The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1895-12-22


Sash on hand August 81 iSi... ls.1sl 81
Susii received during The wear
ehulhs August 81, ISIS. 5l1,.sl 43
iotal .,......,,.. ............ S52a. $40 %
D''p"rsemeats during same time S55,7Oi "a
balance on hand August 81.
Ponds on hand Aug 81. iSei. ..s7!sSS $50 10 10
Dohns purchased during the past
year ..,....... ......,. ......... 1So.SS7 %
Bends redeemed during the past
year ......,,. 49,. ...,....... 3iO522 So
Balance on hard Aug. II. 1895 .sT.57a.i4 80
desire to call the att anton OF your
excellcncy to the condition of this fund
nder the law the investment OF said fund
Is ooniined to the purchase of bonds Of
the United States. the State OF Texas or
nc counties of this State The law fur
,ba, Hh Pc that not more than par
purchased. nor shall said fund he invested
II; any county bonds bearing a lower rate
or interest than per cent per anuGtn.
Under the law approved April %, 1875. all
county bonds issued subsequent TO said
date are required to be examined and
a.pnroved by the attorney general and
SAID law has created quite a demand for
ms class of securities from outside cap!-
tdl ana quite a number Of counties that
had issued bonds under former laws, re
deemahe at the pleasure of the County.
nave issued fIning bol,ds bearing Il lower
rate of Interest, running from Unity u
fcr,y years, redeemable at the option of
the county In rot less than iiye, and in
many Instances, not less than ten ycars
from date, and these tonds have found a
ready sale at premium ranging nom
y TO 2ls per cent.
by reference ia the report of my predc-
cessor for the fiscal year ending August 81.
1871 II will be observed that the schoo.
fund had invested in county bombs the
f which 81
interest amounted 10 S237 ll2.04. OF the
amount SO Invested s3.52l 10 were per
of these bonds were issued prior to the
act of 1873 and are redeemahle at the
pleasure nf the county issuing same. and
funding bonds at premium Il IS quite
natural that they should avail themselves
Of the same and redeem the bonds held
amount Of bonds held by said fund is de-
creasing instead of increasing.
by reference to table No. for the fiscal
Served thai only $50, So county bonds were
purchased by the school lLnd, while dur
ing the sarne period sSla.Se2sS in honls
were redeemed and sl,o5s;e57 register, d.
Now that these securities are In such
demand. counties issuing bonds to any
considerable amount, generally advertise
for scaled bids for purchase and the con-
sequence is. that the bonds are contracted
to outside parties before being presented
for registration. These securities should
by all means he kept at home. and the
whenever there is money in the State
treasury that can he used in their pur-
chase. And especially is this true while
there is no other avenue provided by law
for the investment of said FUNDS,
The following counties have defaulted III
the payment Of their annual interest, viz
Brewster, Buchel, Foley, jeff Davis King,
The King county bonds aggregate s95o0.
bear S per cent interest and were pur-
chased on the 9Th day of June, 1893 No
interest has ever been paid.
interest. aggregate $1,000 and were pur-
chased in 1889. Interest for 1894 and 1896
tunnels county honds bear 8 per cent
interest. aggregate s12.500, purchased Feb
ruary 10. 1889 No payment of interest
since April TO- 1892.
gard TO the Buchel and Foley counties
bonds: ON March G. lSs5, the records OF
this Office show that court house bonds
O01 issued under the act OF February IL
1851, were purchased as an Investment for
tho permanent school fund. In the year
1887 the counties of brewster luchel
Foley and JEFF Davis were created from
portion of the territory embraced with
in the boundaries Of Prcslio county. INC
act creating these counties provides tha'
each should bear its pro rata share OF
the indebtedness OF Preside county Legal
ly incurred prior to their creation. unde
om,,ln,., ionah these twci,ty-ninc bonds tc
TIE counties of presiGio Brewster BueheI
Foley and Jef Davis on the OASIS pro ,o
vided by law. tSee section Z, chapter IL.
laws of 1850, as follows; 40 90. .,
TO Preside county '..' $3.50 .,
To brewster county 49,. - b's,6 i
To Buchol county '''''''. a'oe9 q,
To F9,eY 1s GSnnt County " " - SSss y
,r,, 500 900 N
paid the Interest que 'Gf" ,fba cointie.
M nrau Spr' and Jefr pavis have never
90 ,a "a anv interest on their pro rata share
pS aG ANY, organized counties. Buchel ant
| hoiey are W." ,no AMI n The comptroller tC
II peo"int "ro,i"ct' me taxes both stat,
ana couitss on,red Inv non-rcsdents.
Two Sou' l,,,oU laws of iSqi. the record.
| Under segllon ~, :, ~" ,boi mo comptroller
| or Viz y" ,her annually assessed and col
| mas slNee nne, ,,,"n..rnsidcnts a tax to pay
| !VVtt,I n,at an The nro rata part OF said
| the ilteIos' va ooh ~ said counties.
| oy IN, " ,",ords ~ his office further show
Tne rNuoihhS 5s heen so collected and de
! tuhtn ~ "a tbo state treasury TO tn,
rosie" purhel county the following
! oe,,,,,e,
| SmeriaI county tax. 90. -. ..,...s2.S16 z
| oi,er,et "a vaiorem tax. -. $50. 6.SS0 n
oo"'''' -
| Total .. -. -, ...,....., .S9.11' II