Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1881-05-26
A CLEAh STATEMENT
TIE EAEes OF JUDGE HARRIS On
TIE STATES S0LyEyCY K.GGE-
CALLy REPELsED
4 Pew Plain Facts and Figures vs
Blind and rEnoushtiess Accu-
Gafs0ns.
CARSON, May %, 1881.

TO THE EDITOR OF THE APPEAL:
To residents Of Carson City who per
sonally know the editor Of the DuI.
Index the articles which appeared il
| its issues of yesterday and thi
morning convey simply the assurance
that he has at last openly decided t.
| do, what for months has been his il
concealed desire, viz, wage war upon
the present State government, it's OIL
GERS and their official acts. This o.
itself is undoubtedly his prarogative.
and if the proprietor of the sheet
through which his unjustitiable and
unworthy attacks are given publicity,
chooses to permit his paper to become
that sort of vehicle, l know of no means
Of abating the nuisance. The outside
world, j. e. the general public both in
Ne .ada and elsewhere have, however,
d right to know and be assured that the
opinions and assumed facts stated in the
articles referred to are totally and ma
lignintly false. This man has assumed
that the State school fund is in process
Of depletion, to the verge of destruction;
in short that by the action of the pres
ent administration, aided by the last
two legislatures, the said school fund
has been robbed Of a large portion Of its
assets and is now, or will shortly be,
destroyed. In no sense is this true.
The State school fund has now more
assets Interest paying assets, than at
any time since the organization of the
State government. Its principal is con-
stantly growing and its revenue from
interest is yearly augmenting. Does
not the Lnder man kno,o this to be so?
If not he is referred to the financial
officers of the State. The money of
the State school fund is derived from
the sale of public lands. Its principal
cannot be expended. The revenue for
public schools which this fund produces
IS and must be derived from interest
IN its money loaned. If the principal
,e boarded no interest accrues. 1t is
simply a useless fund, its care charge |
Upon the State, its benefits absolutely |
nothing. This must be admitted. Now |
now shall this fund be made to pro-
luce the greatest benefit to the schools? |
Obviously by investing it's principal in |
he highest interest bearing securities
,btainable. These the State COnstitu-
ion limits to two kinds. viz: State
,Onds and u. 8. bonds. The State has
ssued two classes or kinds of bonds
ince 1879. The first five per cent
,ond, was purchased by the Commits
toner's in charge Of the school fund at
ar. The only other bonds which the
could have secured
we're U. $. four per cents, which then
we're at premium. Which Was wiser?
The Eve per cent bond at par, or the
our per cent bonds at premium of
leven per cent? The other bonds
ssued by the State were authorized by
he last legislature. They bear four
YER cent and are issuable when needed.
t was deemed better, in the judgment
# the State officers and the legislature,
o borrow money at a low rate of inter-
st during the present depression of
BUSINESS and property valuations than
o levy high rate of taxation during Il
eriod Of stringency. Are not these
onds good investment for the school
und? They can be bought at par.
hey bear four per cent int rest pay
BILE semi-annually. U. 5. bonds bear
ng the same rate Of interest can be
urchased only at a large premium,
bout seventeen and a half cents on the
ollar. In other words, ii the
Money now in the school fund (Which
,ust he invested, and that in but two I
,ays,) be used to purchase U. $. per
INT. bonds, the interest on the amount
aid for them would not reach 81 per
nnt. per annum. Is not IA State bond
t 4 per cent: better than U. $. bond
t 81, especially when it is remembered
nat the school fund is useful only SO