Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-01-13

nae ment u lsw Of thai import Capun. bby
retroactive Eject. Ii the state cau IS tr
nd uaiutain priority of pas neut in tby 90
II the Gates deposit in the MAstin bank. Au,
;ars' sll persons TO whom the siguce 10 g u
siih baS paid the diri lends 10 the same IN u
ncr Us they have been paid to Col. Gates, the,
| must Rli who have received dividends from HI
'ssiguce Of said bank be called upon and ugdt
IA tefrud toe payments already made 20 them
rs, ilicient 20 pay tue deficit. And if prirr.t,
# pas nen' to the BtGte exists in this case, Gut
II be enforced, then the sureties OF Orl
fateS, who have already paid more thGa so,
100 for him, can assert this principle for thei
benefit. And il the snreties of Col. Gate
ball now pay into the treasury the SlS3, ,5l2 65
now held by the Mastin bank, those surstie,
sould, by exs,iug laws, he subrogated to al
tho rights of the state.
REVENUE BONDS.
In 1917 found the treasury in u deple'et
condition. Certificates of indebtedness had
heen issued, liabilities had been incurred, auc
/ tGmsrd' filed with the auditor for settlement
II the year 1876 amounting 10 more thsr
.2G6 OO0 as stated in my Rpecial mtssago tC
he legislature in March 1877. The revenues
of the state at that time were insufficient tC
meet the cxigency. recommended tempo
rary loan to be made TO supply this casual dc.
tciency, (and would have recommended @
anger sum, but the constitution fOrbade,) iu
accordance with the provisions Of the second
clause of section Al, of article 1, of the oonsti.
'ution. The authority was given and the loan
wss made The revenues of the state were In
adequate TO defray the current expenses OF
| the state government, the other expenditures
charged to the revenue fund, and also to re.
deem those bonds. Hence authority was gi7'
en-, by the legislature of 1879, to redeem toe
revenue bonds by negotiating another per
I cent loan, payable in two years. Proposals
wero invited in tho manner provided by law
and the loan was awarded to tho highes. and
best bidder at a premium of 2% per cent,
amounting to a6 S75
RATE OF INTEREST.
l recommended TO the last legislature a 70.
duction in the rate of interest. The PROPOSE.
tion at first was received with favor, but after
wards slarm was created in the minds of some
lest capital from other states should be with
drawn. But during that winter the legiSls.
lures of the states of Illinois and New York
considered the question-the hrst named state
! reducing lts legal ratio Of interest to six per
cent, and by contract eight per cent per an
mum, while the state of New York reduced its
rate of interest from seven to Elk per cent per
aunum. The came reasons which influenced me
then to make that recommendation causes me
sgain to recommend reduction of the rate of
interest to six per cent per annum, with suit
able provisions to cause tho law TO be
respected and observed. II has been recently
| urged, in order to induce capitalists Of this
state to invest in the bonds of the state, that
the capital so invested shall be exempted
| from taxation. There is no good reason pre-
sented to my mind Uhy We shall amend
the constitution of the state and exempt any
property from taxation. Why should the
money Of the capitalist be exempt from taxa
tion because he invests it in the bonds Of this
state, or of the citi and counties of this
htate? BY many political economists it is
considered the taxes levied on property
are for the purpose of defraying the expenses
of its protection, and that property of all DO
scription should be taxed in order to defrsy
the expenses of the government in making
laws for its protection, and tho costs and ex'
pense Of enforcing those Laws. We can bOr.
row money at as low rate Of interest as 4
per cent per annum, but our necessities arc
not such, at this time, as to require the
postponement of the day of tho payment OF
our indebtedness, in consideration of areduced
rate of interest. Instead Of inviting the cspi-
talists Of this state to invest their money in
state or municipal bonds, prefer to Geo 1t in
vested in the development of Our mines, the
building of railroads and the establishment OF
I mil.Olb VI uullhIb HuLln VI
cotton are transnnrtn1 49, ~.N this ststn-
somo raisea in it-and n few hundred baleI
only manufactured here. We continue to i'm
port to this ate iron and steel, and yet the
raw material from which II II produced ID
abundant. Sheep husbsndry Is one of oul
great sources of industry, yet but few woolen
goods arc manufactured by us. We send the
hides of our beeves away to be manufactured,
and they are returned to us in boots and shoes
Instead Of encouraging all those who have cap
ital to be monoy-lenders, why not Qf encour-
ngemsnt is to be given to any encourage In
vcs'ments in mining, manufactures and In
commercel
EDUCATION,
The number of students at the state uni.
