The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-11-08
Governor Dockery Specifically
Takes Up the Three Assertions
and Demolishes Them.
ABSURD SYSTEM OF AVERAGES.
Interest Overcalculated for Some
Periods and Undercalculated
for Others-ImpOrtant
Items Overlooked.
REPUBLIC SPECIAL.

| REPUBLIC SPECIAL.
jefferson City. Nov. To-day Governor
Dockery forwarded to the ST. Louis Globe
| Democrat letter In which he analytically
replies TO the three charges Of that paper
! as to overpayments in State debt transac-
| tions. Following is the full text of the let
ter:
! To the Editor Of the Globe Democrat.
Executive Department. State of Missouri.
City of jefferson. August IA. 1901.
The Giobe-Democrat has repeatedly re-
iterated three charges against Democratic
State administrations. These charges, you
assert. are based upon the careful search
OF an expert" whose name is not given.
but whose standing as expert is indorsed
by your paper. The Globe Democrat. there
fore, assumes the responsibility for the fol-
lowing counts in the Indictment which 1t
prefers against the Democratic management
of State affairs:
The use of sA.4S2,1l4 during the last
thirty years to pay interest and reduce the
State debt from s9oss9,0C0 to t6 $50 S39 AZ.
This charge is specifically made in one of
your issues in the following language:
Democratic management in this State can
be judged by the fact that s44000o0o has
been spent in reducing the State debt of
$40 10000 to s5OooOO0"
Second: The overpayment Of the bonded
debt in the sum of $l.030.67l.O0.
Third: The overpayment of interest on
the bonded debt in the sum of s1.273.12o
All these are grave charges. If true they
establish corruption or incompetency, or
both on the part OF Democratic administra-
tions. If false. 1t is unnecessary to COM
ment. The people will do that. Now to the
facts as shown by the records:
The obvious effect of the statement that
the Democratic party has used $1,000 900
| TO reduce the debt and interest from $4,000.
0oo. to s6,90oo0 is to mislead and con-
fuse the people.
II you intend to include the interest as a
part of the public debt then candor and
common fairness require that the amount
of such interest should be added to the
bonded debt. and the reduction shown. not
simply from the amount of the bonded
debt at the beginning OF this thirty-year
period. but from the aggregate amount of
both the bonded debt and interest. The
books show that sisc13, ,O31 IS dncluding pro-
cceds from sale OF s5.350000 refunded
bonds and money in transit to pay bonds
and INTEREST," have been expended to re-
duce the bonded debt, to pay interest
premiums on bonds. and incidental expen-
ses connected Herewith. from January l.
1871. to December 81, 1900. The facts there
| fore, required your paper to say that the
Democratic party had used S4sO1s0sl 50 of
| money, to reduce the bonded debt to pay
| interest. premiums on bonds and expenses
incident thereto. and that the application
of this amount ttaking also into account the
bonds exchanged for certificates and ex-
cluding x000.o00 refunded bonds) had re-
duced the debt. not as you allege, from
ron 04pl fsO n h,,t to
| Sc. $50. .sS9.42.
Such a statement would have been in
harmony with the debt statements of Re-
publican State administrations from 1865 to
1871. In order to show reduction of the
public debt during that period of s14.74O eOS
the Republican administrations included S.
923S20 of interest on the bonded debt, and
$4,000 of interest on ether indebtedness.
The reduction of the bonded debt proper
during that time was only S.S51.O00 and
that reduction was largely made by the use
| of the proceeds OF the sales of the States
liens upon the railroads Of the State.
1t Is unnecessary for me at this point to
give the items constituting the total pay
ments Of interest and bonds, premiums ana
other expenses. as they appear in detail in
my answer to the second and third counts
OF the Globs-Democrat's Indictment
1t is also unnecessary to note the
grotesque error made by the Globe-Demo-
crat in Including the school fund certificates
of 81. 393 .s39.42 as a receipt to cancel the
State debt while at the same time by its
own exhibit It remains as part of the
debt. The attempt to make the school
fund certificates appear in the dual role of
a receipt and a debt. at one and the same
time. is an anomaly in bookkeeping.
Second.
Replying to the second charge of the over
payment OF sl.0so.671 on account OF bonds,
will saw that the table of the Giobs-Demo-
crat is inaccurate and incomplete. The fol-
lowing is a correct exhibit of the receipts
and disbursements during the last thirty
years on account of bond redemptions:
BOND REDEMPTIONS.
Net Sinking Fund balance January
l. 1871 ...-................-...-. 236, S4. .7S