Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1879-01-18
SEMINARY FUND.

SEMINARY FUND.
There are 1922 900 OF the bonds OF
this state. bearing six per cent interest.
in the custody of the state treasurer.
They are coupon bonds, with nothing
upon them to denote they are the prop
erty of the state. I recommend that
these bonds be cancelled, and certiti-
Gates in lieu thereof be issued, in the
| same manner and subject to like condi-
tiens with the certificates by me recon-
mended to be issued for state bonds held
by the public school fund.
STATE INTEREST AND SINKING FUNDS.
The state interest fund consists OF a
tax of ene-tiith OF one per centum per
annum levied and collected on all prop
erty subject to taxation. BY the provls-
ions of the constitution the proceeds of
the tax shall be applied to the payment
| of the interest on the bonded debt Of the
state as it shall mature, and the surplus,
If any, shall be paid into the sinking
fund, and thereafter be applied to the
redemption of the bonded Indebtedness
of the state. 1t is also provided the
amount paid into the sinking fund shall
be at least $3.50, 200 annually. The fund
commissioners have paid the interest on
the public debt to the 1st of July last,
and have forwarded to the National
Bank of Commerce of New York an
amount sufficient to pay the interest on
the bonded debt, payable in that city on
the first of this month. And there has
been paid out OF the sinking fund, in the
last two years, 1856, 900 for the redemp-
ton of the public debt. Part OF this NOM
ey was applied in payment of twenty
bonds, with interest, which have not
heretofore been reckoned as part OF
the debt of the state. The Indebtedness
of this state on the 1st of January, 1877,
was SIT 1868 900, instead of $17 ,248, 900.
The Indebtedness OF the state on the 1st
of January, 1879, was SIG. 900, not
including the contingent liability OF the
state on account OF 100000 OF bonds
loaned to the Hannibal e. st. Joseph
Railroad Company. This amount does
not include the Temporary loan OF $780,
900 which tails due this year. From
the present year to the year 1888, only
S442 1000 of the bonds of the state will
become due. and the larger part OF the
amount to be placed in the sinking fund
will BIZ applied to the purchase of bonds
before they shall have matured.
RATE OF INTEREST.
In such times of pecuniary embarrass'
ment as we have experienced the last
four or five years, and as we are now
experiencing. distrust of the solvency
of our business men is engendered
Money is, for that reason difficult to be
obtained and is often loaned at seven
per cent. and oftentimes for much less
rate. The bonds OF the United States
which bear but four per cent. interest
are sought for eagerly. Under existing
laws these bonds have another value be
sides the long time before they mature
and the punctuallty and certainty Of pay
ment. 1t is that they are exempt iron
state and municipal taxation, which il
l estimated in the principal cities OF tn
union where capital is concentrated, q
l equal to two per cent. per annum. ad
| wise the rate OF interest be reduced t.
: six or seven per cent per annum, an
that our laws of usury shall be so chan
7 ged that the defense of usury shall be {
t some avail and benefit to the unfortr
D nate debtor. The penalties for usury i
this state are made to encourage th
1 loaning of money beyond the lawit
8 rate OF interest. In short our interes
s law has been enacted in the interes
J, alone of the lender, and not with du
d regard to that which is right to bot
IT borrower and lender. 1t is often sal
9 that men should be permitted to Col
e tract for the use OF money at such rat
l. as they may please to give and that
q tribunal should annual or invalidate col
y tracts. This proposition goes too ia
'eI and if carried to its full extent, then q
q gaming contracts should be enforce
}, and not be declared void.
% But the legislature fixes the rate I
le interest which it is lawful to receive IL
y the loan oi money, and has the right
OF declare contracts void made tor great
I'd rate of interest than that authorized
d. law. In this connection must say Il
rs lenders of money in some manner eva
IL the payment of taxes on money th'
n have loaned. Violating the law relatil
IS to interest by exacting more than t
On law permits them to take, their ne
evasion or disregard OF law is to scre'
TX their notes from taxation. There u
e, counties in this state where the recor
xt er's office will show thousands OF dolla
~ loaned. and the payment secured
mt deeds of trust or mortgage deeds uns'
ag isfied, whilst the assessment list "
he show only q small amount OF mon
nd loaned. Thus are the revenue la
de of the state avoided, ,and men do not P
s. taxes in proportion to the value of
nd property they own.
to l trust the legislature will so provi
or that all the money which Is loaned
OF citizens OF the state in the state. shall
Ito taxed. Perhaps 1t may be advisable
sss declare that no judgment shall be RI
I'd, dered on note or bond for the payne
|ch of money or property when by Its d.
lci- or the instrument itself, it is evident
int has been liable to taxation, unless
or plaintiff shall show it has been asses:
,n. for taxation, and if the note has escaE
l. taxation, then the court shall render
L. Judgment in favor of the state for
led taxes and penalties, which should hi
uly been paid by the owner of the note, /;
ur- which said judgment shall have prior
to- of payment, and be credited on said NJ
lue -
will REV isioS'
ds. The statute laws OF this state ol
be general nature must be revised by
iod legislature, or plain and important
YES junction of the constitution will be {
the regarded. The 41st section ct artIc
to of the constitution provides that wit
ary five years after the adoption OF the c
de- stitutlon "all the st,tute laws of g
in eral nature, both civil and criminal, 81
} OF be revised, digested and promul gate'
ave such manner rs the general assem-
ion. shall direct" The constitution was ad
ted in October. 1875, and became
:, supreme law of the state on the 8
,ess day of November ofthat year. 1t is t.
ant regretted the last Legislature did
On provide for commission OF experien
tho men, learned in the law, who should
,I,o late the laws OF the state, showing "
1us the general statutes now are, and n
90 DO 90 ing suggestions OF the alterations
90 20 amendments proper and suitable to
% II made, in order to make our code of |
81 II as perfect as human wisdom can dey
, to The attention of the legislature was {
cas- ed to this subject by myself and by
pom immediate predecessor. The five "
tho within which this important labor is
nds, be performed will expire this year.
. If laws of the state have not been rev
put since 1865. and many important am
ands ments and great changes have
your made 10 the general laws, which
ould scattered through dozen volume!
tent. session acts. To collate sill these
| II,