Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1901-11-14

SoeSiHcates OF Indebtedness Outseaiid-
Ing January L, Given at s4.393.-
s39.42.
Jefferson City, No., Nov. s.-Auditor
Allen has transmitted to the governor
that part of his report in reference to
h state school fund, from which the
following is taken:
t His Excellency, A. NJ. Dockery, Gov
Sir-In addition to the exhibits cover
state from January 1, 1865, to December
81, 100. inclusive. this day delivered to
you. 1 have the honor TO hand you here
with a table showing the condition of the
STATE school and seminary funds on jan
uary l. 1901. duly sworn to by me. in ac-
corQance with section p, of article 0
OF the constitution. In doing this. 1 deem
It proper to briefly review the manage
1s65.
STATE SCHOOL FUND.
ThiS fund was created by an act of the
general assembly, approved Februry s.
1877, entitled, AN act to establish a per-
the common schools" and the receipts
into the fund have been derived from the
sales of the saline lands" the surplus
revenues of the United States deposited
with our state treasurer. etc., etc. The
moneys of the fund were invested in
souri,. from time to time. until in 1850
the stock held for the fund amounted to
this fund to be invested in United States
bonds. the republican general assembly
was approved March 5. 1866, and it was
sold to Capt J. B. Eads for Sis. 235-25 Cat
for was made in bonds and matured
coupons of the state. The bonds and cou-
pons were Cancelled and the state debt
was reduced by Sis, 2S5.25. and there the
matter stopped for six years. The fund
consisted of cancelled bonds and coupons,
schools. IT win be observed that the law
under which the bank stock was sold was
not complied with, because the proceeds
the public debt instead of being invested
in United States bonds for the benefit Of
the school fund.
BY act of the general assembly, ap-
proved March II. 1867. entitled, AN act
creating a permanent school fund" (tlle
out in reducing the state debit, the sum
of $!.500.0OO of the war indemnity money
due this state by the federal government
for enrolling, ~equipping and provisioning
militia forces to aid in suppressing the
rebellion" was appropriated, ITO be held
ard sacredly preserved as a public school
fund" When Gen. John B. Gray. the
states agent. collected the war indemnity
credit of the school fund and invested in
United States bonds, and it has been
ned saCreGIy ana pfeseTveo Ior the
The republicans did not set aside ami
distribute the state school moneys during
and after the civil war, but used all of
the revenue tax not required for support
of the state government. in ~equipping
and maintaining troops (as they were per-
fcctiy justified in doing), and when the
FEDERAL government reimbursed the state
In 1851. it was right and proper that the
refunded to the school children. The do
nation of s, 100000 has been referred to
as evidence of the good faith of the re-
rubi.canS in doing so. The facts are that
the receipts into the revenue fund during
the years 1861, 1862. 1868, 1864, 1865. 1866 and
was set aside for the common schooIs9'
amounted to $7.225. 913. 81, and the children
were entitled. under the law then exist
ing, to one-fourth, VIZ 81. SOC. AIS. 80. It will
be seen that the republicans did not fully
reimburse the schools, but held out $685.
4IS.2S.
On January 1, 1871, when the republican
party went out of power and the liberal
republicans took control. the school fund
6 per cent u. s.. bonds 1900. 81, $50. 100 90
Cash awaiting investment -. 4.sS6 IS
{ per cent Missouri bonds -. 20.eae 10
Total 81. 674. eSe IS
THE FIRST CERTIFICATES ISSUED.
In 1872 the constitution of 1865 was
amended to permit the Investment of the
school fund in the bonds of this state.
and in that year Senator John H. Morse,
of Jefferson county, introduced a bill CNo.
36f in the senate, then largely republican
directing the issue of a 6 per cent.
state certificate of Indebtedness for $780,
30, to reimburse tie school fund for the
proceeds of the sale of the bank stock
in 1866, principal and interest (Which had
been improperly used for the reduction
of the state debit. On its passage in the
senate the vote stood: Ayes. IS; noes, /
Primitive were: c.. C.. Allen (of Jasper),
II. Browne. Thomas A. auckland. Level
len Davis. John NJ. Filler. William FoIle-
Anthony Tttner. William B. Rogers, M.
g. ~I:oseberry, James Southard. r H.
vandiyerts David a T a; waters f. {; s; brown
note that James s. Rollins, OF Columbia,
who left 5000 by will to be invested in
arship in the university, was then senator
and voted for the issue of this. the first
ness Among the distinguished democrats
who supported the measure was Henry
G. Rrokmeyer of st. Louis. page SOL,
in The house stood: Ayes, IS: noes, IS.
Among the republican representatives
bee. of Polk: Alsup. of Howell; Asher. of
Buchanan: BONN. Of Benton; Buckley. Of
H HPehs George. Of Camden; Haekman.
mon of Nodaway; Hooper, of Adair:
Kost. of Daviess: Lamson. of Mcdonald:
I.ansston. OF Greene; Leach; Of Gaseon,
Douglas: Norris: Of Ozark; o'Bannon. of
Holt: Rolston. of Johnson; Sharp, OF
schuyler: and Steel. of Cooper. page 1116,
House journal, Io1Zp. me Dill was aD-
nroyed March %. 1872 Up. 149. Laws 1S72),
and the 6 per cent. certificate of indebted
ness for $500. 900 was issued on July /, 1872,
under the liberal republican a6ministra-
fioo of Gov. B. Gratz Brown.
INVESTMENT IN MISSOURI n
on january 1, 1915. the fund consisted
OF the following:
6 DER cent. u. s. bonds ..........H,6 81, 500 90
& per cent. Missouri bonds -. 10000 90
& per cent. Missouri certificates
of Indebtedness ..-..--.-.--... S00.OOO %
Cash awaiting investment ...... 2,754 Sc
Total $4,000. ,S94 6S
Tn December, 1875. under the wise adj
ministration of Gov. Charles H. Hardin,
the state board of education sold the
81 81. 600 of United States bonds for ST.
aIs $50. and with the proceeds of the sale,
ofher receipts and the cash awaiting in
vestment. 81, a49. 900 of the s per cent Mis-
souri, bonds were purchased for the fund
ST . cost of 1,95S. 3i6.4 including S2.3i2-50
neid for brokers' commissions. The re-
ss,it was that the state school fund was
increased more than $4,000 without cost
ing the taxpayers a cent
On January I. 1881, the fund consisted
of:
: ner cent Missouri bonds 5000 600 90
: per cent certificates of in
q .bteGness ...-... ......".s. WV,v1 "
Cash in treasury -.-.....-.. fz 90
ro,a, ....s2,sO 1872 es
RoNDs CONVERTED INTO CERTIFI-
Gates OF INDEBTEDNESS
On January q, 1881, Senator Morrison.
,f New Madrid, introduced senate bill
- annGnI4d11a