The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1879-10-24
a story OF MILLIONS that Cam 9
90 Kentucky and DIS
appeared.
A Vanished School Fuud--TWhy Ken
tuckians. of the wicked Present
Don't ssImprOve-"
Especial to the Courier-Journal.

| LEXINGTON, KY, oct IL -AO Oout
| two weeks ago the n Y. Herald called
the attention of the country to the fact
that about twenty ight millions OF
money, belonging to the National
Treasury, was on depo@ among thet
several States which were 10 the Union
ins1836 and 1897, with. perhaps, Que
or two exceptions, and that this money
was subject to be called iI at any time
by an act of Congress Kentucky got
her share of this moneyl The inter-
esting questions now are: How much
did she receive? When did she receive
it? Upon what conditions? What
became of the money? Whether any
of It has ever been returned to the
Federal Treasury, and. if not, whether
the State still owes and is able to pay
the debt thus contracted?;
An Investigation into ;this subject
has brought to light or rather mas re
called to mind, -
AN INrEREsTING CHAPTER -
of Keotueky history. especially iP1
laiion TO the common sch hoohss
and internal improvements of the IL
People of to-day pretty generally
tertalu the notion that the establisG
ment of the common school system
due to State pride an1 enighte oed
patriotism, aud, at the same time. bek.
lieve that Kentucky has never msdel
an effort to improve tho great natsral
resources and enlarge tie facilities fer
travel upon her great watercourses, -.
make any apprecia bic effort toward
carrying out what is now, aszthen,
called system of internal improys
ments. Both are unfounded.
HISTORY OF The FUND.
In the year 1886 a fund of shoat
$40 900, 600 had accumulated in the
United States Treasury. The money
was derived principally from the sale
of Western lands. The public debt
had become extinguished, and, the
General Government having no pres
ent use for the money. it was proposed I.
to- loan the same to the several States r.
on deposit, in proportion to their .repJ . :,
resentatiou in Congress. This .ideG y
was carried out by an act of Congress =
passed in the year 1926. which surho, y 4
lied the Secretary of the Treasury D II
allot the fund under conditions spk .
scribed, and to be accepted, less he !
amount of $4,000 900 which wd to D
be retained in the Treasury 0e of .
these conditions was that the Staltd de- :,
string to be made depository Of the I
surplus fund should authorize its 9
Treasurer, or other competent auhor- u
lty, on receiving certificates of Deposit '
therefor, signed by such authority, in
such form as may be Frescribed By the = :,
Secretary aforesaid, which certificate :
shall express the usual and legal obli- 7
cations. and pledge the faith of the :
State for the safe keeping and repay +
msnt thereof and-<ssss--ll-- plsdge. sfhe :, :
to pay..6s-ssf5 t.o@s s.j ,in5s whssnegs.s. Z
The $40 sL1fbe required by the See fa
retary oe>Se Treasury" st
/KENTUCKY ACCEPTS. d Of
1.-THE session of 1886 81, Governor 10
,zs. Clark, in his annual message 10 in
The Legislature, alluded to this sor- m
plus fund, aud recommended thSt the 5;
pass an act authorizing al
the State Treasurer to receive Ken m
tucky's pro rata OF the fund Under VI
the congressional act, the distribution 8,
was to begin on the first dSy oil Janua- fl
ry. IS37-one fourth on hat day, ,.one- in
fourth on April l, ons- fourth on July "
l, and onesfourth o. october OF the n
same wear Inteponse to the message Il
and snooestirn Of the Governor, the q
Iesislatur. passed the following: a
"a, Acfororiding for the receipt Of the sur ii
In he ed irf NJ
.sse Il enacted 6y the General Assembly oil I,
re Commonwealth Of Kenficky, That the n
treasurer of this Commonwealth be su- !,
thorized and required to receive from the :.
Secretary of the Treasury of the United L
States the proportions of the surplus :
revenue which are required to be deposit h
ed in the treasury of this Commonwealth, r
to the provisions of an act of =
Congress entitled 'Aa act TO regulate the
deposits of the public money, approved
on the 23d of June, 1885, and the said |
Treasurer is further authorized and re- f
ouired to execute certificates of deposit, 4
containing obligations on the part GSnis
Commonwealth in conformity with the
reouisitions of said act of Congress; snd
when said surplus revenue shall bere t
ceived by the Treasurer, as hereby au- 8
thorized and required he shall cause the r
same to tie passed to his credit in the
deposit banks of the State, and remain in
said deposit banks until otherwise dis
posed of by law.
"Appro1ed December 16, 1885," I
Thus it will be seen that the Gov .
ernment of Kentucky in 1886 iot
look upon the proportion of thS
plus revenue of the United Sta ~
gift, but as loan, without
PAYABLE on call The LegislarGs
thorized the Treasurer of the Sf.ss 20
receive the moneJ upon the nrms $ nd
stipula:ious laid down by Congress,
and to give certificate settibg forth
the obligation which the State mad
assumed to pay on demand to .oe
Federal Government nearly a million
and half of dollars
ORIGIN OF THE SCHOOL FUND.
| At the same session of the Leglsia
ture on act was passed. entitled Az
act to invest in profitable stocks me
snrplus revenue of the United states
required to be deposited with the o's'e
of Kentucky" After provlding lot
Investments in the State banks, the act
goes on to say:
Be IL further enacted, That the Proats
arising from one million dollars ot .ne
surplus revenue of the United states ae-
posted and to be deposited with the o's'e
by virtue of the act of Congress oI .he
18th of June, 1886, be and is HEREBY set
apart, and foreper dedicated to IouuutIg
and sustaining general sy ystem of public
instruction in this State"
The money was not placed on de
posit with the States as promptly as
was expected, and. business depression
affecting the country in 1881 Tue
(. amount distributed was redaceo 20
about twenty eight millions, OF "hien
Kentucky received 81 .433, 757 ~. ana
, ~ obool r,nd $3.50 900 In view Of