The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-06-01
PUBLIC SCHOOL FUND.
MAJOR SAVERS DISCUSSES COLONEL
WYNNE's PROJECT.
Also Outlines His own Project for
the Best Use the Money
Might BE Put To.
Especial plsratch to The POST

| Especial Dispatch to The Poss.)
| Washington, May 31.-In answer to let
tiers asking his views touching Colonel
| Wynne's policy as to the investment oil
common school funds, Major Sayers re-
quests The Post correspondent to quote him
as saying:
Colonel Wynne in his opening speech
at Greenville on March 10 last said: j
will further advocate an amendment to our
constitution authorizing the Tending OF our
school fund to our own people on real
estate security under proper safeguards and
restrictions
1T will be borne in mind that during our
entire Statehood. of more than fifty years,
the homestead exemption has been care
fully secured to the people by every con-
stitution. No property occupied ana held
as homestead can be mortgaged CT sub
jected to forced sale except for payment
of purchase money. Therefore those who
DO not own real estate above and outside
of their constitutional exemption will not
be permitted to borrow from the school
FUNDS. whatever security they might lie
otherwise able 10 furnish. Under the oper-
alton OF such policy only a few very large
landowners would be able to borrow, while
the many who might not be fortunate
enough to own land beyond the homestead
exemption would be debarred. This gross
inequality of opportunity created by law
would be class privilege in its worst and
most odious form unless the homestead ex-
emption should be repealed. Even tnen,
the non-land owning portion of our people
would be excluded and the inequality OF
opportunity would still exist. Again. ms a
purely financial policy 1t would be- as
shown by all past experience. a lamenta. lie
failure resulting in the destruction of the
entire school fund Bad titles, inability of
borrower to repay death, maladmnistra-
ton Of estate and other con1lngen, les
would inevitably occur, and finally, were
such policy to obtain, our Sta;e CAPITOL
would soon reek with favoritism and cor
ruption such as rarely ever disgraced any
state OF this government. Legislators ard
legislators friends. the favortes of STATE
officials and of influential politicians would
borrow and the children's money would
thus be used to influence the primaries and
conventions and to perpetuate the admin
istration in power. Under such n system
our magnificent school fund. now arncutl.-
ting to many millions and constantly in
creasing, through the wisdom and int s. lty
OF those who have administered ii. would
soon be gone. with nothing left to remind
us Of the splendid heritage bequeathed upon
us by our fathers except the fatal corse-
quence OF political debauchery.
To any policy that would tend to relax
the security of the school fund or myoi, e.
even remotely, the repeal of homestead
rights, l am unalterably opposed. and upon
1t appeal to the judgment OF the iemoc-
racy of Texas.
In my judgment. a far better 2o,'oy
would be TO authorize the Investment Of
the school fund in county and city bonds,
at lower rate OF interest than at present.
II 1t should be necessary to do so in order
to secure such bonds. thus enabling The
State to compete with private capitalists
and securing the school fund continually
safe and certain investment this would tie
but the borrowing Of the people OF i coun-
~ or city from the people of the State
and in such a form as would render the
investment secure beyond peradve1ture
and insure prompt payment of interest and
principal"