The Van Buren press., 1899-01-21

United States hold 100 of the per
cent funded bonds of 1870. Since the
making of this report all interest on
said bonds up TO the first of the pres
ent year has been paid By the terms
of the settlement between the state
and the United States the principal of
these bonds and this years interest
must be paid by the first day Of Janu-
airy. 1900. Provision must be made
by you for that purpose. This sched-
ule further shows that private parties
hold six state bank bonds. five real es-
tate bank bonds, thirty-seyen funded
bonds of 1863. and nineteen funded
bonds of 1870. The state bank and
real estate bank bonds have long since
been due. Provision should be made
by you for their payment. The funded
bonds of 1860 and 1870 will be due on
January ], 1900. The state debt board
has made diligent inquiry but has
been unable TO find the holders of
thirty-seyen of these bonds. Informa-
lion has reached us, though of an I'M
satisfactory character. that that num-
Scotland some years ago. This may,
OF may not be true, but it is more like
ly that that number of bonds has dis
appeared from the face of the earth.
At all events. the holders have failed
TO make themselves known, and from
my experience in dealing with these
matters, | am inclined TO believe that
we would have heard from them if
they were in existence. Consequent
ly, | am led to the belief that the ac-
tual bonded Indebtedness of the
state on the 1st of last Octo-
Der consisted of S4S,355 in
per cent funded bonds in the
hands Of private parties. 100000 held
by the United States, S26,430 in the
state bank bonds anu $22025 Of the
real estate bank bonds, held by private
parties. making the total on said date
Of $2j6,S10. In addition TO this, the
treasurer shows an Indebtedness evil
denced by treasurer's certificates out
standing as follows, which schedule |
mark, for convenience of reference,
No. ..
No. ..
Face value, $40 234 .46; description,
per cent interest bearing; amount, S64,-
752.7S; face value, $24,017.2S; . per
cent interest bearing; amount, S54,-
$50; face value, 1858 .612 80; descrip-
ton, non-interest bearing: amount.
1903, ,6l2.99; face value, S2,51S; descrip-
tion, bond certificates; amount, $2,51o;
total face value, 5000, ,3S2 10; total
amount, $37J, ,264 80
Notwithstanding the books of the
treasurer show this scrip Indebtedness,
it is not believed that the evidences
thereof are in existence, for it Is un-
reasonable to suppose that parties
would hold this kind of paper, the
greater portion of which bears no in
terest. 1t certainly would have long
since been presented for payment at
the treasury, or used in payment of
taxes. am, myself, disposed to be-
iieve that the debt on the books is due
30 careless bookkeeping on the part
of some of our former treasurers, and
that the debt does not In fact really
exist. The remainder of the indebted
ness as shown in the schedule No. /.
consists of state bonds belonging TO
the permanent school fund. 10th sec
tion fund and the Arkansas Industrial
University. or perhaps more properly
to the county of Washington.
The Loughoborouh bonds were is
sued in 1879, and mature in thirty
years after their date. The funded
bonds will mature January /, 1900.
None of these bonds bear interest after
maturity and inasmuch as only the in
tereSt on the permanent school fund
can be used for purposes of education
you should make provision either for
their payment or their reissue
recommend that you provide for the
payment Of all interest due upon these
bonds and for issuing a new series of
bonds for the principal OF January J.
1900. said bonds TO bear not exceeding
/ per cent interest By the act ap
proved February 10, 1897. general
tax of one-quartcr of one mill IS levied
annually for ten years on the taxable
property of the state for the purpose
of paving of the interest due on the
common school and 1Gth-section funds.
BY that tax collected during the year
lSOS. the sum Of S4132i.3G. was col
lected aud pau into the state treasury,
and since that time, according to the
provision Of the act, the state debt
board has paid OF an equal sum Of the
interest coupons on the bonds belong
ing 10 the permanent school fund and
the lGth-section fund. thereby reduc-
ing the interest charged in schedule
No /. aforesaid, that much. Perhaps
this levy for ten feals mentioned in
the act viii pay on thc full amount Of