Iron County register., 1890-10-16

Phelps admin istration was SOD 600
Total reduction of the deb from January
i, 1877. to December 81. 1880. wa S161 90.
GOVERNOR CRITTESDENS ADMINISTRATIONS
ISL
On January l, 1881. at the beginning OF
Governor Crittenden's administration the
State debt was $3.50 900
On June 20, 1881. the Hannibal & St. Joseph
Railroad Company paid into the State Treas.
loaned 10 that company by the State and
the interest falling due thereon July /, 1881
Governor Crittenden refused to accept
TINS sum as full payment of the bonds and
to release the States lien on the property OF
the company for the reason that the Hanni-
bal ST. Joseph bonds were not due and
commanded high premium in the market
The sinking fund for 1851 2-3-i would be
sufncient to redeem the bonds falling due in
those years, and il was evident that the un =
matured State bonds cou.d only be pur-
chased a a premium W it'll the S. 900. % paid
IN by the Hannibal & ST. Joseph Railroad
Company.
This matter was taken up into the courts
ana the company was required to pay in
s9o.r01 more to meet the interest on the
Hannibal S St Joseph railroad bonds fall.
ing due January l, 1852. Total amount re.
ceived by the State from the company, S5,-
lSD. .OGl.
The S3.000.OO0 was used to purchase S1,569.
900 unmatured bonds in 1882 and matured
was invested in United states registered 4
per cent. bonds.
The sinking fund for 1872 was used to
redeem and cancel S96!.2U of matured
bonds.
Under the act of March 23, 1891, the fund
commissioners Cancelled the State bonds
ami certificates held by the state school an
seminary funds to the amount of 81, 03I, ,00J
and in lieu thereof issued consolidated
fund for $2.9 1000, and another to the sem =
mary fund for Sl:2,0 both bearing per
change the amount of the State debt
The reduction of the State debt during
lssl-Z, by purchase of unmatured bonds and
by redemption Of.matured bonds, amounted
| to the of 81 So
At the end of the second year of Governor
Crittenden's administration the State debt
amounted to SI6,y7S, ,oU0.
In 1873 the United States bonds were sold
for 81, All, S6S- and interest collected there
on to the amount of SEA, 40. akng total of
81. 4sl, ,53s 10 THIS money was used for the
purchase of 81 ,235,'0I OF unmatured bonds
and natGred interest thereon.
The sinking fund for lSS3-i used for
the redemption and cancellation OF 1903 900
OF matured bonds.
Under act of March 81, 1893, certificates of
indebtedness were issued to school and
seminary funds in lSs2-4 as follows: To
school fund. s22.O0J; t. seminary fund, S3S1.
90 thereby increasing the State debt 409,-
The net reduction in the State debt for
ISs3-i vas 81, ,725, ,ODd.
Total reduction of the interest bearing 9
DEBT during the admin tration of Governor
Crittenden, from January l, 1881. to Decem-
ber 81, 1884, amounted to a. .OJU.
GOVERNOR aARMADUKE 5 ADMINISTRATIONS
1855.
At the beginning of this Damocratf c Ad-
l.,
debt amounted to SIS, 2iS 0j0.
The careful administration of the finan-
ctal affairs OF Missouri by Democratic Off
cials had attracted the attention of capi-
talists all over the country, and our State
bonds ranked among the best in the mar
ket.
The act of March 81. 1885, authorized the
issue of sI,9T0,O00 per cent. 5.2J year bonds.
The treasury officials, becoming convinced
that bonds bearing 3i2 per cent. per annum
could be sold to advantage, advertised and
sold $3.50, ,000 of these bonds at premium.
The sinking fund, the surplus in the rev.
enue fund and the proceeds of the sale of
$3.50, % OF 3ia per cent. bonds were appl led
To the redemption of S2,626,O)0 of per cent
bonds.
