The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1883-01-09

dred dollars for the support of the State
Government, the pay OF the Legislature,
costs in criminal cases and and the main
tenance of various eleemosynary institu-
tions of the State. No State can manage
its affairs more economically. This &C
counts for its prosperous condition. Dur
ing the present administration the public
debt OF the State has been reduced a fol-
lows:
Ia 1881 .......... ...... S202, 600 90
In 1882 ...-..... ............. $1,000 OO
...................S7l2.OOO w
This shows the amount OF bonds taken
up and retired since January 10th, 1881,
with the surplus revenue, proper, of the
State, and does not include the $250,OOO
renewal revenue bOnds-also paid in 1881
issued under act of May 9th, 1879. max.
ing a Total reduction of $780,, 900 of the
liabilities of the State. If other bonds
could have been called during this year,
or purchased at a reasonable premium,
there is now sufficient surplus revenue on
hand to retire $500 900 more of the States
Indebtedness.
In the face of this exhibit, am unable
to see the wisdom or justice of that part of
the decree recently made by Judge Nc
Creary, at Keokuk, Iowa, In the Hannibal
and st. Joseph Railroad case, requiring
the State 10 use the whole or part of the
SIS. OOO, O00-inv oluntarily received by the
State-in the redemption or purchase Of
its bonds, or account for the interest on the
money, when the facts show that the sur
plus revenues of the State are sufic lent to
retire its bonded Indebtedness upon ma
turity, without touching any part Of the
s., OOO, 600 which forces the State to 20
into the markets and purchase its bonds al
large premium in order to Use its surplus
moneys. The State has no option bonds
aaoat. AT no previous period has the
States Indebtedness been so rapidly d.
unfinished, or the State grown 80 rapidly,
in those elements which give State char
acter at home and abroad, as within the
last two years.
The credit for this belongs to the people
and their officials, here and throughout
the State, who have performed their duties
so honestly and efficiently. The effect is
observed and appreciated abroad. 1 call
your attention to the following extract
from q letter received by me from re-
putable banking firm Of New York City
81 take the liberty of enclosing quota
tions At the New York Stock Exchange Of
this day of the various securities dealt in
there, and beg leave to call your attention
to the quotations of Missouri State Bonds.
You will notice that the figures given for
Missouri State bonds are bids" only, there
being but very few of these bonds for sale
and when any are offered they bring very
much better prices than those stated in the
list. / was in negotiation with Savings
Bank here to-day. and offered to take their
bonds on basis of 81 per cent. Investment,
and yet our bid was rejected. This fact
should be gratifying TO these taking an in
terest in the financial affairs of the State
of Missouri. By referring to the quota
tions you will perceive that the bonds of
the State of Missouri not only compare
favOrably with all other State bonds, but
in point OF fact will bring more than any
State bond dealt in upon our Stock Ex-
change. take pleasure in stating TO you
that your bonds will not only sell for more
than the bonds issued by the State Of Con-
necticut, Michigan, New York, Ohio and
Rhode Island; but that they will bring
fully rs good prices rs Massachusetts, State
bonds, which, n one time, ranked uuch
higher than United States bonds.
believe the financial condition of your
State At present is such that you will have
no occasion to issue any bonds at present,
but we're such not the case, do not hest.
tate in saying the bonds of the State bear
ing 4 per cent interest could BE readily
placed at . good premium; and would
your constitution permit the issue OF bonds
"free of all taxation" bond bearluG 3
per cent. interest could be placed At about
par. The above good results were brought
about ty the prompt payment Of all obi
cations Of the State; BY the good man.
sgement on the part Of the officers of the
State having the financial Affairs in charge
therefore, to them the citizens are indebted
for the great benefits they are now reaping
and will continue to reap in refundipg the
debt as occasion may offer.
l claim whenever . State is in good
financial standing foreign capital finds its
way into that State, and capital, combined
with labor, is the success of State.
Missouri has the coed fortune to have as
officers men who are honest and honorable
men that have demonstrated that all ebli-
cations of the State must be promptly met
that its credit must be sacred and preserved
under all circumstances, and that is the
cause Why capital flows into yeur State,
and finds its way very slowly into States
that do not take care Of its credit"
This letter gives the present financial
status of the State L: is alike gratifying
to the officers and people Of the State.
That status is based upon the answering
honesty of the State in its business princi.
pie ''of paying as Won go;" that always
pays in the end in fact before the end Is
rea he'd.
BALANCE SHEET,
Showing payment ~ the Hannibal and St.
Joseph Railroad Company, and the in
vestment Of the same BY the Fund Com.