The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1883-08-09

lica0s run riot.
Well, these men w tneo
anything are dependent on The very lgnoi
ance W. ara trying ~ rid Ourselves ol, be
loause these amendments prevent ahy fk
trayaganoe by limiting the state school w.
IN a fiaHImnin Of twenty cents, and don
allow this much unlees u N necessary II
order 10 furnish six months schooling
Some men are crazy on the subject o
economy, aud the mlser who stsfYes "
death IN the midst OF plenty Is not q les
detestabIe piece Of humanity than the mar
who don't want to pay q smsl tax Tor ecu
cational purposes. Many such men nave
left their children plenty OF grub ana al
equal amount of Ignorance, ana received
curses from these same children.
There are others who oppose the amend
ments because they claim that the poor ed
ucate the rich In answer to this take
man who pays taxes on $1,000 worth OF
property ana has four children ut school.
At the rate Of 81 per month tuition for each
child for six months in the year IT would
cost $2i; whereas his proportion oftheschooi
tax at the proposed maximum would only
be SO all told. Any man worth as much
as SIS 900 with as many as five children to
educate, can educate them for less by means
of public schools. We don't want such
schools as we have had for they destroyed
private schools and we're OF no appreciaole
benefit themselves.
Sec. and 6, Art. 7.-Sections four and
six, article seven Of the Constitution as sub
mitted Tor your vote on August 18TH by
joint resolution No. =, differs from the Con
stitution as it now stands in these par'icu
lars.
The Constitution as now in force provides
| that the school fund shall be invested in
United States bonds or. bonds of the State OF
Texas. The amendment, or this portion OF
it provides that in addition to these securi-
ties, the fund may be invested I'm Texas
county bonds. OF such other securities as
may be provided by law, and the
State shall be responsible for all
investments. and these same pro-
visions in the amendment were made APP
plicabe TO the investment OF county funds
of the same character.
This is the whole OF this amendment in q
nut shell. and it is easy to solve.
If the state was bloated bond holder
like Jay Gould or Vanderbilt with one or
two children to educate, and more money
than it could use, the present constitu-
tional provision might do. The circum-
stances. however, are vastly different. We
have large and growing scholastic popu-
lation badly in need Of educational adVan-
tsges. :,
We have large permanent school fund
mostly IN land but being rapidly
reasonable estimate. is that this
fund will reach in course OF fifteen
years the sum of fifty millions. Now, sirs,
we can't obey this constitution much
longer even at q sacrifice of this fund, Tor
state bonds can't be bad in any respectable
amounts now, and if the United States gov.
ernmant does its duty, there won't be any
of it's bonds in existence within ten or hf-
teen years, or at any rate none purchase
BILE.
The investment now required is to be
made only at sacrifice, for it takes an av-
erage of six years interest to pay the prem1-
UNI on the bonds as they are worth
now frsm Is to 4o cents premium. Now
there is no money to us in investing Sl.4O
school money in 81 per cent. bonds.
There is no money in our paying 81 16 in
school money for 81 in United States bonds
be airing or 3 1.2 per cent. interest per an
mum. We need our school fund too badly
| for this kind of an investment, and we can
get twice the interest with, II not as good
at least, on sufficient security. We are for va
rious reasons not in fix to financier on the
basis of maximum security and minimum
| interest. In the first place the state can in
various ways. loan this money on the
cream of Texas securities safe enough for
| all practical purposes and realize double
the income. Other states have done so for
years. and not lost one per cent OF the
principal in ten years operation, tnls Is
notably the case in Missouri.
| There is no better security for money
| than the increasing values in Texas, ana
the shrewdest bankers loan money on them
at ten per cent.
The state in loaning this money to its
citizens on properly approved security
ia no more engaged in
banking business than when she invests
them in bonds as specified. There is a lit.
tie more discretion allowed by the proposed
amendment and certainly this fund can't
be handled except such a discretion is
lodged somewhere. A constitutional re-
ouirement that fund shall be invested
only in one line of securities is unwlse Tor
it places this fund at the mercy of the
holders of these particular securities; 1t is
unwise because it may be impossible OF ex-
ecution or impracticable and result asst mas
uone in our own case as re,
CARDS Texas bonds placed the school
fund in the power of spectators
who have received S1.40 in school money
} for every seventy-five cents invested by
them in these bonds.
II this mony has got to be squandered ID
this way, /, for one, would rather see me
citizen get it, for he would increase taxable
values by improving the state, and certainly
we can't lose any more this way than we do
by such investments as is now required.
Loan il to the citizen, IL enriches bim and
the state and doubles the available fund for
school purposes Buy bonds from the
bondholders at big premium and you en-
rich the bondholder, impoyerish the school
fund. and don't benefit the citizen either
by lowering the rate of interest In increas-
ing he school facilities.
The effect of the constitution as it now
stands is to force the money to lie idle in
the treasury or to be invested at sacrifice
of part of the principal. and at such low
interest that the annual income goes OuI
little way towards helping educate the
thousands in our state needing and want
ing an education. l am no tnancler, put
| it seems to me a wooden-headed man
would see the necessity of q change in this
mart of the constitution. | believe this
school fund should be utilized to more adj
vantage even If we do risk something in
the way Of losses. Some men look wite and
say there is a job in IL and the money will
be squandered by dishonest officials.
Well. now, am one of those that don't
always figure on the dishonesty OF the peo-
pie or their sworn officers ana believe there
Is some honesty and virtue left; and have
too much state pride to figure with any
man who wants to fix dishonesty at a higher
basis than one per cent. Of the principal,
and this we could well stand at the differ
enca between three and one-hslf and
seven per cent. interest per annum,
when we see statements that bear the ear
marks of truth to the effect that the late
president Of the United States. TO insure
his election, sold the exalted position OF
supreme judgship to Jay Gould; when we
have proof that the treasurer Of the United
States furnished crisp two-dollar bills to
carry Indiana republican Il Is enough to
make q man curse the times he lives in and
.doubt official hOnesty-shen we see the re-
suit Of the star route trials 1t does look like
dish onest officials are hard to punish.
But let us remember that all this corrup-
ton does not exist in Texas.
or the democratic party, which, i hope
will always control Texas II ii continues