Under act of March II, 1885, certificates of
Indebtedness were issued to school fund in
1856, amounting to $1,000, bearing per
The net reduction of the principal of the
interest bearing debt for 1885 and 1886
amounted to sl,e63OO'. The interest rate
was reduced , per cent on 81, COB,
amounting to $3.50 per annum.
On january l, 1887. the interest-bearing
debt of the ate amounted to IA $50 000
In ISIS there were sold $3.50 90 of 3te
per cent. $40 bonds. at small premium.
and the proceeds applied, together with
$4,000 of per cent. bonds
Under act of March 81, 1888, there were is
sued, in 1886. certificates of indebtedness to
the seminary fund amounting to sl6,bO0
The net reduction of the in tercst bearing
debt for the years ISIS. under Governors
Marmaduke and Morehouse, amounted to
1858. 900.
The interest rate was reduced 2ia per cent.
on So 6j0. .0O), or Sal. 80 per annum.
The interest on the State debt by reason
of the refunding S7.a01,, 90 of per cent.
bonds at 3ls per cent. during Governor
Marmadukt'S admin IStratIon, WAS reduced
SI75.C00 annually.
The net reduction in the principal of the
tration of Governor Marmadul<e, from Jan
uary /, 1885. to December 81, 1855 amounted
to 81, 2,031 900.
GovERSoR FRANCIS ADMINISTRATIONS.
At the beginning of the present Demo
cratic Administration on January l, 1883, the
State debt amounted to Sl3, 1874 900
Under the act Of March 81, 1888, a certifi-
cate of indebtedness was issued to the sem
mary fund May Is. 1889, for 5000
During the year 1899 bonds tn the amo unit
$1,000 :, bearing per cent. interest, were re-
deemed and cancelled.
The net reduction of the interest bearing
de ht in 1859 amounted To S131,n00
The State interest tax for 1889 was 10 cen nts
on the 500 valuation, a reduction of one
half
On January l. 1890, the interest bearing
debt of the State amounted to SI2,457 .0)l.
During the first SIX months Of 1890. Sl69, 900
of per cent. bonds have been redeemed
ami Cancelled.
As the Constitution requires at least $50, 900
OF the PainGp Of S the 60nisd dept o to be
bonds mature in 1892 State Treasurer
Stephens purchased $4,000 of unnatured
bonds in June out of sinking fund moneys.
The reduction of the debt from January
l, 1892 to July l of the same year amounted
to sol, ,OO1.
Total reduction of debt during first year
and a half OF Governor Francis administra-
tion, !93S. 900.
On July l, $780, the interest bearing debt
of the State consisted of the following:
BONDED DEBT.
per cent bands s....................-S l,5s2, 900
3I2 per cent bonds ...-...-. ...-. 30 10 900
school and seminary certificates
per cent school funu certIiicates... 2,9t9 900
per cent school fund certificates. 225,000
per cent seminary certiticateS..... 124,00
per cent seminary certificate5..--.. 4ls,0m
Total debt July l. 1893. 81, ,256 900
The money is now in the State banks of
deposit with which to meet the remain &
si9,oO0 of 6 per cent bonds maturing in 1s9J,
and ample means will be ayttlIDle to pay
the interest falling due January /, 1891.
1t will be seen from the foregoing that all
OF the S2I ,51j. D0J of debt Saddleu upon the
tax payers by Republican mismanagement,
except :s,5s2, go, has been paid off by the
people. The balance consists of 81. $4,000 of
8 per cent. bonds and S7,D0j,O00 of $40 bonds
earring 3Ia per cent
The 81. GA. .0J of certificates of indebted
ness consists of II permanent cndow nent of
the State University and tnc common
schools, the annual interes of which is dis
| trtbuted for educational purposes.
The Democratic Thirty fifth General As
senbly in 1889 reduced the State interest tax
from 20 cents on the SlOI valuation to 10 cents
PERSONAL property in the State pay tax u
Il valuation of $50. 900, 80. aud this reducti on
in the tax rate will save the people $780, 10
per annum.
THE STATE SCHOOL FUND.
4