Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1877-01-13

iertook 4 further investigation OF the
question without realizing more salts
results. The convention, how
ever, adopted an ordinance torbidding
the payment OF the bonds therein des-
cribed To provide additional security
to the state, | directed the state treas
urer to be present and attend the bond
and coupon paying clerk Of the states
financial agent, National Bank of Tom
merce. of New York, where the bonds
were made payable, on the lst day Of
January. 1876, the day the bonds and
coupons were to mature, and forbid
their payment. or that of nnv bond or
coupon not admitted by the Fund COM
to be just debt against the
state. Not one was presented. The
of these bonds is some
what Of u mystery. but their nen-pre-
for payment strengthens the
that the; were burned as
stated, or if not, and were stolen, it was
to serve some other purpose than put
ting them on the market. There are
large numbers OF bonds and coupons in
the vaults of the treasury; most OF them
have been retired some were never issu-
ed very few show any marks of cancel
lation. Among them are l0V q per cent
Pacific railroad bonds, with certain cou
pons attached, for the construction the
southwest branch, issued in lieu OF Ger
tain guaranteed bonds. The residue
are described in the report of the senate
special committee, which may be seen
in the appendix to the senate and house
journals tor 1873. This report quotes
trn fb.. of = hA
twentytittt general assembly to the
effect that, upon mature deliberation.
they considered 1t best not to DESTROY
certain bonds therein referred to. as
they were lien on the main trunk OF
the Pacific railroad as well aS the south
west branch. As since then the state
has sold all interest in the said main
trunk and branch. it is not believed that,
at this time, there is any value in the
bonds referred to, nor in any others DIES.
cribed in the report of the senate specI-
al committee, nor III the 100 above des-
cribed. | would not advise their des-
tructlon, but that they, as well as the
coupons, be carefully listed and cancelled
The established form OF cancellation is
very Objectionable and should be chang
ed. Punching through the faces OF the
bonds and coupons is wholly effective,
writing or stamping may he easily re-
moved. All bonds and coupons already
retired, and which have not been can
celled by punching. and all that may
hereafter be retired. should be cancelled
in the same manner.
& IEDs EELoE0ING To THE GENERAL
GOVERNMENT.
The United States holds and claims to
own tweuty coupon bonds ol the State
of Missouri for 81 900 each. numbered
ninety-three TO lI3 inclusive, dated May
n, ISL, payable in five years with six
per cent interest; coupons of July |.
1855, and thereafter. are attached. Mr.
Bristow, whilst Secretary OF the Treas
urv. represented that the Department,
received them from debtor IN satis!ac-
ton oi debt due from him to the t:ur.
ernmcnt; that they were especially de.
posted with the Treasury Of the United
States, April 9, 1855, in Il sealed pack
age, with intention to collect the same
as soon as the proper disposition of the
proceeds should be determined; thai
owing to the multitude OF other Officia
duties demanding more immediate at,
tentiOn. and changes from time to time
OF officers connected with the Depart,
nent. who knew OF the deposit. the col
lection Of the bonds had been delayed
but they We're clearly the property O
the gov ernmcnt. In June last, the thcr
acting Secretary of the Treasury in 4;
letter to me. affirmed the ownership o
the bonds 10 be in this United States. anC
invited An early payment. The bone
ressi.try shows that these bonds art
outstanding, ana Il part Of the public
debt. AS they have been so long pas
due. the fund commissioners are. Il:
well as their immediate predecessor,
We're, unwilling t" pay them withou,
legislative authority. Being satisfied
that they are lawful obligations of tn,
State, and unpaid. | would advise that
the Legislature make an appropriation
for their payment, rs well As the cou
pons attached, in current funds OF hi
United States.
HANNIBAL AND 81. JOSEPH KAlLRoA!
RENEWAL BONDS.
In compliance with the act OF Marcl
Il. 1874, have caused 10 be issued |,
lY1 OF these bonds, and exchanged 10
4 like number issued as loan OF tn
credit of the State To the road. undo
the act of March -. 1851. This number
with the 2oj issued by my. predeces
.or, makes l.4S2 There remain vet t
be issued eighteen bonds, to make up tn
complement required hy the act.
REVENUE.
The sources of revenue are levie
upon property valuations and licens
and corporation franchise taxes, an
fees paid into the treasury by State off
GERS 1t is commonly estimated that tn
total deliquencies on property assess
ments amount ordinarily, to about
per cent OF the gross amount. The rat
OF taxation, for all State purposes, wa
40 cents on the 800 OF property valua
ton for 1876, or L less rate than has bee
levied for many wears Uuder the It'll
Bonded Debt may be seen what rev
enues are devoted exclusively to tn
payment of the bonded debt. They COZ
stitute Il sacred fund, pledged to this sol
and only purpose by constitutional prt
visions The revenues trom all othe
sources, above specified, form properl
the revenue fund. OF the amount rea
ized, one-iourth is distributed annual
to the common schools, one and thre,
tourths per cent OF the residue to til
State University, and the remainder
devoted to the current expenses of til
State Government, including eXtraord
nary appropriations. The sum of SIS.
4OI 6S has been added as authorized b
law, for which no appropriations haV
been made. and for which certificates
Indebtedness have been issued. OF tn
sum SllI.541 90 We're for criminal cost
the balance Tor various other purpose
1t will be the duty OF the Legislature
make appropriations Tor the payment
this deficiency, which will have to |
paid out OF revenues hereafter to
collected. There are large amounts I
delinquent taxes vet 10 come in otht
than those of the collection for the yes
1876 and which will by close collection
be more than sufficient 10 liquldate sal
sum OF 1854 ,4Ol 6S when collected
all the revenues We're collected promp
" the treasury would be able to di
charge the rcquisitions drawn on it .
presented. Owing to the large amour
of taxes not collected and remaining d
linqent, and assuming that the eNpend
lures OF the State including eXtraor,i
nary appropriations, will not amount
US much in the present rs they did in tt
past biennial period, there will be d'
iiclency OF the revenue. The trca
urer should be supplied with the mear
tu pay as promptly rs warrants are pr
sentcd for payment-the citizen cred
tor is entitled to the same measure