The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-02

TO say SOMETHING ia 'ShN'N ~
in which tho SCHOOL fund oil the State o.
West Virginia has been managed by the
Democratic party. After several days
deliberation, it has finally concluded to
take the position that the fund has been
lawfully and rightIully dealt with. We
quote from its delense of the management
Of the fund as follows;
Tho State ought to be quite as able to
nav the interest on any sum borrowed
from this fund, and is quite as much IN
tores.ed in seeing its obligations fulfilled,
AZ are the banks, tho railroad companies,
and other creditors who now hare posses
sion OF tho principal part Of the fund.
Besides, ii is difficult ut this time 10 find
investment for money ut o paying rate OF
interest. There are no United States
Government securities on the market,
The mos. that il promised in this direc-
tlon ID q three or three.and'a.hall per
cent bond. We have this school fund,
amounting TO oyer iour hundred thou
gInd dollars, and continually being in
creased, which must find investment
somewhere. Why cannot the State be.
come borrower, II needs be2 What sus'
pC0n rests upon the credit OF the State
that makes it imprudent for 1t to handle
ils own iundsP How much better will 1t
be for the State 10 send this money abroad
10 bo rsked in foreign investments than
10 use it herself, II II can be used TO RdVRn-
tage? Why increase taxation when we
can bridge over temporary necessities by
borrowing from our own funds?
The schools have not been deprived OF
any part or portion OF the revenue to
which they arc entitled under the law by
auy use which the State has heretofore
made Of school funds, and 1t IL not pro.
posed TINT they shall be deprived Of their
Just dues by any disposition to be made oi
ihe funds hereafter, While we keep with
in the limits Of the law, there ought to be
no objection to making the best use oil the
revenues Of the State that ID possible.
Ioshow how exceedingly thin and falla'
cious is this defense Of the management OF
the school fund OF the State, we beg leave
to refer all persons interested in the ques.
ton to section OF Article MI Of the
Constitution OF the State. 1t will there be
found that the "Board OF the School
Fund" consisting Of the Governor, the
Superintendent OF Schools, the Auditor
and Treasurer Of tho State, are made the
guardians ot'thla fund, and they are re-
0uired to invest all moneys aCcrulng 10
the fund "undersuCh regulations as may be
prescribed by law, in the interest bearing
securities Of the United States, or Of this
State; or II such interest bearing securities
caanoi be obtained, then said school fund
shall be- invested in such other solvent in.
tetd bearing securities aa shall be approved
by the Governor, Superintendent Of Free
Schools, Auditor and Treasurer"
The roEdRr will see that the meaning OF
tho Constitution Ia made very explicit
in the language quoted. 1t is made the
duty Of the Board to look carefully to the
solvCncy OF the Investment Of the fund
ald to tho fact that " shall be "interEsI bear
ing." And Rs II this language was not full
aud explicit enough, the section quoted
further enjoins that "the interest thereof
shall be annually applied to the support OF
free schools throughout the State, and 10
10 other purpose trhaterer."
Now We need not stale what Is q notori'
OILS fact: that there have been abundant
opportunities to invest this fund since
1873 in solvent and interest bearing secu'
1tiea. The record will show that O large
amount Of the United States securities al
present held by the fund were bought OF a
premium Of eight to ten per cent, and that
said securities arc worth to-day from ten
to twenty per cent more than was paid for
them It will also show that tho four-and'
A'halt and lour per cent bonds Of the
United States could have been bought al
par to any amount in the last four or five
years, II will further show that instead
oI investing the money In any o.
these securities, the money belonging 10
the fund has boon steadily and increasing.
ly directed into non.interest paying loana
TO tho State, and that thus the sch ools o.
tho State, in plain violation OF the spirit
and letter OF tho Constitution have beer
deprived Of the interest that should have
accrued 10 them, and which the 4th sec
ton oil Article MI declared shoult
never DO diverted to any "othcr purpot
whaterer."
The Democratic party has traded ol
false pretenses before the people as to tn
condition OF the fluances Of the State
Had the people understood the real fact
in tho late canvass there would have beef
avery different judgment passed by then
in numberles5 instances on this sort o
financial management, The party la
tided over deficits in tho revenue b.
taking money that belonged TO anothe
fund, which was set apart for a specific
purpose, and using It irotn year to year al
acover for the gap created by spending
more money than was received. So bold
has it become in this sort Of financia
management that Notwithstanding thl
present large debt Of $l27,5OO, and man,
thousands Of dollars OF overdue and TN
paid interest, a proposition has altesd!
been introduced into the present LegiSla
tnre to take 100000 more OF the none!
belongngto the school fund, and Use /
on the Capitol building at Charleston.
We believe that this project ls TO-DAY
seriously entertained on the part Of I
Number Of the members otthe Legislature
aud we suspect that some OF them Intent
not only to vote for this project, but alst
to see thissesson adjourn without provid
ing Tor the interest that is now 80 largely
duo to the schools Of the State. 1Eis bafsly