Mexico weekly ledger., 1877-01-18

par. the saving would occur. only to a
%, 1873. reserves the right to the State,
and it is so specified in all bonds issued under it,
to redeem them after five years from their issu-
ture, and its abolition in those to be issued would
tend to appreciate their value for there are many
buyers who prefer long bonds without the pow
er of an earlier redemption. AS there are more
fve.twenties outstanding now than the State will
beable to redeem after five years shall have eX-
pired. the argument for its removal is strength
ened. Notwithstanding the views above ex-
pressed. it is for you to determine whether or
not, of the $685., $50 of bonds to be sold thisyear,
is this should not be done, the State, in order to
retire that amount in this year, would have to
procure them in market, at a very high premi-
begin to expire May /, 1880, the amounts to be
retired in this and many succeeding years should
be made up from this series of bonds. and the
Legislature should direct, by law, when and In
what manner, and what amounts of the bonds
desire'to be retired, the Fund Commissioners
should, on behalf of the State, call in; and also
that, after the date fixed for their presentation,
no interest will be paid on the bonds called in.
Although the passage of such a law might be
deferred till the Thirtieth General Assembly, it
would be more advisable for you to establish
the course and policy of the State this far in ad-
vance of the time for necessary action. Although
the public debt is ST., 24S, 900, yet there are only
$lI,2 22, 100 in bonds in the market, or liable to
reach it; the residue of SO, 026 900 represent the
investments of the principal OF the State School
and Seminary funds.
MISSING AND OTHER BONDS.
1t was charged, during the last session of the
General Assembly, that II large number of bonds
which had been deposited in the vaults Of the
State Treasury had been stolcn, Or, at least,
were not to be found. The Senate appointed a
/ special committee to solve the question, but after
a di1igent search no definite conclusions were
arrived at, though they expressed the belief that
the missing bonds had been burned by authority
of theespecial committee OF the twenty, seventh
General Assembly to settle with the Auditor. and
Treasurer. The Constitutional Convention, as
well as the Grand jury of Cole County, under
took a further investigation OF the question with
out realizing more satisfactory results. The
Convention, however, adopted an ordinance for
bidding The payment of the bonds therein de-
scribed. To provide additional security to the
State, 1 directed the State Treasurer to be present
and attend the bond and coupon paying clerk of
the States financial agent, the National Bank of
made payable, on the LIST dsy of january, 1876,
the day the bonds and coupons We're to mature,
and forbid their payment. or that of any bond
or coupon not admitted by the Fund Commits
sioners TO be a just debt against the State. Not
one was presented. The disappearance of these
bonds is of a mystery, but their nom
presentation for payment strengthens the con-
clusion that they were burned as stated,
or m not, and were stolen, it WAS to
them on the market. There are large numbers
of bonds and coupons in the vaults of the Treas
ury; most of them have been retired; some were
never issued; Very few show any mark of cancel
alton. Among them are 100 & per cent. Pacific
Ra'lrotd bonds, with certain coupons attached,
for the construction OF the Southwest Branch is
obS III { Vi III SUo LUZ pOhAos AHS
residue are described in the report of the Senate
Special Committee, which may be seen in the APP
pendIx to the Senate and House Journals for
] 1915. This report quotes from the report of a
of the Twenty fifth General Assem-
bly, to the effect that. upon mature deliberation.
they considered it best not to destroy certain
bonds therein referred to, as they were a lien on
the main trunk of the Pacific Railroad, as well as
the southwest Branch. AS since then the State
! has sold all interest ia 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 described in the report of the Senate
special committee, nor in the 100 above de-
ecribed. | would not advise their destruction,
but that they as well as the coupons be carefully
listed and Cancelled. The establ shed form of
cancellation is very Objectionable and should be
changed. Punching through the faces of the
bonds and coupons is wholly effective. writing
or stamping may he easily removed. All bonds
and coupons already retired. and which have
not been Cancelled by punching, and all that
may hereafter be retired. should be Cancelled in
the sane manner.
I BONDS BELONGING TO THE GENERAL GOVERN
The United States holds and claims to own 20
l coupon bonds of the State of Missouri for : 200
each, numbered % to 1I3 inclusive. dated May "A,
1851, payable in five years, with Six per cent. in
terest: coupons of July /, 1855. and thereafter.
are attached. Mr.. Bristow, while Secretary of
the Treasury, represented that the Department
received them from a debtor i'll satisfaction of a
debt due from him to the Government; that they
were especially deposited with the Treasurer OF
I the United states, April 9, Sj5. ina sealed pack
age. with intention to collect the same as soon as
Z LiIC IItDSIt tEpOotllVh u litC ptoNSCNtS ciioulo nc
determined that owing TO the multitude of other
official duties demanding more immediate atten.
ton, and changes from time to time of officers
connected with the Department, who knew of
81, the deposit, the collection of the bonds had been
I delayed, but they were clearly the prOpert~ of
the Government. In June last, the then Secre-
tary of tn Treasury. in a letter to me, affirmed
the ownership of the bonds to be in the United
States, and invited an early payment. The
bond registry shows that these bonds are out
: standing, and a part of the public debt. AS they
have been so long passed due, the Fund Com
missiOners are, as well as their immediate pre-
deCessors were, unwilling to pay them without
Legislative authority. Being satisfied that they
are lawful obligations of the State, and unpaid. [
would advise that the Legislature make an APP
preparation for their piyment, as well as the
coupons attached, in current funds of the United
States
HANNIBAL AND ST. JOSEPH RAILROAD RENEW
AL BONDS.
In compliance with the act of March 81, 1874,
1 have caused to be issued l 1877 of these bonds
and exchanged for a like number issued as a
loan of the credit of the State to the road, under
the act of March %, 1851. This number, with
the 2S5 issued by my predecessor, makes l.sS2.
There remains yet to be issued eighteen bonds,
to make up the complement required by the act.
REVENUE
The sources of revenue are levies upon proper
ty valuations and license and corporation fran
chise taxes, and fees paid into the Treasury by
State officers. 1t is commonly estimated that
the total delinquencies on property assessments
amount, ordinarily, to about Ii per cent. of the
gross amount. The rate of taxation, fer all
State purposes, was 80 cents on the 500 OF
DIopcity ldb " ioiOs VI q ISCC idbC tidi
has been levied for many years. Under the til
tie Bonded Debt" may be seen what revenues
are devoted exclusively to the payment of the
bonded debt. They constitute a sacred fund
pledged to this sole and only purpose by constl-
tutional provisions. The revenues from all other
sources, above specified, form properly the rev
enue fund. OF the amount realized, one fourth
is distributed annually TO the common schools
one and three fourths per cent. of the residue tC
the State University, and the remainder is de
voted to the current expenses of the State Gov
eminent, including extraordinary appropria:
tons. The sum Of 3 1874 ,4Ol .68 has been audited
as authorized by law, for which no appropria-
tons have been made. and for which certificates
of indebtedness have been issued. o
this sum Sill, S47.99 were for crimina
costs, the balance for various other purposes
1t will be the duty of the Legislature to make ap'
preparations for the payment of this deficiency
W ich will have to be paid out of revenues here
, after TO be collected There are large amounts
of delinquent taxes yet to come in other thar
those of the collection for the year 1876, ant
which will. by close collections, be more thai
sufficient to %liquiaate said sum of $lS4 40l g
when collected. If all the revenues were col
| lected promptly the Treasury would be able t.
, discharge the acquisitions drawn on it as pre-
4 sentPd. Owing 10 the large amnunt of taXe