Savannah morning news. [volume] (Savannah) 1868-1887, 1885-10-22
THE PEABODY FUND.
why Florida was Left out OF It's Bone
fits.

fits.
Florida, it seems, has been deprived of
its share of the Peabody fund. The
Florida Herald says that at the meeting OF
the Peabody trustees in New York last
week it was decided to withdraw the fund
from Florida. 1t will aforementioned that
fully one-half of the Peabody bequest con-
sisted of Mississippi and Florida state
bonds amounting. with principal and in
terest, to 1000, 900, the Mississippi bonds
amounting to $l,500,000, and the
Florida bonds to $5OO,OOO. For
years past the States of Mississippi and
Florida have been receiving their quota
Of the Peabody fund and applying it to
educational purposes. Neither State has
paid any interest on its bonds. At this
last meeting, therefore, the trustees took
the subject under consideration and de-
oided to make no appointment for Florida
and Mississippi.
Henry A. EEngle furnishes the HerGld
the following explanation OF the alleged
Florida bonds:
The act of Congress establishing the
Territory of Florida { sec. 6)prOvided that
sail bills to tax the inhabitants of the
Territory, or their property, should re-
ceive the sanction of Congress before they
became laws. except when said laws
shall authorize city, county, and town
officers, to collect taxes for the use and
benefit of their respective counties,
cities, and towns, and for no
other purposes" The sanction OF
Congress to the acts which sought 10
pledge the faith OF the Territory was
never obtained, and grave doubts were en-
tertained before and at the time Of, as
well as after, the passage OF the act au-
thorizing the guaranty, as to the power OF
the Territorial Legislature to pass them.
The Secretary OF the Territory was so i'm
pressed with their irregularty and ille-
gality that he refused to attach the Terri
torial seal to the bonds, and it WAS affixed
by another person under the authority or
direction OF the Governor of the Territory.
Section 81 Of the act OF Feb. 10, and a
like clause in each Of the other acts men,
toned above, prohibited the sale or ne
gOtiati0n of the bonds issued hereunder
at discount, or for a less sum than the
amount named or expressed in said bonds,
"and in every such case each bond sold
for less than the amount named and ex-
pressed therein shall thereby become
forever absolutely null and void"
The Territorial House of Representa-
tives, by vote of 10 to 4, on Jan. %. 1912,
adopted the following:
ResOJDed, That the Territorial Legislature
does not possess the right. nor was it ever in
vested with the authority, TO pledge the faith
of the Territory so as to render the citizens
of the Territory responsible for the debts or
engagements Of any corporations chartered
by SAID Territorial Legislature.
The Committee on Corporations Of the
same House said:
1.-THE committee do not on this occasion
deem it necessary to comment upon
the effect Of the disposition of items (the faith
bonds under par"
If the validity of the bonds as liability
of the people of Florida was acknowledge
ed, then would the question he we'll worth
Considering. But the people of Florida
have decided the question as to their liza
bility for the bonds upon broader princi-
pies and grounds. They have said en-
phatically that the Territorial Legisla-
ture is not competent TO bind them or
pledge their faith for the use and benefit
of private corporations. These bonds are
placed upon the market by the corpora
tions to whom they were issued.
The people Of Florida raise by taxation,
for the education of the children Of the
State, about $500, 900 per annum. Add to
this the income Fl ON the investments held
by college, seminary and common school
funds, and we have for public education
in Florida, In round numbers, $350,000
per annum, without the $1,000 or 81, 900
which mas been annually appropriated
from the income of the Peabody fund to
Florida.