Lexington weekly intelligencer., 1886-10-02

General government of over S6,OOO,OoO
on account of "war claims" supple
mented by the gigantic fraud OF the
sale of all the railroads i'll Missouri
(saye and except the Hannibal " st.
Joseph), the title to which delinquent
corporations by default III payment oi
interest had vested in the state' ior
sum about equivalent to that received
from the general government interest
meanwhile having accumulated re-
duced the debt to about S23, ,OOO,Ooo.
We have not the space to comment
here on the effrontery and enormity OF
the fraud that characterized the sale OF
these valuable railroad properties ana
franchises. 1t is maloderous with rad
ical financiering at a period Of putres-
cence in high places W hen partisan
greed and cupidity were to be glutted
with public plunder and wholesale
robbery of debt burdened people,
On January 1st, 1S73,the debt as ABOVE
stated was approximately the amount
inherited by the democratic party on
its accession to power in 1875, the ample
assets, in the acquisition of which II
had all been created, having been dis
sipated as stated. How has this party OF
economy met this issue? Let facts and
history make reply. Through its rep
resentatives it provided for some
S5, SOC, 900 of bonds maturing in 1866
bv new issues of per cent. 500 bonds
which were sold at par, the previous
ratings of the same class of securities
having been at from S2 to SO cents Oh
the dollar. This legislation was effect
ed in the face of determined opposi-
ton, the effect of which would have
been, if successful, a partial repudia-
, ton of the maturing obligations, and
} the degradation OF the credit of the
state.
On January 1st, 1887, our bonded
, state debt will amount to SIC, ,527 900,
r decrease in the twelve years of DEM
ocratic rule of $11 ,241 900. The credit
+ of the state has been so advanced thai
3 our bonds bearing 81 per cent. interes
e found an eager market at 2 per cent.pre
G MUM, or bonus Of twenty dollars OF
= each $1,000 bond, and hence, if tht
y state should not be in funds to liquidat'
b the same when due, the whole deb
d can be floated at 3 to 81 per cent.
e making an annual interest cost
n $S66,445 as against $l,313,76e, 9Th
10 Hannibal s. st. Joe bonds are omitte'
t, in this calculation) ,at Z per cent on tn
It debt, as it stood on January 1st, 1873
le The bonds could only have been sold a
= that date at large discount, and henc
J. it is legitimate to reckon the interest a
te per cent.
re Under wise and economic governor
9, every dollar of our bonded debt shoul
W be discharged in ten years. A like in
er hertance of county township and othe
le municipal debts, largely contracte
be during the period of disfranchisemel
De has been in the main adjusted all
IA liquidated under the same democrat
ad legislation and management. A glant
ne at the financial status of our publ
Ip- schools reveals result we'll calculate
les to inspire graduation and pride
se. every Missourian. The increase in tt
ed state school fund since January Is
ID 1885, has been $4,000, and the tot
of this fund, combined with county al
he township, presents grand aggregate
ps, over SIC, 100000 of securely and pc
his manently invested funds. The incon
er derivable from these sources and fro
~. direct taxation Finishes annually f
up application to the education OF Il
to children of the state, free of chars
it S4,225, 900. The State University, t
ing Normal schools. the Lincoln Institr
u.s. (colored), and all of our eleemosyna
rho institutions, ARE receiving adequate a
ere liberal support.
did Much more might be presented, b
lest upon this record, for it is written i'll
yell tacably upon the pages of the history
,est the state, the great democratic pal
ure of Missouri makes appeal, not only
the its own cohorts, but to general a
.rty discriminating public and as questi
on of right, of merit, and of wise a
Who sound policy, asks the triumphant ell
de- ton of our state candidates, our c.
roI gressional and judicial nominees, a
re a of those named for county and TOW
ora- ship offices, without bluror scratch
him any icket.