The Russellville Democrat. [volume] (Russellville, Ark.) 1875-1898, 1884-08-28
ELEVENTH YEAR.---NO. 80.
The Same Old Slander.
I.inle Rock Democrat.


Elk. Senator Clayton in his speech
the other night could not refrain
from repeating that miserable and
threadbare Radical campaign Sian
der, called by the brethren "the
school steal Mr.. Clayton did not
say that the Democrats defrauded
the children of their school funds as
many lesser lights OF the party af-
firm, but he said that the first act
of Democratic Legislature was "to
take the school fund which the Re-
publicans had guarded with sacred
care and appropriate it to pay their
per diems." 1t is matter to be re-
oretted that Mr.. Clayton was not
candid enough to tell his auditors
that the school fund did not lose q
single cent, but on the contrary, was
oajner in the sum of several thous
and dollars by this transaction. II
the Democrats did "take the school
fund" did they not replace it with
securities which were far more val
liable? Now,the Democrats has more
than once exposed the fallacy as
well as the monstrous injustice OF
this charge against a Democratic
Legislature, and it will keep up the
work until no respectable Republi-
can will dare to repeat it. And now
we Join issue with Mr.. Clayton and
all Republicans of high and low de-
gree on this statement of facts: In
1874, when the people drove the
Republicans from power, they found
bankrupt treasury, the bonds oi
the State dishonored in the markets
of the world and the coming reve-
nue. all anticipated by the issue OF
treasurer's certificates or State scrip.
This was the state affairs when
the first Legislature elected BY the
people assembled at the capitol.
This was the sad and almost hope
less condition that confronted them.
AS a pressing necessity, they passed
an act authorizing the sale of thirty
four $50 United States bonds, which
belonged TO the permanent school
fund. This was done as the onl,
means of raising money to defray
the intermediate expenses OF the
State government. The par value
of these bonds was $4,000, with &C
crued interest to the amount Of VA,
404.04, making total, principal ant
interest, of $3S, ,404 Oh. In pursuance
of the act authorizing their sale
these bonds were sold, In March
1875, for the sum of $40, $4,000, les:
the cost of making the sale, $275.50
The net proceeds of the sale amount
ed to $40, 269.50. OF this amount
$69.50 was returned to the treasury
to the credit of the permanent schoo
fund, aud the remainder, $40, 10000
was invested in State 6 per cent
bonds under the act of December
oath, 1874. These were taken a
60 per cent. OF their par value, real
izing $67, 900, thus increasing the
amount of the permanent fund $2S,
1896.
Since the date of the reinvestmcnt
the State has promptly paid the
coupons of the $67 900 semi annual
ly at per cent, thereby realizing
to the school fund $4020 per annm
in currency. II this Investment
this STEAL as the Republicans cal
it--had not been changed the schco
fund would have received every yea
only $2040 as interest, instead o
$4020. Hence, instead Of "robbing'
the school fund, as our SANITY
brethren would make the people be
lieve, Democratic iinanciering savet
the State from utter bankruptcy
and ut the same time realized for the
permanent school fund every yea
the sum of $3.50 more than 1t woult
have received had the invcstmen
remained in 500 United State!
bonds. In every light in which thu
transaction is viewed it is credita
BILE to the Democracy.
We challenge Senator Clayton II
dispute the correctness OF the fact
and figures which we have here pre-
sented. And to the end that thu
small Republican politicians ma,
have their mouths closed, we ash
our brethren Of the press to pubiisl
the same.