The Cape Girardeau Democrat., 1897-01-16

people ana wisely managed by those In charg
, UI II. we can soon buIId up here In our i'm
: perlal state The greatest university IN tn
southwestern section OF the Onion. woul'
regard Lnat cOnsummatIOn rs one OF the prouu
est achievements wIInln our redch-One tina
wodlu Reflect the highest honor and rebound IL
the greatest Dement'S 10 the people. Aside iron
the Itural and patrlotlc desire all OF Us should
teel TO supply our sons and daughters With thi
best possible educational faculties. the pres
euce OF superb and famous nIve.>ity in tn,
, state would do more perhaps than any othel
one thing TO lift the state into universal es
TEEN ana attract to 1t the favorable notice
OF mankind. 1t will not do to say that the
university is not the school OF the poor boy
or that II IS not now what 1t ought TO De. As
matter OF fact d majority Of the university stu.
dents are the sous and daughters Of those de-
nominated as the common people. But if ii
were true that the children OF the poor do moi
Tor any reason enjoy TO any large extent the
advantages OF the institution Inen their op.
portunItIes for enjoying them should be made
easier IL more often happens than otherwise
that those who rise to great and deserved
prominence in the state or nation, and who add
The greatest lusIer TO their cOuntry's history
have come from what are regarded as the
humber walks OF life. There are hundreds OF
boys and girls whose possibilities OF u ,efulness
and greatness can not be estimated If they
were only gwen opportunities for full develop
| ment Our common and intermediate schools
are Indispensable. They perform Il noble work
anu should be supported with unstinted gen.
eroSIty. But those schools can not take the
place OF the university. The university is
the final training school where those
prepared for admission to it are rounded out
and specially equipped for su- cesSful labor in
the fields Of their choice. 1t should be sup
portedin broad and catholic spirit, provided
| with every needed faculty, and administered
! along such practical lines as will strengthen
| and build 1t up so that none desiring its ad-
Vantages VIII DE denied them. II it is not now
such school aS 1t ought to be we should on
that account strive AL the more to make it
what We would have it. Somewhere in the
southwest, and in tue near future a splendid
| university Will riSe-one that will shine re-
! splendent above all rivals. Illinois, Iowa
| KANSAS, Nebraska and Texas are all hgntiuP
| Tor this distinction. When success is once
achieved IL VIII be hard to WreSt
the laurel from the victor. UnQueStioned
| supremacy once obi lined is apt to be per-
! mauent- Missouri hC is the key TO the Situa-
tlon' and \ We bat Utilize our advantage, We
can WIN the prize. II we are to succeed the
| people must take mold OF the university with a
| lirm but anectiOnate hand and lift it right uD
| beyond the reach Of danger and send it forward
with that confident strength that Overwhelms
1 opposition anu makes victory sure.
| The governor argues that the university can
| not be decentiy supported in accordance with
| the present method. and adds:
