Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1892-08-04

0VlQGuG dS 9.
BONDED DEBT,
turn from this to the consideration
of some achievements OF the democratic
party in the practical affairs OF the
state since its ascendency in the gov
eminent. When that party was ele-
waited to power in 1873 the bonded debt
of the state amounted to $31, 7S6; 200.
That was in the main the remnant Of
the old railroad bond debt imposed
upon the people by reason of the fraud.
ulent Encouragement of the republican
party, as / have heretofore fully ex.
planned.
Maj. Warner states that at the close
of the war the republicans, then in
power, found state debt aggregating
about $50, GOO, 900. That is true, but
s32, 600, 900 of that consisted of guaran-
teed railroad bonds secured by mort
cages on the properties of the corpora
lions. He further states with great
blowing of trumpets. that between
1865 and 1871 the republican admins
tration then in power paid off about
$4,000, 900 of that debt. He congratu-
lates himself and his party upon that
achievement as phenomenal fnan-
cial feat On the contrary, Mr.. Chair
man, it was an achievement which de-
served positive condemnation in many
of it's aspects, because of the means
employed to bring it about, and in no
view of the case does it merit any spe-
cial condemnation. how was that re-
duction made? In the first place soon
after the war, the United States paid in
to the state treasury over$S, 600, 900 to re-
imburse the state for moneys expended
in the prosecution of the war. OF this
sum 81 ,s63, 924 was applied to the reduc-
of a 10 L
heretofore shown that over SO, 900. 900
was realized from the sale of the rail-
roads, back interest paid, etc. OF this
sum Sc, 006, OBS were applied to the re-
duction of the debt. Again, tho state
at that time held large amount of
stock in the old state bank of Missouri.
During Gov. Fletcher's administration
that stock was sold, and of tho proceeds
arising therefrom e1,178, 1896 were ap-
piled to the reduction of the state debt.
Again, s74o.2 s5 belonging to the school
verified to the payment of the public
debt, greatly to the detriment of the
public schools of the state. These sew
eral sums aggregate sl2,7SS, ss2. In
that way that amount Of the public
debt was paid. The remainder of the
of which Maj. Warner
boasts, was accomplished by levying
and collecting a state interest tax of
forty cents on the 500 valuation, which,
added to the revenue tax, aggregated
a total tax levied on a people, the ma
jority of whom were disfranchised, of
sixty-five cents on the 500 valuation.
And here, Mr.. Chairman, am content
to leave Maj. Warmers boosted reduc
ton of the public debt.
AS l have already stated, on January
1, 1873, the bonded debt of the state
to s21, 7os. 900. That debt
then bore interest at the rate of and
per cent. To-day the bonded debt
amounts to 81, $50, 900, which shows
reduction since 1873 amounting to $14.-
93S.000. OF the debt now outstanding
81 $50, 900 bears per cent. and $780,
coo bear 81 per cent. interest. Nego-
tiations are now being conducted with
a view to refunding the 6 per cent.
praiseworthy achievement has been
not by any fraud or trick or
of the law, but by rigid
economy in administration and legiti-
mate methods in fnanciering.
STATE CREDIT.
Mai Warner and the republican
press have much to say about i'm
proving the credit of the state by the
election OF republican administration.
Let us see about that. In his Sedalia
speech Maj. Warner spoke of our
state bonds being hawked about the
streets of New York at 81 cents on the
dollar; near the close of his administra-
ton Gov. Brown, in a message to
the general assembly, referred to the
state bonds as then possessing market
value of 81 cents on the dollar. These
) and per cent bonds, which sold in
Fletcher's time for 81 cents, and in
Browns time for 81 cents, have been
nearly all exchanged for bonds bear
ing 81 per cent, and these low inter
ests bearing securities sell to-day above
par IN all the markets Of the world. It
would seem, therefore, that the credit
If Missouri is in a state of robust and
health, and can stand alone
without the supporting hand of a re-
ou blican administration. -
THAT INCREASE.
While on this subject of debt reduc-
In observation made by Maj. Warner
It Sedalia to the effect that during the
of Gov. Brown and Gov.
,yoodson the state debt was increased.
It would not have served the majors
purpose so well, perhaps, if he had
stated the facts with reference to that
natter; but since he did not do so,
will take the tronble to do it for him.
During Browns administration 81 ,101,-
100 of bonds and certificates of indebted
less were issued to repay to the
und moneys belonging to them which
;ov. Fletcher had wrongfully taken
nd used in paying the public debt and
or other purposes. During Woodson's
s1O4,410 of bonds were
ssued to repay moneys due from the
tate to shareholders in the d State
,ank, which had been withheld from
hem. This debt also came over as a
egacy from the Fletcher administra-
ion. I submit it is hardly fair or just
or Maj. Warner to complain of this in
rease in the public debt, when it was
to meet obligations entailed
non Governors Brown and Woodson
" the misconduct of Maj. Warmers |
wn political friends.
hollands DEFALCATIoN. ...l |
Mai. Warner, in his Sedalia speech, |
eferring to ex-Treasurer Noland's de- |
alcation, insinuates that there is posi- |
ly something still hidden from the |
u bile view. He intimates that If he |
an only get a chance at the books,
here is no telling what wonderful |
hings he might unearth and divulge- |
an Maj. Warner be really sincere when
e uses language of that description?
)oes he not know that when the No
and defalcation occurred Gov Francis
ppointed a committee of expert bust
ess men to prosecute a thorough in
and to ascertain the true
ondition of the treasury? This was
one in order that the extent of the
ability OF the treasurer's bondsmen
hight be known, as well as to ascertain
he condition of the treasury itself
Ion. Chas- Parsons, OF St. Louis, was
ppointed at the head of that commit
&c. Mr. Parsons is distinguished
epublican: he is a supporter of Maj.
Warner; he is one of the most promi-