The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1901-11-15
Auditor Allen Makes His Report to
the Governor on the
Fund.
swfAAs 70 IT BEFORE JOHN A. LEE.
4 Statement showing tho Condition Of the
school Fuud January 4. 1901 Tota
Certificates Of Indebtedness Outstsnd-
Ing January 4. 1901. Given mt et,sos..
B3p.sa.

- ~ 80
that part Of his report In reference tc
the state school fund. from which the
following Is taken;
To Ills Exeellency, a. NJ. Dockery. o
sir-In addition TO the exhibits cover
ing the receipts and expenditures by the
81, 1901. Inclusive. this day delivered to
you. ! have the honor to hand you here
with a table showing the condition OF the
state school ana seminary funds on Jan
uary 1. 1901 duly sworn 10 by me, in &C.
cordance with section -. OF article 8
OF the constitution. In doing this. l deem
ment Of these funds since January 1,
STATE SCHOOL. FUND.
This FUND was created by an net OF the
general assembly, approved Fcbrury 6.
iS31. entitled, a act to establish a per-
mancnt fund for the use aud support OF
into the fund have been derived from the
sales OF the saline lnnda," the. surplus
revenues OF the United States deposited
moneys OF the fund were. invested In
stock Of the Bank OF the state OF Mis-
souri,. from time to time. until In lS1.
the stock held for the fund ANNOUNCED to
sol, gG1. 05, and remained unchanged Up TO
1865. As the constitution OF lsS required
this fund TO be invested In United States
passed an act 10 sell the stock. which
was approved March 8. 1866. and II was
sold to Capt. J. u. EadH for t1iS.25.5 lat
n@to per ,loe share, md payment there;
coupons Of the state. The bonds ana cou-
pons were Cancelled and the state debt
was reduced by yIlsz52,. and there The
consisted OF cancelled bonds and coupons,
which yielded no income for the common
schools, II will be observed that the law
under which the bank stock WINS sold was
not complied with. bccansr the proceeds
uis.z5s.2) were used In the payment OF
the public debt instead OF being invested
~ United States bonds for the benefit of
the school fund.
By act OF the general assembly. ap-
proved March II. 1851. entitled, 4 act
original school fund having been wiped
nut In reducing the state debt). tho sum
OF $4,000 OF tho war indemnity money
for enrolling. eauipping and provisioning
militia forces to aid In suppressing the
rebellion" was appropriated. ITO be held
fund" When Den. John n. Gray, III,
states agent. collected tho war indemnity
money. tho r.too.ooo. was placed TO th'
United States bonds, and IL has beer
held sacredly and preserved for tn,
school children down to this day.
The republicans did not set aside mn
distribute the state school moneys durini
and after the civil war. but used all oI
the revenue tax not required for supper
Of the state government, in e~qulppini
aud maintaining troops tns they were per
fcctiy Justified IN DOING. and when IN,
federal government reimbursed the stat
In 1857. II was right and proper that III.
school moneys. so expended. should b.
refunded TO the school children. The do
nation OF $4,000 has been referred /,
aa evidence OF the good faith Of tho re
p~ublicnnr In doing 10. The facts are tina
tho receipts Into the revenue fund durin,
the years 1851. 1852. 1850. 1861. 1866. 1896 an,
lsi when no part OF the revenue fun,
was set aside for the common rchools)
amounted TO 81. 20, si3 ~. aud the children
were entitled, under the law then exist
Ina, to onc-fourth. viz; 81, SOC. t7s.1. II will
be seen that the republicans did not full,
reimburse the schools. but held out 800,
tNT.
ON January I. 1871. when tho rcpublIca,
rcpuhlIcans took control, the school Fun,
consisted Of
q per cent ". s. bonds ........si go ion 0
Cash awaiting Investment 49,. 1850 I
. per cent Missouri bonds ....,. 2C.co .
Total ............ ............. 81. ga, qSa !
THE FIRST CERTIFICATE ISSUED
In lsi2 the constitution OF 1865 wa
amended TO permit the investment OF IN
school fund In the bonds OF this state
and ~ that year senator John II. Morse
OF Jefferson county. introduced a bill CNo
SGD In the senate, then largely republican
directing the issue Of n 6 per cent
state certificate Of indebtedness for 500.
90. to reimburrc TIE school fund for N
proceeds OF the sale OF the bank stoc
In iscc, principal and interest (which hnl
been impIopcrly used for the reduc,ln
senate the vote stood; Ayes, 2s; noes.
observation-disclosures Among the r.
publican senators who voted In the nj
Louis Rcnskc. Wells II. n!odse,t. Ropar
u. Browne. Thomas A. auckland. Llewel
len Davis. John NJ. Fuller. William rolis
nia, Louis uot',snn,k, 8 W; Headls,,
q. l.oSebcrry. James Southland. r. Il
Vnndivcrt. Dsyid a. Waters, C.. s. Brow
md nn,. ISmei ~; Tod; T. is worthy ,
who left @,0o by win TO be Invested 1
Il certificate % Indebtedness for n scho
arship In the university. was then senate
and voted for the Issue OF this, tho fir,
permanent state sertincnte OF Indebted
ness. AMONG the distinguished democra,
who supported the measure was Henr
Senate Journal. 1872. The vote on the bl
In the house stood; Ayes, 20: noes. I
Among the republican representatly,
hoe. OF Polk: Airup. OF Howell; Asher, {
Clark: Auer, OF 81. Louis: Bittinger, {
buchanan; Bohn. OF Benton; buckley. {
Louis; Crockett, OF Andrew; Dent. I,
Hickory; George, OF Camden; Hackmal
az Warren; Hickman. of st. Louis; HaI
TTSS@Sii. 81 D 6Ssssn' ia mSSscr Of Il paSai,
I.nnRsion. OF Greene; Leach. OF Gasc0I
sde; Msrtin. 81 caidwelli MeAlister. {
Dallas; Pope, OF 81. Louis; Robinson
Holt: Ro'rton, Of Johnson; Shnrp,
Schuyler: md Steel. OF Cooper. page III
House Journal. isT2l. The bill was al
proved March %. 1872 n. Ii9. Laws ISL
and the 9 per cent. certificate OF indebto,
ness for $500. 600 was issued on July I. Isl
under the liberal republican administer
ton OF Gov. ID. Gratz Brown.
INvEsT5ENT IN MISSOURI BOND
On January I. 1875. tho fund consist,
al the following;
9 per cent. u. H. bonds ..........t gil, GOO
6 per cent. Mis- souri, bonds -. 1000
G per cent. Missouri certificates
OF Indebtedness ............... e00, 900
Cash awaiting investment ...... S2,75i
Aothi sHss's'sss 90
In December. 1875. under the wise a
ministration OF Gov. Charles II. Hard
the state board OF education sold Il
1851 800 of United States bonds for 81
ei3,s6d and with the proceeds OF the sal
other receipts and the cash awaiting Il
vestment, 1898. 900 OF the 6 per cent MI
souri, bonds were purchased for the fur
at n cost OF s. .s5s, $40, 40. including 81, 3i2.
paid for brokers' commissions. The r
suit was that the state school fund WI
Increased more than 100000 without cos
ing the taxpayers a cent.
On January !. 1881. the fund consist
Af