The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-01-13

companies in Texas was $17,7sS.472. and
tho excess paid life insurance companies
for the same period was ~, oSs $50, Aggre-
eating. less inapprcciabie commissions
sSs.Sb3. This IL an average Of S2.72S. $50
per annum. and clearly shows one OF the
means by which the resources Of tho State
are being depleted. The State Of New
York, where most Of these companies were
organized or are domicilod. forbids the In
vestment in any other state of more than
one-half OF the annual premium receipts
OF life insurance companies. which indi-
reotly requires the investment OF one-half
FORMATION OF EDUCATIONAL AND
CHARITABLE BOARDS.
The educational and charitable institu-
lions are directed by boards OF regents.
managers or trustees. The board of re-
gents Of the university IL composed OF eight
members. whose term is eight years. The
terms Of two Of them expire every two
years and at ench regular session OF the
legislature. The hoard OF trustees OF the
Agricultural and Mechanical college. under
composed OF six members, whose term 10
two years. The respective boards OF man
ayers Of the two deaf and dumb asylums,
the blind institute and the three insane
asylums are composed Of hve members
each. with term OF two years, and the
board Of trustees OF the orphans nome IS
composed of three members whose term Is
two years. These institutions are purely
educational or benevolent. They are not
charged with the execution OF any governs
mental measures. and consequently 1t Ia
not material, upon grounds OF civic theory,
that they should be In political accord with
any State administration. For still strong
~ ttu1 IN A
OF any administrative policy that they
should be In personal agreement with the
central government. Considered solely from
the narrow and political view that each ad :
ministration Is entitled to accord and
agreement from these institutions, In order
to give Its policies fair trial, It seems plain
that under normal conditions this liz ncith-
er vital nor indispensable. In the broader
and more impersonal sense Of non-par-
tisanship In education and charity. the
question is not dabatable. It Ia unncces-
sary to review causes and conditions un-
der which In some degree a contrary policy
has grown up. It is enough TO
say, assuming my share OF responsibility
for the situation. that 1t Is better for these
institutions. now in their formative and
evolutionary stage, that they be entirely
divorced from personal and partisan poll
tics. This is the situation already with the
university, and the other institutions
named should be organized similarly. Each
OF the boards should consist of eight nerrl-
bers. to be appointed by the governor with
the advice and consent OF the senate. They
should be divided into classes numbered
one, two, three and four, as determined by
each board at the first meeting to hold for
two, four, six and eight years, respectively,
so that two will be thereafter appointed
every two years. and the term of each
to be eight years II the members of the
boards are paid actual expenses only. re-
ceiving no salary or compensation, they
will not be officers within the meaning OF
section 30, article XVI, OF the Constitution,
which limits the tenure to two years. BY
organizing the boards In this manner. three
important objects will be attained. t1)
they will be independent and therefore re-
moved from personal politics. t2) a major
ity of experienced members will always
be on the boards and (3) 1t will conduce to
stability and fixed policies In the manage
ment OF the institutions.
THE PUBLIC DEBT.
The total bonded debt OF the State now
is 1900, 0s0. OF which the
permanent school fund. the university
and other special funds hold $685.. 04O.
and $737.990 is held by individuals. These
bonds were issued under various acts OF
the legislature, to-wit: August S, 1870;
March 4, 1874; July 8, 1875; April 81. 1879;
April 5, 1889, and May 2, 1888 With the
of the issue Of 1901 900 in 1883,
and the two issues of $486, 900 in 1888, each
of which took up other bonds and are pay
able In lawful money, all the bonds out
aggregating $3,304 $50, are pay
able In gold coin. All the bonds held by
individuals are payable in gold coin. OF
the whole bonds outstanding $780, 100 bear
mr. inf x mai
cent, $1,847 900 bear per cent. Bonds to
the amount of 5000 issued In 1879, are due
in 1885, and provision should be made at
this session to retire and cancel Them
The issue OF S29S.000 In 1870, maturing In
forty years, Is now payable at the option
of the State, the issue OF 1901 900 In 1889,
in thirty years. Is also now pay
able at the option Of the State, the issue
of $152, 900 In 1898 has been payable at any
time. and the issue Of $334,500, maturing
in forty years, may be paid March /. 1893,
under a five year option. All OF the bonds
just above mentioned are held by the uni
versity and other special funds and If they
should be paid off and cancelled the funds
invested In them would probably remain
idle and additional taxation be rendered
necessary to supply the lost interest to
support the several institutions. II is
doubtful II anything would be
gained. either by liquidating these bonds
or funQ1nR Them AT lOWeT rate OF inter-
est. OF the bonds which mature at a
early date, besides those due
in 1899 and those optional just mentioned,
$2S8, 900 mature in 1904 and $4,000 of these
are held by individuals; 81 900 mature
In 1906. and all are held by the special
funds; and sl,O6s.900 mature In 1909. Of
which 1858, 200 are held by individuals.
Most. If not all, OF the laws under which
these bonds were isuued provide for the
collection of a sinking fund to pay them
at maturity. but this has never been done.
Recognizing that the 800 held by indi-
vidiIals would be splendid investment for
the school fund, unusual and repeated ef-
forts to purchase them the past two years
were made. but they proved frultless As
these bonds mature they can, where held
by the special funds, be easily refunded,
and II necessary at a lower rate OF In
terest, but this may not be 40 as to those
held elsewhere. Those held by indlvl-
duals which mature In 1904, amounting to
S7S, 900, payable In gold, bearing per
cent interest, can doubtless be retired
without embarrassment. as the amount
is small Those maturing in 1909. held
by individuals, amounting 10 1861. 200 may
possibly present at maturity greater diff
Guilty Beyond doubt they could be
promptly refunded. but besides being pay
able in gold they bear 8 per cent interest,
while lawful money per cent bonds OF
In this cla