Iron County register., 1890-10-16

| which the annual income til, refrom should
be appropriated for tue paymei OF teachers
| in the Common schools.
An act entitled IAN act to charter the
| Bank of the State Of Missouri approved
| February 6, 1887, provided that the moneys
| be invested Ly the Governor in stock of this
| bank, and the books of the State Auditor
| show that IN October /. 1898. lhs fund con-
| sisted of:
, Surplus revenue received from the
piyidend. on Investment of sam-, 3: 935 % o. o.
| Moneys received from saline lands. 39935 "a
| Dividends on Investment of same. 2l6s S,
Saline money not tfnvested......... S96 81
Total =. s452,65 So
| The act of February 9, 1872. provided that
in addition to the surplus revenue from the
| United States and the proceeds of sale OF
| saline lands. ali lands that had or might
| thereafter vest in the State by escheat or by
| purchase or forfeiture for taxes, should De-
| long to the capital school fund.
| On October l. ls4l, this fund, by the addi-
| tior bank dividends md small sums real
| lied fr r,rin sales of saline lands, re ached the
| amount OF S5i5.65196 and in that year ana
| annually thereafter till 1861 the earnings
and profits of the fund were distributed
| among the counties and used for the sup
| port of common schools. as provided In the
| origin al act of February 8, 1877.
! In 1857 the school fund bank stock certifi-
Gates were consolidated into one for S571,,,
| 667.96, and the sum of $1,000 cash, derived
| from the sales of saline lands. was invested
| in the purchase of $4,000 Pacific railroad
| bonds.
| Under the act of March IA. 1859, the Gov
| ernor subscribed for S63 shares of State Bank
stock: to constitute part OF tn e scnool iuno:
$4,000, and on October l, 1859. 1t consisted OF
Sstaoo Pacific railroad bonds, val
| ued lI,00l %
Total october /, 1867 ...........s s67s, ,s67 y6
THE FUND MISAPPLIED IN 1866.
The school fund was kept intact during
the years is6l-2-3-4 and '65, twithstanding
| of the State Government under the admins
| trations of Governors Gamble and Hall. 1t
belonged to the children Of Missouri
close OF the war. and when the State
| had passed under the control of the Re-
| publican party. and an act was passed and
approved by Governor Fletcher March 5,
| 1885, providing Tor the sale of the bank stock
| fund, and requiring the proceeds to be in
vested in United States bonds. The sale
was made to Captain J. B. Eads, and instead
of Keeping faith with the school children
Governor Fletcher and his associates in the
admin i5tration of the affairs of the State ac-
| of railroad bonds and matured coupons
purchased al discount of 25 and 30 per cent.
| amounted to Sis, ,2a5 rs. which the act re
quired to be immediately invested in United
| States bonds. Instead of complying with
| the law. this money was mSapplied to the
reduction of the State debt The motive
| for this violation of the PLAIN terms of the
| law only be accounted for by de-
sire to deceive the people in the amount of
the actual reduction of the State debt during
Governor Fletcher's administration. As the
evidence existed in the State Auditors Of
| flee of this misappropriation Of the moneys
| belonging to the school children the Re
publcanS held the bonds and matured
coupons received therefor in the treasury
| as the property of the school fund
SALE OF TOBACCO WAREHOUSE.
Under act of December 10, 1850, the State
| tobacco warehouse in st. Louis was sold to
amount $4,000 zone THIRTY was paid into
the treasury June IL, 1856, and the remain
year. I'm. act of March 2 m S SSs
warehouse, $4,000 and interest, less 1891. s5
| commission on the sale, should be placed
TO the credit of the school fund.
The books of the State Auditors office
show the school fund on January l. 1867, to
have been aS follow:
Cancelled bonds and coupons. S1lS.23j %
Twenty Pacific railroad bonds,
Notes for balance on warehouse
Cash, uninvested, consisting of
first payment on warehouse, S44,-
0DO, less $s953j, commission on
Cash. uninvested, from safe of
sailne Iands-- -..--...----.-----. Z,ZS' -
Total January l, 1867. ss.s, ,52l 93
s., ,623, 257.21 OF SCHOOL MONEYS WITHHELD IN
l.6l-1.
During the seven years from 1861 to 1867,
inclusive, II part of the p per cent. of the
revenue taxes were distributed for suppOrt
ct public schools, and during that time only
S2ll,3Sl.3. OF the interest ana prOntS on the
invested school fund had been used. The
amount of school moneys distributed in 1869
was $26 ,231j2, which was considerably less
than what should have been distributed in
each of the seven years, as the revenue taxes
collected in either of these Years was largely
in excess of the revenue taxes collected in
1859, by reason of increase OF tax levy. At
this low estimate of school moneys for
seven years il aDO.ar. that the sums which
should have been distributed from 1861 to
1867, inclusive, aggregate .s3',6ii-64 De-
duct the actual amount DISTRIBUTED durin"
that period leaves balance of 81 ga, 251.27
due the school money.
THE REPUBLICANS REFUND SI.500. 900 OF 1T.
General john B. Gray, agent for the
State, collected from the United States, un-
der act of Congress approved April II. 1866.
the sum OF b4,2 ,2s9 30, and under the act of
the General Assembly approved March IL,
1861, 81 900 of this amount was apprOpri-
ated to the school fund for State school
moneys" withheld from 1861 to lS'7, in
whether the necessities of the times
cused the Withholding of the school
moneys from the schools and it, applica-
tion to the support of the State GOV -rnnent.
il is proper to say the boast of the R public.
ans that their party founded the pub
lie school system in Missouri and tXhib-
tied great devotion to the cause of popular
education by appropriation of the 81 $40 0O)
to the school fund. can not be conceded to
be true when it is remembered that Gov
ernor Flctch er's adm n istrattOn discounted
the debt due the school children.
The S1,5 900 and other receipts into the
school fund were invested in United States
bonds
The cash receipts into the fund from Jan
uary l. 1866. to December 81, 1870, were
follows:
Cash from escheats s...............s 1919 81
Cash from interest on warehouse
Cash from premiums on gold in
t"rcst.......... ..... ....--...---. 81, ,6t a
Cash transfer from internal i'm
Il