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

of Commerce of the city OF St. Louis,
for all, and OF the National Exchange
bank of jefferson City. for $50.eS0 -; ~.
the money of the state, being the best
and most advantageous offers to the
state, were accepted by the treasurer,
with the approval of myself and the at
torney general. and both of these banks
gave security to the satisfaction OF the
treasurer. the attorney-general and my.
self. Those banks have each deposited
bonds of the United States, or OF this
state, or both, with trustees in the city
of New York, to secure the faithful per-
formance of their part of the contract.
Such is their agreement, and the treas
urer has been notified that stocks of
such description have been deposited
with the trustees, as was stipulated.
But, it is respectfully submitted. If banks
are to hypothecate stocks of any de-
scription, either of the United States or
this state, as security for the safe-keep-
ing and payment of the deposits OF the
state, undoubtedly those banks would
prefer the sale-if sale should take place
of these securities should be made In
the city of New York, instead of St.
Louis. Ii the sale is to be made by
trustee, it is desirable that trustee should
be amenable to and within the Jurisdic-
ton OF the courts of this state, and that
the state should not be compelled to re-
sort to the courts of foreign jurisdic-
ton for redress. If default by the banks
which now have the deposits should oc-
cur, and it the trustees OF the banks and
of the state should neglect or fail to dis
charge the trusts they assumed, have
no doubt the present treasurer, attorney
general and executive would be GEN.
sured Tor permitting trustees to be Sc
Iected who resided beyond the iurisdic-
ton of this state; and if the propositions
of the deposit banks had not been ac-
cepted, the executive officers would have
been censured for not accepting the
propositions, Notwithstanding the trus-
tees were non-residents Of this state.
Copies oil the contracts with these
banks and the treasurer will be submit
ted to you by HIM with his report, and
also respectfully refer you to the report
of the treasurer for further information
respecting the transactions of his depart
ment.
The treasurer, as am informed, did,
shortly after the failure OF the Mastin
bank. institute suit against the bank and
it's sureties on the bond held by him. tor
the recovery of the money deposited in
that bank. NJ legal proceedings have
been directed by me to be commenced
against the treasurer on his bond, be-
cause it Is believed the right OF the state
to institute suit will not accrue. under
existing laws. till the treasurer shall be
required to give a new official bond. In
the transactions OF the treasurer with
the Mastin bank, it is charged he has
violated the criminal law. Indictments
were found against him at the last Oc'
tober term of the criminal court OF Jack.
son county, charging him with receiv'
ing benefits and advantages from the
deposits of money Of the state made IN
the Mastin bank by him. The indict
ments, am informed, were framed up
on the 44th section of the third article
of "Crimes and Punishments." As soor
as was informed such indictments wer'
pending, l directed the attorney-gen
eral to assist John L. Peak, Esq, thu
prosecuting attorney of Jackson county
in the management and trial OF thes
cases, as well as in the trial OF some IN
dictments which were preferred agains
the late treasurer of this state for VIC
. lation OF the same law. l regret tn
state was unable-by reason of the al
sence of witnesses-to proceed IN IN
) trial of these indictments against tn
treasurer at the last term of this court
!, If the treasurer is guilty as charged
or has violated any other law, let hil
be punished. The executive will scree
NO one from punishment. The laws
the state shall be enforced against a
alike, whether in public or in Prival
life. But, as an act of justice to tt
, treasurer, it is proper that l should stat
I the treasurer demanded speedy tria
8 RENEWAL FUNDING BONDS.
4 Bonds of this state to the amount
. 1886, 900 iell due at different periods
!. the wear 1877, and bonds to the amou
;. OF S49O, 900 fell due in 1878. The act
: March 29, 1875, provided for the iss'
: of new bonds, and the proceeds of tho
= bonds were directed to be applied to Il
= payment OF bonds of this state issu'
J in the years 1855, 1856 and 1857. Tho
= bonds were redeemable at the pleasu
), of the legislature at any time after t
expiration OF 20 years from their dal
). But. by the act referred to. it was
= clared those bonds should be redeem
- - at the expiration of 20 years from the
y respective dates. The bonds which +
= due in 1873, fell due in the months
y March, April. May. August, Octoh
- - and December. BY the terms OF tt
70 act no bonds could be issued at q lal
,e date than the year 1877. The consti'
:. ton provides there shall be an amt
- tax levied and collected, sufficient to p
y, the accruing interest upon the bond
~ debt of the state, and to reduce
'e principal thereof each year not less tn
a S25O,O0O The attention of the legis
~ ~ ture was called to the fact that viii
=. ~ at least $3.50, 900 was required to he ;
a, nually set apart for the extinguishm'
AZ OF the bonded debt of the state, th'
10 would fall due in 1873, 100000
" bonds. This would be in excess OF
" amount required to be placed in
sinking-fund, and without L conside
pc BILE increase in the revenue this s
oNe N could not be paid without additio
'r- legislation on that subject was
~ The amount of 81 1928. 900 of bonds
uuC III 1000 ouo 1000, aAo ehShS "esS
ei probability the state would be able
y. y, pay more than tue sum of $250, 900
-. nually, as required by the constitute
CT 1t was then apparent that as. under
at act of March 80 1875, the only bo
~ which could be funded were those WI
ne fell due in 1877, there would be
re cessity to convene the legislature to |
u vide for the exigency, or to fund
n bends which Tell due in that year.
n latter course was adopted. My pre-
e. cessor stated to the general assembly
e. his message, THAT in 1877 there will
a. to fund S58S, 900; in 1873. S24O, 900
nc none during the following iour We
IN As, under the act OF March %, 1875.
*, ly the bonds falling due this year cal
*. funded. you will have to provide
In new act for funding the excess, 81
'ut 900, for 1875" 1t was apparent to
lth that the state would be compelled
~; fund in the years 1877 and 1873 the .
nd OF SS35.O0O of Its bonded debt, of
lat 81, 1928, 900 of bonds which tell due
&c, those years. The bonds were issue
no aid in the construction of the re
est hereinafter mentioned, and fell due
se- the time stated:
H. STATE bonds MATURED IN 1877.
- March II, St. Louis & Iron Mountai in.
Gu AprIl l3, ST. Louis & Iron Mountain 80. q
nd May ls, North Missouri railroad. ;...... ~
lie August l, North Missouri: rnilroad ...... ii
'i"- August r. Cairo & Fulton railroad.
nrfn oil i