Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1889-02-28
From the State Capital.
JEFFERSON CITY Mo-, |
Puh oo,i $3.50

Ed. Register-As this is Washing
toms birthday Goth houses have had q
holiday. Almost all the Democra tic
members went to st. Louis to attend
the Democratic meeting which was
held there to-day. A great many Others
have gone to see the great actress,
Mary Anderson, who is spending the
week in that city. This leaves only a
few of us around the capitol. The
most of this week has been spent con-
sidering some appropriation bills. The
House has been working in committee
of the whole as that was the quickest
way to dispose of the appropriation
question. The appropriations have not
all been made, but / shall mention
some that have been acted upon.
Under the provisions of our constitu-
ton it is made the duty of the General
Assembly at each session to make an
appropria ton of money sufficient "for
the payment of all interest upon the
bonded debt of the State that may be-
come due during the term for which
each assembly is elected" Also to
make an appropriation "for the benefit
of the sinking fund" These two ap-
preparations take precedence, in the or
der named, over all others and are to
be made before all others.
We have appropriated $79S, 900 to
nav the interest on the bonded indebt-
edness of the State for 1889 and 1880.
Also $427,52O to pay interest Oh five
and six percent. certificates of indebt-
edness held in trust for State school
and seminary fund. For the benefit
of the State sinking fund, to be Used
only in the redemption of bonds that
will expire during the years 1889 and
1890, we have appropriated 81 500, 900.
Now in these appropriations alone we
see that $2,720, 520 of our revenue will
go for the payment of State debt and
the interest OH State debt.
Our State debt at present is as fol-
lows: Bonded Indebtedness 50, 525, 900,
school and seminary fund certificates
held in trust $3 $50, ,O00, making total
interest bearing debt of SIS, ,1S4, 900.
Since the last legislature was in ses-
sion our bonded Indebtedness has been
reduced more than 81 ,0000O
During the years of 1886 and 1887
there was great reduction of our in
terest burden by the funding of 81 ,0OO,-
600 of per cent. bonds and the insur-
ance and sale in lieu thereof of like
amount of 5 90 bouds bearing the re-
markably low rate of 81 per cent. in
terest, and which sold at premium.
But to deal more directly with the
financial transactions of the past two
years. On January l, 1887, the State
Auditor reported the interest bearing
debt of the State, including the State
school fund and State seminary fund
certificates as reaching total of Sl4,-
10000. During the year 1887 30-year
6 per cent. bonds issued in 1857 in aid
of various railroad companies, amount
ing 20 S3 ,720 900 matured, and S2,4oo,-
OG0 known as "consolidation" bonds,
matured on the first day of January,
1888, rendering it necessary to provide
for the payment of Sc, ,203 900 outstand-
ing bonds prior to the latter date. or
this amount the fund commissioners
paid $553 900 out of the sinking fund,
while the balance of $3.50, 600 were
taken up by the issue and sale of 8 70
funding bonds bearing 81 per cent. in
terest. This made a reduction of the
interest-bearing debt during 1887 OF
1858 600, and saving annually in it,
terest of Sl41 $50.
During the years of 1889 and 1890
bonds to the amount of about 81 600 ,U)o
will expire. Then the principal Will
be reduced that much. AS the princi-
nal becomes less, so does the Interest
burden become in proportion. We are
paving our interest and reducing the
principal at the rate of about 5000, 900
ner annum. IF we continue to reduce
our debt al this rate for twenty years
longer we can see our grand, old State
entirely free from debt, and then our
90 cent interest tax will be thing OF
the past.
1t will be only short time until the
interest tax will be reduced some, be-
cause not near SO much money is need