Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-02-11

meet casual deficits in the revenue. II
had done so,
1. Because it was lawful.
2. Because il was regarded az good
financial policy to do 50, and Repuoli-
can Legislature had set the example.
D. Because it was better for the
schools that the State should pay inter
est on this fund than TO have 1t lying
idle in the treasury. :,
The fact is, that the money borrowed
by the State from this fund is yielding q
better and more reliable revenue to the
schools than could be derived from any
other investment. The State is paying
6 per cent. interest on
every dollar so borrowed. a
good. safe investment at that rate OF in
terest, cannot easily be found, at this
time. There has not been one dosar
unlawfully withheld from the schools.
The legislature failed to provide Tor
the payment OF the interest due on
part of this fund, at the last session, but
the schools OF the State had their regu'
lar apportionment annually made Tor
their support, and IL this interest due
from the State had been made it would
simply have been added to the principal
of the school fund as provided by the
Constitution. The schools did not need
it.
We DO not desire to excuse the Legs
lature for failure to appropriate Tor the
payment of the interest so due, but we
do say that it was mere oversight, and
there was no sinister intention as the
IteHiqeaccr alleges, to dodge or defeat
the Just and full payment OF the States
obligation TO this fund.
On the contrary the obligations OF the
State to this fund are all duly stated by
the Auditor in his last report, and the
States liability for interest on said fund
is made part of the estimated expenses
for the wears 1881 and 1882, and will be
properly and fully provided for by this
Legislature along with the other ex'
penses Of the State. Ii such provision
is not made it will then be time enough
for the Iaieliigencer to raise a hue and
cry Of robber, thief, &c, &c, and we
promise to join the POSSE comitatas that
shall pursue the thief, whenever it is
made to appear that any theft has been
committed and a thief Is really on the
run.
There is one other allegation made by
the Iatsiiigsncer in this connection, We
desire to notice viz:
"The party in power has got its hand
in so deep into the school fund that II
now besitates and .falters about taking
the steps necessary to reimburse the
fund. The apparent disposition Is to
treat the money taken a. part OF the
States money, and 10 ignore any obllga'
ton of repayment. This Is the party
that boasts OF a "strict construction OF
the Constitution"
The above assertions are sheer dema-
gogery.
In the first place, there is no demand
or necessity for reimbursing this school
fund at this time. There is no law re-
quiring its reimbursement 1T this time.
There is no kind of financial policy that
could figure out any profit from such a
course.
The constitution does not contem-
plate the payment oil the principal at
this time. The State is not in condi-
ton to paw it. The schools would suffer
il it did. There is now about $4,000
of this fund idle in the treasury; bearing
no interest; bringing nothing to the
schools. or anybody else; some OF the
bonds in which this fund has been invest-
ed have recently been called, and there
will soon be another installment OF the
fund sent to the treasury for investment.
The State is paying six per cent. on
the amount it has borrowed. III this
should be restored now by the State, 1t
could not be invested safely at tine
same rate, and the revenue to the
schools would be diminished instead
of increased. The schools wonld suffer
instead OF being profited, a the Latslii-
gencer would make believe. The truth
is, that the man who is looking solely to
the interests of the schools will be the
last to make a fuss about the States use