| In my last annual message l suggested the
| scheme of setting aside certain sum each
| year out or the general revenue for Il uuiyers-
| lty endowment fund until The endowment
/ should reach s3OOO.0O That policy could not
| then be entered upon for the lack Of money
The same obstruction to that avenue of RELIEF
stlIl exists l wish now. in addition to all
4 H.
| munlcaLIouS on the subject, to suggest another
| plan for the solution of this university prob
! lem-and that Is to enact Il law directing the
| fund commissioners to issue a state certih-
| cate of Indebtedness non-negotiabIe and
| nOn-tranSferabe, to be held in trust for the
| seminary fund, in an amount and at a rate OF
/ interest sufficient to sustain the school and
| thereby transfer the liability OF its Support
| from the revenue fund to the interes. fund
| The certificate should he for at least S2OOJOJO
and should bear interest ut the rate of five per
| nF
| 100000, which, added to the interest on the
| present endowment, would make Il total in
come reasonably sufficient to accommodate the
| needs OF the institution for years to come nut
| II on its feet and make il independent This
| pan. II carried out, would also Instantly re-
move the pressure on the revenue fund and
leave 1t in good condition to meet the other de-
| mandS against it. The Interest fund" is the
| fund created by the lax o. ten cents on tue
hundred dollars levied to meet the public
| dent The public debt consists OF bonds and
certificates of Indebtedness The bonds as
have already shown. are payable
at the pleasure OF the State
and, under present conditions. can ali
be retired within the next half decade The
certificates of Indebtedness are not payable at
all The certificates, all non-negUtiable and
non transferable. are held in trust by the state
treasury for the benefit of the public school
and seminary fund-by far the greater part for
the public schools. The annual interest on
these certificates is expended every wear TO
support the school or schools to which the in
terest belongs. No provision is made for pay
the principal Will ever be paid. The certih-
Gates constitute permanent debt. IL debt" it
can be called. The interest, however, on the
certificates is paid out OF the interest fund
just as the interest on the bonds is maid
In like manner the interest on the
new proposed certificates. if author
lied, would come from the same fund
The effect would be to increase by $40 200 per
year the amount that would otherwise be with
drawn from the fund to pay interest and di.
minish TO that amount the sum that would he
annmlly transferred fuD,
tire bonds. 1t would result in delaying for n
few months the final liquidation Of the bonded
debt. That, however, am sure no one would
regard rs a matter Of consequence. HGre, then
is an easy solution of this pcrplexing problem
il this can be done. 1t would transfer the bur-
den Of maintaining the university TO a fund in
splendid condition to assume it without doing
Injury to any other interest 1t would be the
means OF realizing ut once the hopes OF all the
friends OF higher education by placing the uni
yersity on plane of independence. 1t would
put an end to all the eXaSperating conse-
QuenceS incident to the methods and policies
heretofore pursued. and would start the instI-
tuition confident and Sclf-reliant, on a career of
progress almost certain to put il beyond neigh
boring competition and make it one Of the
really great universities OF the republic. And
ali this would he done without increasing the
present burden of taxation a single !drthing.
1t Is merely to shift the responsibility of main
tcnance from the revenue fund to the lin
tcreSt fund " Can this he done under the con-
StitutiOn OF the state? Except for the doubt l
entertain on that question l would not hesi-
tate 10 urge without reserve the Instant adOD-
tiOn OF the scheme. / am not without doubt
however. to the conStitutiOnality of the
proposition. The power to levy taxes is lin
tied by the constitution. Section s. Article y
of that instrument provides that
The state tax on property. exclusive @. the
tax necessary to pay the bolded debt Of the
state. shall not exceed twenty cents on the
hundred dollars valuation: aud whenever the
taxable property OF the state shall amount TO
nine hundred million dollars, the rate shall not
exceed fifteen cents.
This provision absolutely fixes the tax limit
for general revenue purposes. But that is ',ex-
elusive of the tax necessary to pay the bonded |
debt OF the state
Section IA. article Y provides that
Hereafter there Shall be levied and COL |
lected an annual tax sufficient to pay the ac- |
cruIng interest upon the bonded debt OF the |
year by sum not less than two hundred and /
fifty thousand dollars, AMI whenever |
said bonded debt is extinguiShed, or a sum /
sufficient therefor has been raised. the tax pro-
vided for in this section shall cease 10 be as |
SeSSed
This section, by reference to another. also |
provides that this tax to meet tile debt shall |
be appropriated and paid ont for the follow |
ing purposes:
the bonded debt II the state that may become |
due during the term for which each general as
sembly is elected.
Second. for the benefit OF the sinking fund. |
which shall not be less annually than S2j0.C0J. |
Now, this section, IL. authorizes q tax to pay |
the interest and reduce the principal OF the |
bonded debt. and for that only; while The |
section first quoted limits the amount of the |
tax which may be levic'i for general purposes. |