The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-04-13
The State of Texas,
EXECUTIVE OFFICE,

EXECUTIVE OFFICE,
April ., 1881.
'y>lIE Substitute for,he Senate bill, No. 1874,
entitled IAN act 10 prove q for the issn.
auce of manu- cript 10 DIS If the State, T. the
funds derived II ON the sale of lands, ct spsri
to the several counties ioI school purIo es,
ess. :" p essen ted 10 me No governor by the IL h
le ,ls AZURE, on the llrst day Of April. tSl, Is
hereby disapproved by me, un the day above
set iorh, for which tho following objections
are assigner:
II carried out, according to It's terms, it
would result In the Injustice OF To Ing all Of
the people Of the State TO Increase the perma
nent school fund of the counties. aud conse-
Quently to increase their annual available
school fund, not accor & to their scholastic
population, but according to the dir Il ent
amounts OF money realized iiom the sale of
their county school lands, thereby giving more
10 those having much, and less to those having
lltla, In prop. rtion to their scholastic pOpuls-
ton.
It would necessarily produce this result by
the following provis.ons;
IL au horlZss the counties TO pay their school
money into the treasury and at once receive
S ate bonds, bearing per cent Interest. run
ming wenty years, lis ued by the Ire ,surer.
Tne governor Is required to purchase out
standing State bonis with the money 20 paid
into tn treasury, which u Is provided, may
amount one million dollars.
The Texas State bonds are not generally in
the market, and "a forced purchase o N bo el-
fccted only by payinga large fremium, so
that the amount OF money received rom the
counties would not 10 Nc 4rc It nm am unit Of
bonds No would have been issued for 1, aud
until the purchase cOuli be made he = ate
would b. paying interest On the bond. issu d
TO the Q mnto~, ana also on the bolds pur-
chnspd with the money.
THE Ave per cent bo0ds lately issue will cost
not les than SOS or 800 In the bonds, and
tue ak and seven per cent much morc-at
10 ats s)t, the Sl0O, IT Therefore one mil.
non uf dollars received FIR m the counties TOR
which that amount III bonds would be ssu d.
suould be Invested In outstanding flvnutr cant.
bonds, tho pub 10 bonded dobt of tho state
would have he. Increased over sew nty -four
thousand doll "a, and In addition TO that, Tho
$ nte would Jay, frln Its general revenue,
raised by taxation, interest on b tn the bonds
issued, and those boaght until, from time
/, time, they could bo pure hasei with the
m ney.
Tnat resultw would also be,violation Ct the State
ca ~, titulion. which prescripes that mo Debt
.hail bc created by or on behalf OF the State,
Except to supplyc sual deficiencies OF revenue.
repel iuvas on, suppress Instruction. tic end
thu State IN wa. or pay existing debt" Part
a. $ elton ~, Article
The ere ton az this Increased debt would
being the obi rcts alone for which u debt can be
Gre ted unler 'he Q astitutlon.
The provision In Section q OF Article I OF the
G institution, pre- 'cIlblng that thu proceeds OF
the sAle Of the county school funds shall I've
invested In bonds Of tho state OF Texas, or Of
The United States " 10 merely direction as to
The sort Of secur ties In o which these county
funds shall he CO yer I'd 80 ns TO re safe In
vestment TO draw Interest. and In no wlre con-
travenes or qualities the positive prohibil lion,
unequi, ocallv expires ci, against creating a
deDt by the State, for any other ohjest tn an
'''N''' " o H. RopERrs,
aprlli Governor.