The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-04-12
The State of Texas.

EXECUTIVE OFFICE,
April o, 1881.
'ENlE substitute for the Senate bill, No. 1874 y
entitled AN act to provide for the issl.
ance OF manuscript DO DIS of the State, fyr the
funds derived from the sale of lands, set apart
TO the several counties iOi school purposes
etc; ~ ,eseuted to me IA governor by the II h
legislature, on the iirst day OF April, 1881, is
hereby disapproved by me, on the day above
set forth. for which the following objections
are assigned
If carried out, according to its terms. II
would result In the Injustice of taxing all of
nent school fund Of the counties, aud conse-
quently to increase their annual available
school fund, not according to heir echolastic
population, but according TO the different
amounts OF money realized IRON the sale of
their county school lands, thereby giving more
To those having much, and less u those having
liltla, In proportion to their scholastic populn-
ton. ff'
It would necessarily produce this result by
the following provisions;
ltau horizes the ounties to pay their school
money into the treasury and at once receive
SAFE bonds, bearing per cent interest, run
ming twenty years, Issued by the Treasurer.
The governor Ia required TO purchase ont
standing state bonds with the money SO Maid
into tbs treasury, which IL Is provided NAV
amount t. one million dollars.
The Texas state bonds are not generally I'm
the market, .nnd force purchase can be- Of.
H..
thas the amount OF money received from the
counties would not be US ire 10 an VmOuut of
bonds ms would have been issued for [, mud
until the purchase could be made Ia, Stale
womb he paying Interest on the bonds isslIad
To the c1unties, ana also on the bDGds pu,.
chnsed with the money.
lhe ilrtper cent bonds lately Issued wiz cost
not le,s than Sos Tor 500 In the bond and
the SIN ana seven per cent much riure--at
le ts.2l g. tho SlNl. ic therefore ua MIL
ion OF dollars received fr. III The cruniias 4 ar
which that amount ol h0uds would beisSutd0
shonld heinves;cd in outstanding ii gAuercent.
buhuS, the pubic bonded dcOt of the StRtp
would have been Increased over seuenty-four
thousand dollaro, aud In addition To that, Tho
o'n'' Would ray, nom Its general revenue,
tAlstu ny taxation, interest on both the bonds
Issued, aud those bought until from time
u time, they could bs purchased with the
N 'ncy.
:. rhal.result would also he violation Of State
'o"tituiion, when prescribes that ''no debt
snail be created by or on b. half of the state
except to supply c,sual deficiencies of revenue,
,,Spel INVASION, suppress Instruction, defend
the STATE IN war, or pay existing debt - (pnrt
OF Section 10, Article
me creation OF this Increased debt would
hot nc embraced under any of thess exceptions
being the objects alone for which a debt can be
oclted uu,or the & iAstitution.
rue provision IN section q of Article OF the
institution, prescribing that tho proceeds of
tue sue, OF mo county school, nnds shall he
.InNrsteu IN bonds OF the State ofTexas, or of
we nlted Statesn Is merely u direction as To
Tue sort of securities into which these county
iuius shall 10 cooker ed 80 MS 10 be "a safe I'm.
Nesthleht 10 draw interest, and In no wise con-
uaNencs or qualities the positive prohibition,
9ntluNocally expressed, against creatiuga
debt hY the State, for any other obIe,t In IN
thosc expressed Ia the exec ptIon.
,.,u o NJ, ROBERTS,
"lrl u Governor