vorsity, the school of mines and the Lincoln in
stitute, on the first of November last, Ia In c1-
cess of the number in any previous year at
tending those institutions at tho same date.
/ The number Of students at the state university
in oil ita departments, ia now 500. This mum.
Der of students is a sure test of the correct
disciplino maintained, and the meritorious
standard OF education adopted at the universi-
ty, and is o testimonial to he good character
of the presid Mt and the other members Of the
faculty as educators and instructors Of tho
youth entrusted to their care. At the normal
schools fewer students are in attendance
than in former years. This, perhnps, may
be attributed 10 the fact that those TO
whom hos been entrusted the management OF
the normal schools have been more strict in
quir ng the student to obligate himself to
70 low tho profession of teaching In this state,
after he shall havo graduated. This require
m, Mt is in accord with the basis upon which
the normal schools were established, and
should he exact ID of the students by those
schools. The school Of mines and metallurgy,
Int lIa IA IN, ha
fiCquent discovery of mines of the precious
metals in the territories, and the demand in
this s.sto for mining engineers, have no doubt
caused IN increase of students TO qualify
themselves TO follow the profession of mining
engineer and gCol0gist For the first time in
its history, the Lincoln institute has an entire
corps of colored teach, re-. Prof. Page and his
assistant teachers, have thus far given general
abstraction to the trustees and the patrons OF
the institute. The lincoln institute was or
ganized in 1870, and was established by the
money previously subsCribed for that purpose
by colored soldiers, aided by a
few philanthrophists. af or slavery
was abolished, aud the negro was made citi-
zen and entitled to all the legal rights to which
o her citizens were entitled, it was deemed
drsi' able to educate some of their class to be
teachers in the public schools of this state, SO
that the colUred children should have the
fAmc legal right to the public m tney, and to
obtain an education, which the white children
In the state possessed. Provision was made
for separate schools, and, in many of the vii
lagos and towns Of tho state, schools for col
ored children are regularly taught, and are
well patrOnized and maintained. Tho Lincoln
institute, however hus struggled for On cx
istcIce. The youth who resorted to 1t to OBJ
tain en- education bad rugged pathway t.
| vNl n nd tn than aaluna md Tn dpyOtf
their timo TO study instead of labor. The
legislature did assist the institute, but the
building did not belong to the state. A debt
had been incurred b. the trustees, which EN-
barrassed the operations of the school. Tho
last legislature of 1879 appropriated tl5O0l
to the support of tho institute, provided
5000 should be applied to the payment ofitt
indebtedness. This appropriation was con.
tained in the general appropriation bill, and
wRa grant to corporation managing char.
ity. The constitution provides; "The general
assembly shall have no power TO make any
grant Of public money or thing
OF value to any individual, association of in
divtduals, municipal or other corporation what
ever. The grant of mOney to tho Lincoln in.
stilute was in violation of tho part of the con
slitution Just quoted, and as matters thor
stood, could not receive my approval. l wa
tx.oili 10 member Of the board of trustees.
| ThetIu7tees were a5Romblcd, aud with no dis
sentiug voice, il was resolved tho buildings OF
the Lincoln institute and its school apparatus
and furniture should be conveyed to the state
rhe deed was made, executed and acknowl
edged and recorded, and tho appropriation bill
was then approved. 1t is too soon now to be
done, but the Ii ncoln institute will il prop
erly cared for, occupy the same position TO the
colored people of the state which the state
university holds to tho whito people OF the
state. 1t was wise act to place tho Lincoln