The St. Louis Republic., 1900-11-04
Absolute Proof
From the
Records of
Missouri,

c;ot;scha!k and George II. Green. He then
showed that the Certificate of Indebted
ness which was caused to he iSSucti Tor
tht. sum of $eGO eco was not signed by any
, officer not sealed with the great seal Of the
State of Missouri. and was not made pay
able at any time certain in the future.
He then showed the status of the School
Fund in 1872: that there was TO its credit
tie following:
In United States bonds i")
Ceri'irat" ii Indebtedness 91 ',
state b'nds.-....... 2'.''-'
Total 40 r,
He Il On showed the amendment of the
Constitution of 1919. authorizing the invest
ncCnt OF the School Fund in the States
own bonds: how the sale Of the United
States bonds. Il $50, 1C4l GA AhicIi were then at
prenlitlm). was consuInmated ani Mis-
souriS own bonds, bearing like rate OF
interest, were bought on the New York
market, and the School Fund Increased Il,
round nurnhers StprDD the States credit
Restored! and the burden of the ta.payera
not made one mill heavier thar when tine
bonds OF the State Were held in Wall
street.
Retiring the Bonds.
The record was then produced showing
that soon afterwards. iii 1851, Il large
amount OF the bonded debt of the State
would have TO be refunded and thar th.
Democrats and baui of patriotic Repub-
Leans, III botn branches of the Legislature
were anxious to preserve. the 8 per cent
interest obligations b=lOugin; 10 the Schoo,
funi: and at the same time TO reduce. tn..
iHtefes: on the negotiable. commercial
bonds of the State. He quoted from laws
OF lSNI, PIP. lDi and 2pJ. directing the DEM
ocrat!c Fund Commissioners to issue 4
H"IlneCotiablc obligation on the part of
the state. signed by the Governor counter
signed 10y tue Secretary of State, and sealed
/. fi..a
thlrty years after date to the School Fund
Of the state. which "sl,,,li be and remain a
sacred and irrevocable obligation OF the
State. unconvertibie and untransferable
from the purposes of its issue, and shall
main as so much of the permanent School
Fund of the State" This obligation" to
distinguish It from the neGotia BILE bonds OF
the STATE, is called Il Certificate of indebt-
einess.' and was used TO retire and cancel
2c's Missouri state bends
The Globe-Democrat has charged that
"ttc proceeds of these bods were paid into
the general revenue and squandered." Sec
tiOn of the act made 1t the duty of the
Commissioners TO deliver these bonds to the
Auditor. who. in their presence punched
them. and Cancelled all of said bonds and
interest coupons, and then preserved the
same in the book kept in his office for that
purpose. This law was voted for by every
.rnber OF both the Senate and House who
yo;-d on the question. with the exception OF
two members in the House. Webb an0
Crawford.
The law Of 1879, p. $50. was shown to be
ia the interest of The School Fund. Every
Republican in the Serate well as Demo-
Gratis voted fo: it. Under that law the de-
wise of Honorable James S. Rollins is ar
uually being executed, and the interest paid
as by him directed.
The law of 1891. p. &C. authorizing ''cer-
Seminary Fund for S6;5.9iS.a35 was supported
and voted for by Dick Dalton, House j. p.
s37.
And last of all the law of 1895. r. 200. au-
thorizing 4 certificate Of Indebtedness
due in fifty years after date for the sun,
of S22,SSl, was passed by a Republican
House.
He showed that this county paid $4,000
into the state Treasury for all purposes
during the last year. and received from this
looted School Fund $1,000 for the support
OF its free schools.