Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1892-08-25

republican leaders getting the differ
ence, which should have nearly sufficed
for the complete extinguishment of the
state debt All that republican meth
DDS lacked was Warmers eulogy of them.
There were issued and sold during the
year 1875 of Gov. Harden's admins
tration, under the act of March 90, 1874,
state funding bonds amounting to 5000,
600; under the act of March %, 1878.
state renewal funding bonds amount
ing to s3, 0s7, 900. and in 1876, under the
last named act, similar bonds amount
ing to 1926. ZOO. The proceeds were ap-
piled to the payment of maturing rail-
road bonds.
Under the act of March 20, 1875, there
were issued s41, 900 of penitentiary in
demnity bonds.
There were redeemed and cancelled in
1878 and 1876 state bonds amounting to
a, 900. Deduct total amount OF
bonds issued during that period and a
net decrease is shown of the interest
bearing debt during Gov. Hardin's ad-
ministration of s591, 900.
Reducing the Republican Debt.
At the commencement of Gov. Phelps
democratic administration on January
1, 1877, the state debt was $50, 269, 900.
Under an act of April %, 1877, $3.50, 900
of temporary loan revenue bonds, due
in two years, were issued to meet defic-
iency in the revenue fund.
In 1877. under act of March 30, 1878,
there were issued ss3S, ZOO of the state
renewal funding bonds, which were
sold and the proceeds applied to the
payment of ma turing state bonds.
During 1877 and 1878 there were re-
deemed and Cancelled 1,34S, 900 of state
bonds. Deduct the total amount of
bonds issued during that period and a
net decrease of the state debt during
the first two years of Gov. Phelps adj
ministration of s2G0, 900 is shown.
On January 1. 1879, at the beginning
of the last half of Gov. Phelps admin
istration, the state debt amour ted to
$40, O09O 900.
Under act of March 9, 1879, $3.50 900
of temporary loan revenue bonds were
issued, to run two years, and sold, the
proceeds being used to redeem a like
amount of similar bonds issued in 1877.
During the year 1880 $500, 600 of the
renewal funding bonds were cancelled,
having been called in and redeemed.
The net reduction of the interest
bearing debt during the last two years
of Gov. Phelps administration was
$500, 900.
The total reduction of the debt from
January 1, 1877, to December 81, 1850,
was s7OO,OOO
On January L, 1881, at the beginning
of Gov. Crittenden's administration
the state debt was S19, $4,000
On June 90. 1881, the Hannibal & st.
Joseph Railroad Co paid into the state
treasury $780, 900, the principal of the
bonds loaned to that company by the
state and the interest falling due there
on July 1. 1891.
All the other roads upon which the
state held liens to the amount of mil
lions of dollars were given away by the
republicans in Fletcher's day or fraudu-
lently sold for fraction of their value.
Had the republicans been ordinarily
honest the state debt would have been
extinguished just as the portion owed on
account of the Hannibal & st. Joseph
railroad was.
How Crittenden Dealt With Railroads.
Gov. Crittenden did not follow the re-
publican example.
He refused to accept the sum rendered
by the Hannibal & st. Joseph Railroad
Co. as full payment of the bonds
issued in It's aid, and to release the
states lien on the company's property,
for the reason that the Hannibal & st.
Joseph bonds We're not due and COM
manded high premium in the market.
Any of Fletchers men would have &C
cepted the proposition in a moment and
would have contrived to make a few
thousand for themselves while
up for Missouri.
The sinking fund for 1881, 1882, 1888
and 1884 would be sufficient to redeem
the bonds falling due i'll those years,
and it was evident that the unmatured
state bonds could only be purchased at
a premium with the g, 900. 600 paid in by
the Hannibal & st. Joseph Railroad Co.
The matter was taken into the courts
and the company was required to pay in
800 900 more to meet the interest on the
Hannibal & st. Joseph bonds, falling
due on January /. 1882. But the total
amount received by the state from the
company reached 81. $50, 600.
The S3,OOO,O00 was used to purchase
81, 500. 900 unmatured bond in 1882, and
interest thereon, and the
balance, 1899, 900 was invested in
United States registered per cent.
bonds.
The sinking fund for 1881 and 1882
was used to redeem S962, 900 of matured
bonds which were cancelled.
Under the act of March 23, 1881. the
fund commissioners Cancelled the state
bonds and certificates held by the state
school and seminary funds to the
amount of 3,031, 900 and in lieu thereof |
issued consolidated certificate of in |
lebtedness to the state school fund for |
81, 909, 900 and another to the seminary
for s122 900, both bearing per cent in !
terest. The transaction did not change |
the amount of the state debt. nor does |
It enter as a factor in this examina ton |
IF the management of the states |
finances as conducted by the opposing |
parties.
The reduction of the state debt during |
1881 and 1882 by purchase of unmatured |
bonds and by redemption of matured |
bonds amounted to the sum of 81, SCI. 900. |
At the end of the second year of Gov. |
Crittenden's administration the state |
1ebt amounted to SIG, 97s. 600.
In 1884 and 1855 the United States |
bonds were sold for 81 Az, $685. IS and in |
crest collected thereon to the amount |
If s63. 40, making total of 81 .4s1 .33S IS.
This money was used for the purchase |