The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-11-09

NtHdtt JOHtl al. loSi-D III lIie iicNSN
was passed ny a vote of q ayes and noes
(Steel and Webb voting in the nesatiVel
Among the leading Republicans recorded as
voting for the bill may be mentioned AiIeh
of St Louis County. Bell of Jackson. Bon
ham of Andrew. Bryant of Douglass Cocn-
ran Of Lawrence, Crawford or Benton
GrabenhOrst of ST. Charles. Harper of Put.
nam. Hayhurst of Franklin. Hornbeck OF
Christian, landenb1rg of Gascorade, LON
of Mercer. Moody of St Louis city, NeviIie
of Harrison. Norris of Ozark. Preston OF st
Louis city. Shidow of Hickory. Taylor OF
Grundy aid others page lC1S. House Jour-
nal lSs1) The bill with emergency clause,
was approved March %. 1881 %. 204 Laws
1ssD. and directed the Fund Commissioners
10 issue a nonnegotiable c7rtihcate or IN
bearing per cent interest. for the amount
Cf the 2,0O3 Missouri State per cent bonds
and the $4,000 certificate of indebtedness
then held in trust by the State for the
school fund. TO be saerediy preserved in
the State treasury for the permanent
school fund of the State; and another .
State per cent bonds belonging the
seminary fund. Whereupon the fund
Commissioners issued 4 consolidated State
certificate of Indebtedness TO the state
Board Of Education for s2.919 co. and the
records show that the 2O09 bonds and the
10000 certifcate-the Cne issued by the Lib
erai Republican administration on July !.
lSa2-were duly Cancelled as the law directed.
Section provides that the certificates OF
Indebtedness issued under the act just
quoted shall remain sacred and ire
vocable obligation of the State. unconverti-
BILE and untransferahle for the purpose of
its issue. but shall remain as so much Of
the permanent school fund and of the
seminary fund as is represented in their
amounts. respectively
Further Investments Directed.
On the eleventh day Of January 1883. SEN
bill No. 35. entitled, An act to provide for
the permanent investment of any moneys
remaining in the State treasury and belong
ing to either the public school fund or
seminary fund n the State that
hereafter be paid into the State Treasury.
to he added to either Of said funds. and to
bonds now held by any educational institu-
ton under the control Cf the State. by issu-
ing therefor certificates of Indebtedness of
the State. bearing per centum interest per
the emergency clause. received every vote
in the Senate. viz: Senators Baldwin. Bland.
Dobyns. Downing. DUNCAN. Edwards of La
fayette. Edwards of st. Charles. Farris
Halliburton. Heard. HUT. Jacobs, McMa-
Pehie. ehi s Rogers. Rouse. Stephens. % waiker
Wear and Yancey-total, %; absent. Sem
ators Hathaway and McGrath; absent on
243. Senate Journal. 1881 On March g and
30 the Senate bin was amended by the
House. and the bill. as amended. passed on
the last mentioned day by a vote Of II ayes
and % noes. the members voting for and
against the bill belonging to both political
parties. and among those recorded vot-
Ing III tue A11llIIlIlNe may De mentioned
such distinguished leaders of the Republican
party Alien OF st. Louis. Hackney OF
Miller, Harrington. Of AdaIr. Whitmer of
Holt. Whyb2rk of Bollinger, Muench OF
Warren. Murphy of franklin. Grahenhorst
OF st. Charles. Wade of Greene and others.
page 1913. House Journal 1881 The
Senate by vote of ayes: 10; noes. (Sen-
ator Baldwin,. The bill was approved
March 81. 1888 (p. $50 Laws 1889.
Under the act of 1855. five certificates Of
were .ssued to the school fund.
amounting to s2ia ESQ. and seventeen TO the
seminary fund. assreGating $i4t.00O.
Bonded Debt Reduced by Transfers.
No State bonds have been taken up under
the act of March 31 .sS. and IT is proper
to explain that while this act does not re-
quire the school and seminary fund moneys.
issued to be placed in the sinking fund
and used for the reduction of the bonded
debt. 1t has evidently been the settled policy
of the various State administrations since
the passage and approval of the act not
to issue certificates in excess of the amount
Of money transferred from the school fund.
ing fund to pay OFF bonds, so that the debt
of the State be not increased. in violation
of the Constitution. by reason Of the issue
Of certificates. An inspection OF the books !
Of this department shows that the following
sums of money have been transferred from
the funds Just mentioned to the sinking
fund and used for the reduction of the
bonded debt since the passage of the act Of
March 81 1883:
3
From the school fund ................. 225 90 90
From the seminary fund ............... s7Is5s q
Total amount transferred to sinking
The total amount Of ccrtincates Of in 30 -
dsbteoTrss is.Ied 70 the school fund -,
The total amount Of ''S certlhcates Of in "
debtedness issued to the seminary
fund during that time lib $50 %
Total amount OF certificates issued. 81. .3s2 Ss4s
1t will be noticed that slo5. .lls.sl more
hos hnEr frn~1 rfxl-t
to pay of bonds drom other sources than .
the State interest fund.- than the aggre-
gate amount Of certificates issued to the
school and seminary funds under that act.
State Seminary Fund.
This fund had its origin in the acts of
Congress. approved February Is. ISIS, and
March G, 1920. by which two townships OF
the public lands We're donated for the use
of Seminary of Learning" The moneys
arising from the sales OF these lands were
invested in stock of the Bank of the State
s1G0, coo OF the stock which was sold In that |
year. along with the stock held for the |
school fund. to Captain Eads for slos,So
The State interest and sinking |
funds came out Of the transaction s10S. 800 |
ahead. but there was no seminary fund |
proved March Il. 1867. directing s10s.36 IS |
of the war indemnity money due from the |
The moneys in the fund were increased by |
the dividends due on the stock at the time |
Of the sale OF the bank stock to Captain I,
Eads and s10S 200 of per cent United |
States bonds were purchased.
In December. 1875. the Sl0s 200 per cent |
United States bonds were sold by the State |
Board of Education for sl2s, ,635 80. and $l22.- |
700 per cent Missouri bonds were purchased |
at a cost of $l23, 90. The result of which |
left $3.50. AZ to be placed to the credit of |
the seminary moneys, leaving unn- !
vested balance of $3.50 and at the same /
time increasing the fund by s13, 1885, .0S and |
the annual income by s79S.
By the act of March %, 1881, the Fund |
issued per cent certifl- |
cate of Indebtedness to this fund for S122-
90 and Cancelled sl22.oCo of s per cent State |
bonds as before me entioned.
Since the act of March 81. 1883. was passed |
the treasurer of the Board Of Curators OF |
the university has paid into the State Treas |
ury sums of money at various times fer |
which certificates of Indebtedness have oeen |
issued In the manner and form before de- |
scribed. The only certificates not issued to /
the seminary fund under the acts referred I
TO were two; one for SS46. .95S23 under the
act of March 2S 1891 (p %. laws 1ssD, .
providing that 'the direct tax money" re-
funded by the United States be placed to /
the credit of the seminary fund and a GER |
ttfcate of Indebtedness to b. issued therefor
and the other for SIS. s5l.19. under act of /
April g 1885 entitled AN act to restore to |
the seminary fund the expenses incurred IN |
the supertntendence and sale. of lands dis |
posed of for the benefit of said fund and |
in the distribution of the proceeds OF said
sale" The bill for the last mentioned act
was introduced by Honorable John L. Bit