The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-06-09
PERMANENT scHoiI

- ~ uu1WU
Savers criticism of tina. o.,'s.
platform which commits NJ
policy.
Instead of endeavoring 10 -.
is somo merit in the prcpo.l,,,
the school fund in morris.
the State off in the loan bu,,..
county's candidate prac,lca,,, y, |
he favors it because 1t mav 49,
vote catcher with tho un,h,.s,'
he graciously announces that :. N
for the people to say at thu v.ss
or not it suits them to has. I,
money loaned out to finances, i.
ton hunters. but he express. Z. n
nation TO cease trying to convirss \
they are rinins for such 4 M!
this he is worse than n.ost oSSs.
their favoritc scheme bcius n S'i Va
demand or other for the nrblt v
and then to rush around Ana w
spokesman of the people IN 49,
be granted. 49,
In this instance, though. cc,...
is mistaken in his belief thSf ~
he advocates can not be worked "a
passage OF a constitutional y.
sanctioning 1t. Section 4 ~ ~.
the constitution provides "a ~
ment of the permanent schol fusS !
of the United States. the stats .
counties of said State, or IN srsS
curitios and under such restr;esis,
be prescribed by law" etc. NJ u
stands today prohibits the Inv:
said fund in anything but Fed.,5|
and county BOMBS. but It might Y
to include municipal bonds aud M
cages.
There are no Federal or Stat.
be had at par, but there an !,
county bonds for sale which an =
posed of to outside investors iuls.
the State school board under III
of deceptive inducements in IL
small premiums or slightly rsduc
of interest offered commissions
Should the legislature see ii b
municipal bonds in the list d Z
suitable for purchase with III
fund, the chances are that the bout
would go after the more desinbh
in the same way that they are rtsY
county bonds and crowd the scAai
out Of the market second time.
Aside from the municipal bond
ton, three channels for the inyef1
the permanent school fund hare y
gested, namely. land mortgage, 81
road bonds and convict farms.
The putting in motion Of nex
pensive administrative machiney{
necessarily follow the recognitloa
mortgages as suitable security In N
ises. for it takes EXPERT help 10 4
accounts that would have TO be a
such q case as we'll as to protect III
interest. The inevitable increaH
size Of the official family which n
low should. 1t seems, render ths
sufficiently Objectionable to condgu
the outset, but the promise Il d
facilitating the acquisition of w
chronic borrowers and profesthl |
trodGen taxpayers doubtless fesr
II to a certain class which is eytf 1
boost anything which tends toyx@
aiding the shiftless to obtain ia a
State at the expense OF Its solid
slip.
Aside from the minimizing and
be said unfortunate, there are othn
ever. who would like to get their v
the school fund by the rnortEin
Judging from certain communicates
have appeared in print within me
days. Reference is had to the losl
Some Of them have rccommended =
tiop OF Texas financial ccmmisSe
ulatc corporations to be created pl
pose of borrowing money on rtn
up with the suggesuon
school fund might be adys'ul
loaned to such corporations.
Clothed in the language OF Us oFs
who have q great deal to say aooe
money, the proposition appears =
right on paper, but stripped o. y
istry with which 1t Is SURROUNDS
solves itself into a bold ATTEMPT y
way for the absorption and monop
Of the school fund by few money
State railroad bonds might %
curity than farm mortgages :
would be no necessity for the ~
Of experts to keep up with te "
but, on the other hand. the puAs
State railroad would call TOT "
Of a number OF new offices 70 y
It's management. FnrthermoN
perience OF such States rs nav
Tho railroad business has pen
% the extent that the impossluup
less in that direction has oesu y
II not finally demonstrated. rs.
The penitentiary farm propo''.s.,
safe and logical, but c
amendment permitting its execues
but recently been defeated, ~
may truthfuily DO said. u
whether there is 10 Texas a w
enough to coInmaua
bic following with courage enouks
ore The people and explain ~
insist upon its resubmlssion'
Under these circumstance
seem that there is little else u
.ransfer the permanent school ~
AVAILABLE school fund as tas'
nulates and get rid of it. A xrsl
been written and spoken apou' M
md the changes have been ~
many a stump and platform W. 4
,red children's heritage, ~ -. N
I amount to after all? II w ~
he state were left to depend w
couldn't run ninety days u.
Seventy-five per cent. OF "a
'chool fund distributed os ~
ierived from taxation ana VA
endowment about which so Nv w.
1t each recurring election Is an n
The 37.500.00O acres OF LAW .s,cs
school fund by the cnns.''s ~ 4
cooked like big thing 81 "a
I is practically all gone now
Worth luuch in the first piace' IL
money it has produced In tns ~
niue hes hardly paid the co,s.a.tvif1|
census and OF u''
Ivailatle school fund,