-
gent consideration that may be given % the many
new and tntried provisions, yet, oy regular, alI'
cent and energetic action, it may all De accom-
plished in a session of ninety days or less. The
condition of the Treasury demands the shortest
nossible session, and the most economical eX-
penditure of it's revenues. The gravity of a
thorough adaptation of the laws to the Constltu-
ton may be seen in the I'D the latter
part of the first section OF the scneaule, which
asserts that ''the provisions of all laws which
are Inconsistent with this Constitution shall cease
upon its adoption, except that all laws which are
Inconsistent with such provisions of this Consti-
tuition as require legislation to enforce them,
shall remain in force until the LIST day of July,
1877, unless sooner amended or repealed by the
General Assembly," No one may estimate the
difficulties that may arise and the expenses;
that may accrue by reason Of the fail
ure to conform them to the superior re quirements
of the Constitution. The forty third section of
article 4 only authorizes appropriations "for the
payment of interest upon the bonded debt of the
State that may become due during the term for
which the Assembly is elected" The length of
a term is two years. No law nor does the Con-
stitution fix the date specifically. The implica-
ton, however, is obvious when Ii shall begin.
The Constitution and laws bearing On the ques-
ton have been construed ways as fixing the
beginning of the term at one election, and ending
at the next biennial one. Gov, King called the
Seventeenth General Assembly together on
August 90, 1852, being a day between the elec-
ton, then in August, and the day then in De-
cember, fixed by law for the meeting, of the reg
ular session.
1t is the duty of the Executive to select the
committee to settle with the Auditor and Treas
urer from the recently elected men beers Of the
Senate and House. They are required to CON
vene before the meeting of the General Assembly,
and take the oath prescribed by law for the mem
bers of the Legislature. If an Executive should
desire t." convene a General Assembly. after an
election, and before the date of the beginning of
a regular session, there could be no question but
that he could only call the last elected General
Assembly together, and not the former one. The
conclusion then is that y our term began with the
recent election. and will end with the election of
November, 1878, and that y Il make no appro-
p~riation for the pay aaentof In terest on the bond
ed debt which may fall due after the last named
election. On the first day of January, 1879,
which is before the regular session of the Thir-
tieth General Assembly will begin, the last in
stalln1ent of semi-annual interest on the public
debt Cor the year 1878, amounting then to the
sum of near q half a million dollars, will fall due
Without authority of law, it could not be legally
paid, yet for the honor of the State. and OF its
public credit, it mus be. Deficiencies in appro-
priations f r this purpose would necessarily oc-
cur every two years and a proper remedy should
at once be supplied by an amendment to the on
situation, to the effect of adding three or four
months to the time for which appropriations may
now be made, and also of authorizing the
Fund Commissioners to pay the interest which
may fall due on the lst day OF january, 1879.
The end desired would be effected as well by
dLhIhS LtsC dhutl lIiC W I n Out u III SldkuS
the words. that may become due during the
term for which each General Assembly is elect
ed Inc residue OF lhe clause would De pro-
tected by the limitation, as seen in the 18th sec
ton of article 10. Appropriations, under the
clause as it stands in the Constitution, have,
practically, a limitation of some twenty two
months, whereas all others have one of two years.
The adoption OF the amendment in the last form
would make the limitation uniform. An amend
ment in either form would be promptly voted,
and leave no ground for Cavl1 about the payment
of this or any other Installment of interest. The
wiset policy would he to timely make clear and
indisputable all laws and authority that direct
and control its payment. There is an alternative
remedy, however: an extra SEES sion of the Leg.
~islature, in November or December, 1873, called
for the express purpose of making an appropria-
ton for this payment. This would be expensive
and meet only the then present necessity, where
as the amending proposition would remedy the
evil permanently and without cost.
For the sake of pubic convenience and the
better preservation of the same, | would advise
that the Constitution be published as a pref to
the laws which may be enacted at the present
session.
BONDED DEBT.
On the first day of January, 1875, this debt was
3 III, S39, coo, to which should be added 5 loo
Penitentiary bonds ordered to be issued by the
Twenty eighth General Assembly. for damage
which accrued against the State in 1873, in favor
of certain prison contractors by reason of the
leasing Of the Peniientiary. On the first day OF
January. 1917, it was s II ,248 ,000.T The loan of
the credit of the State to the Hannibal and ST.
Joseph Railroad Company is not computed as a
part of this debt. The interest on these bonds
has always been paid at maturity, as we'll as the
expenses of 'undIng the mature bonds: The I
per cent. Southwest guaranteed bonds have all
been retired. except five. which have not beer
presented, and are probably lost or destroyed
and all tle bonds of the State now outstanding
draw only g per cent. interest, making the aggre-
gate Of current annual interest 5 .03t $50, a re-
ductiOn in the interest accountof s51 800 a year
because of the retiring during the past two years
of SO 900 of the State indebtedness, and fund
ing ) 1854 900 seven per cent. into six per cent.
bonds. The assessed value of the property of the
State for 1876 is about 5 800, % 100. Should the
country continue in q settled condition, the val
uations for 1877 and 1878 will not fall off, but
VIII doubtless be increased. The resources OF
the State interest and sinking funds consist OF
twenty cents on the one hundred dollars of prop.
erty valuation, and one half of the taxes on
merchants' licenses proper. After making due
allowances for the cost OF collecting and for ale
linquencies III collections, it is believed that,
with the present balances, and the amounts which
may yet be collected on delinquent TIA es
of former years, there Will be a sufioiency with
which to pay, during the present biennial term
the interest on the bonded debt, and as much as
$40 900 a year of the principal thereof. L
there Should be a surplus. it should be applied
annually to the purpose of retiring other bonded
Indebtedness additional to that required by the
Constitution to be retired. Six hundred thous-
and dollars OF bonds were funded under the ac1
of March 80, 1874, and $3,5l2 OO0 und r the &C
of March 20, 1875; these latter are payable. al
the pleasure of the State, after five years from
their respective dates of issue. The former were
sold privately by the Fund Commissioners, tht
latter upon sealed proposals publicly opened
~AANA NlllAL t%J -AAA' ANtt~~A
mode is the more preferable one. since all the
negotiations may be seen and known, and al
who desire to make such investments are mott
fed, and the opportunity accorded to them to d.
30. Since the spring of 1875 our bonds (treatet
by the State and all dealers in them as currenc.
bonds) have commanded a premium higher o
lower. according TO the amount Of accrued in
.terest, reaching in the fourth, fifth and sixt
months of eas h semi annual ingtallment 1o6 t
lOs on the dollar. Ii October last they wer
1854, and but for the alarm of a political crisis
they would have no doubt. by the. month of DE
cember. commanded 10 10 liz. The gloon
which pervaded the public mind necessarily af
fected and brought down all stocks. Ours stoot
the shock quite as well as any, falling to los
and rallying to 107% in the last month, whic
was the tlrst time in the history of the State tina
her bonds We're on a par with gold. This hig
character OF our stocks has been mos
gratifying to our State pride. They are
unquestionably, one of the safest an
best Investments offered in any market, becaus
both interest and principal are promptly paid q
maturity, and because the Constitution and tn
laws imperatively provide the means, and re
rquire their application to the payment of the one
and the annual reduction Of the other. No Leg
islature or officer could, if disposed, prevent til
accomplishment of these ends, Another fact ma