The Van Buren press., 1899-01-14

lHiifb Clilt6 Ioid lOO Vi NV v Ia
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-
ary. 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 1, 1900. The state debt board
has made diligent inquiry, but has
been unable TO find the holders of
thirty-seven of these bonds. Informa-
ton has reached us, though of an I'M
satisfactory character. that that num-
| Der of bonds was burned in a fire in
Scotland some years ago This may,
OF may not be true, but it is more like
/ ~ 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
I 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 9
per cent funded bonds in the
hands of private parties, 100000 held
by the United States, S26.43 in the
state bank bonds ana $22,025 of the
real estate bank bonds. held by private
parties. making the total on said date
of $256.S10 In addition to this, tht
treasurer shows an Indebtedness evi
denced by treasurer's certificates out
standing as follows, which schedule
mark for convenience of reference
No. ..
No. ..
Face value. $40 234 46; description,
pei cent interest bearing; amount, S64,
752TS; face value. S24,01L2S; pei
cent interest bearing; amount, S54,
$50; face value, 1858 612 90; descrip
tion, non-interest bearing; amount
1858, 30; face value. $2,51s; descrip
ton. bond certificates; amount. S2,51o
total face value. 5000, ,3S2.73; tota
amount S375,2G4 so.
Notwithstanding the books of til,
treasurer show this scrip Indebtedness
II 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, tn
greater portion of which bears no in
terest. 1t certainly would have lonl
since been presented for payment a
the treasury. or used in payment o
taxes. | am, myself, disposed to he
lieve that the debt on the books is du
20 careless bookkeeping ON the par
of some of our former treasurers, AM
that the debt does not in fact reall.
exist. The remainder Of the indebted
ness as shown in the schedule No.
consists of state bonds belonging L
the permanent school fund. 10th sec
tion fund and the Arkansas Industrial
University. or perhaps more properl
TO the county Of Washington.
The Loughoborouh bonds We're is
sued in 1875. and mature in thirt
years after their date. The funde
bonds will mature January l. 190(
None of these bonds bear interest afte
maturity and inasmuch as only the ii
terest on the permanent school fun
can be used for purposes Of educatio
YOU should make provision either 10
, their payment or their reissue.
recommend that you provide for III
payment Of all interest due upon thes
/ bonds and for issuing n new series q
bonds for the principal Of January
( 1900. said bonds TO bear not eXceedin
4 per cent interest. BY the act al
, proved February IL. 1897. a gener;
, ,ax of one-quarter Of one mill is levie
annually for ten years on the taNabl
/ property of the state for the purpos
, of paying off the interest due on II
. common school and l6th-section fund
, BY that tax collected during the yes
{ iSQS. the sum Of Sal 1.32436. was CO
, lected aud PAM into the state treasur
r and since that time, according to Il
| provision Of the act. the state del
, board has paid of an equal sum OF Il
: interest coupons on the bonds belon
: / ing 10 the permanent school fund ar
= the i6th-section fund. thereby redu
' ing the interest charged in schedu
, No. /. aforesaid. that much. Perhal
r this levy Tor ten years mentioned
the act viii pay on the full amount