Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1881-01-15

ty, levied en- all real estate and other
property and effects subject to taxation.
and, by the. provisions OF the constitu-
, ton, Is to be applied to the payment OF
f the interest on the public debt. The
interest on the public debt has been
promptly met and paid. The residue
OF the interest fund constitutes the
. sinking fund, and is to be applied to
the extlnguishment OF the bonded IN.
, debtedness OF the state During the
+ years 1877 and 1878, the sum OF $685. =
/ OOo was paid in the extinguishment of
the public debt. The law provides
when there is sufficient money in the
sinking fund to purchase one or more
bonds OF the state, the fund cemmls-
sioners shall call IN for payment a like
amount of the bonds ei the state, (the
Hannibal and st. Joe railroad bonds
excepted but the commissioners shall
not purchase or redeem any such bonds
at higher rate than their ..tace
value" Ne bends of this state
tell due in 1879, according
to the previous reports of the fund com.
missioners and all description oil bonds
which the commissioners were authoriz-
ed to purchase, sold in market at pre-.
MUM of from to 10 per cent. None OF
the ''eption," or 5 20 bonds were re-
deemasie till the 1st of May of last
year. Pubic notice was given that all
which were redoemable at that date, and
designated BY their numbers and series,
would be paid on presentation to the
National Bank OF Commerce in the city
Of New York, and that interest would
cease on and alter that date. This bank
had been, by the commissioners, previ-
ously selected as the depository and fis-
cal agent of the state for the payment of
the Interest, payable IN New York, on
the bonded debt. Money was. by order
OF the fund commissioners, deposited
with said bank fer that purpose. AS the
interest on the bonded Indebtedness was
due on the 1st OF July, in the opinion of
the fund commissioners, no more mon
ey could be spared far the redemption
of bonds at that date. Public notice was
given that $40, 200 of bonds would be
redeemed on the 31st OF July last, and
that interest would cease ON and alter
that date. and another pubic notice was
given that $4,000 of bonds would be
redeemed on the 31st OF August last. and
that interest would cease on and after
that date. Funds wherewith to redeem
said bonds were placed with the Bank
OF Commerce at the time the said notices
were respectively given. The payment
ct the interest Oh the public debt on the
1st OF January last, was dependent on
the collection Of taxes during the months
OF November and December. A large
amount of the taxes collected in
the month OF December is not received
at the treasury till some time in the
month OF January. Yet S402, ,OeO was,
| in the month OF December last, remitted
to the National Bank OF Commerce Of
New York CITY, for the payment of the
interest due on the public debt
on the first OF this month,
payable in the city of New York. The
interest due for the year 1880 on the
bonds held in trust for the public school
fund, amounting to $120,540, was set
apart in the treasury in the month of
December last, though none OF it will be
dIsbursed till the month of Marsh: and
So $50, the interest due the first of Jan
uary last on the bonds held in trust for
the seminary fund, has been paid to the
treasurer OF the board of curators of the
state university. The interest on the
certificate of indebtedness of $500, 900.
is net payable till the first OF March.
1881. In the first call of bonds tor re-
wh;nh hare haiHare were embraced % banda7
Y Mhasa Was RRss1nhSea Rst t
ers to redeem any bonds held in trust by
the state Tor any of its funds. This er-
ror was not discovered till 1t was too
late to remedy it, except in the call for
bonds for redemption on the 31st of De-
cember last. The fund commissioners,
therefore, on the 10th of December last,
called In for redemption $167 900 of the
bonds OF the state and gave notice that
the interest thereon would cease on and
after the 31st day of last December.
$4,000 of the money for that purpose
was on deposit with the National Bank
of Commerce of New York city, and ON
the day the call was made the residue Of
the money was ordered to be RENTED
by the Bank OF Commerce of St. Louis.
Thus, while none of the bonded indebt-
edness OF the state was paid in 1879, for
the reasons given, yet in the year 1880,
double the amount of bonded indebted
| ness required to be paid in 1880, was re-
deemed in that year. In the four years last
past. there has been paid cut of the
sinking fund, 81 ,O35, 900 of the indebt-
edness OF the state-a reduction annual
ly OF more than $60, 900 of interest, ,leav-
ing that much more OF the interest fund
applicable to the payment OF the bonded
Indebtedness OF the state.
| The following table shows the receipts,
including the balance on hand on the 1st
of January, 1879, and the disbursement
of the interest fund for the last two
years, showing balance OF S73 ,629 Il:
| State Interest Fund. Dr. Cc
| BY balance Janu-
| ary i, :lS79. S l56, ,0a9 70
| By receipts in 1873. ............ l,24O, 2S4 81
By receipts in lsS0. 0...........-.. 1,iSs. 1855 81
| Towarrants issued
| in ls79... IS e63, 1892 20