Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1901-02-14
From the State Capital.
JEFFERSON CRY, Feb. II. 1901.

the only paper II tAS S1o1O NANAA N
been in the habit of making this publi-
cation. The bill should become a law
The bill provided for seperate coach
es on railroad trains for blacks and
whites has been engrossed.
The Senate has passed bill for the
resubmfssion of the third amendment.
The objection is that the people are
made to pay the tax in higher rate
of interest.
4 bill has passed the Senate provia-
ing for pardon clerk al the salary OF
81. 500.
The road Law is up for consideration
and will be changed slightly. 1t is
proposed to pay the commissioners.
A bill has been introduced providing
that the State shall pay one-half the
expense for the publication Of the Off
cial ballots.
The measure which has attracted
most attention the past week is in re-
gard to the payment of the State debt
in relation to the school fund question.
A bill viii doubtless be passed in con-
formily to the message sent the legis-
lature by Governor Dockery. This
message is such an able one, and SO
fully answers the arguments presented
in the last campaign. that it should be
read by every voter in the State. II
follows:
To the Senate and House Of Repre-
Se7stdttreS: The permanent school and
seminary funds of the State are in
vested in school fund certificates, is
sued under various acts of the General
Assembly They are part Of the pub
lie debt of the State, and amount to
81. .393, $50. AZ on the first day of the
present year. These certificates bear
interest at the rate of and 6 per cent,
involving an annual charge of $780,
O0I. 90, of which $lS6. $50 is dis
trihuted for the purpose OF educating
our children in the public schools, and
S73.O11. 81 to maintain the State Uni
versity.
Under the wise and economic policy
of the State during the lass three de-
cades the bonded debt of the State has
been steadily reduced and will be en-
tirely extin gulshed within a short
period of time.
After the retirement OF the outstand-
| ing bonds, the only remaining debt OF
the State will be the school fund GER
tificates. This being a debt due to the
public schools, it is not desirable to
extinguish it, because at the present
rates of interest it brings to the treas
ury a handsome income 10 maintain
our splendid educational system.
The Constitution provides that the
| school fund shall be invested either IN
bonds of the State of Missouri or OF
the United States, and it further re-
ouires that at least $250,0 600 of the
public debt shall be retired annually.
With the rapidly approaching liqui-
datiou of the bonds of the State, the
constitutional provision requiring the
/ reduction OF the public debt by at least
| $3.50. 600 yearly will, of necessity, ap-
Div to the school fund certificates The
conclusion. therefore, is inevitable,
that the only remaining opportunity
for the investment of the certificates
thus retired will be in bonds OF the
United States. unless some provision
is made by the people to perpetuate
the certificates, which, by the terms
of the act authorizing their issue, are
declared to be '.sacred and irrevocable
obligations OF the State, uuconvertiole
and untransferable from the purpose
of their issue"
This issue confronting Us is clear and
distinct. 1t rises above any question
of mere party advantage or disadvant
age. 1t should be met in that broad
public spirit which actuated and guid
ed those faithful representatives of th'
people who, irrespective of party, es
; tablished the policy which for thirt.
wears has materially contributed Il
the growth and development OF thu
sacred fund.
The school fund, as now invested
/ Yields more than a quarter of a mil
/ lion dollars annually for educationa
! purposes. Shall this system be con
! ! tinued, or should the State pay OF tb
/ certificates and invest the proceeds il
bonds of the United States which vii
/ | Weld an average income Of perhap
not more than 2 per cent? Is an in
: vestment in bonds of the United State
- which will thus materially reduce th
annual income for the schools, a SCUM
business policy? Do the securities c
- the United States offer more certai
guarantee of safety than the securitie
of this resourceful State?
unhesitatingIy express the convi'
tion that the present investment Is saft
, business-like and should be perpetl
ated by constitutional amendmen
to be submitted at the next generi
election.
The existing system of issuing schot
fund certificates has the sanction
such illustrious Chief Executives 1
Brown, Woodson. Hardin, Phelp
Critteudeu and all of their successor
1t has been approved by the Genert
Assembly under the control of all p
litical parties.
1t originated in the Senate by ii
passage of Senate bill No. 364, Mare
p, 1872. The bill was introduced
Senator Morse, a distinguished Mi
sourian, and passed by vote OF
yeas to only / nay. 1t was sustains
at tha time by such eminent Senate