The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1901-02-14
THE STATE SCHOOL FUNDS.
WenId Make Their Present invgssment
permaneui One


funds Of the State are Invested 10 Z
school fund certificates. issued under
various acts Of the General Assembly. I
They are a part Of the public debt Of
the State, aud amounted 20 S4,S98.- +,
3Sg4s on the first day Of the present
year These certificates bear interest
at the rates Of and per ccnt, in- 1
volying an annual interest charge Of
1850, Q0l ", of which Sis6, 800 v
distributed for the purpose Of ednca,-
Ing our children IN the public schools,
and SOS, Oli.91 to maintain the State
University.
Under the wise aud economic policy
Of the State during the last three dec.
AIDES the bonded debt Of the State has
been steadily reduced, and will be Gu
iirely cNlinguished within a short pc
Rod Of lime
Alter the retirement Of the ouisland.
ing bonds the only remaining debt Of
the State will be the school fund GER
tifioatcs. This being n debt due TO
the public schools, Il Is no, desirable
to extinguish Il, because at the present
rates Of interest II brings TO the treas
ury n handsome income TO maintain
our splendid educational system.
CONFLICTING sTirULATi0Ns.
The Consli,ulioa provides That the
school fund shall be invested either In
bonds OF the state Of Missouri or Of
the United States, and il further re.
quircs that at least $3.50, 900 Of the
public aehl shall be retired annually
With the rapidly approaching liquid.
alton Of the bonds of the State. the
constitutional provision providing for
the reduction Of the public debt by at
least s250,0UO yearly will, Of ncccs-
sily, apply to the school fund ecrli.
Gates. The conclusion, therefore, Is
inevitable that the only remaining op.
puTtuuity for the Investment Of the
certificates thus retired viii be IN bonds
Of the United States, unless some pru.
.i,ion is made by The people To per-
/ petuatc the certificates, which by The
terms Of the act authorizing their issue
are declared to he sacred aud irrcy0t.
able Obligations Of the Stale, uncou-
yettible and untransicfable from the
purpose Of their issue.
The issue confronting Us is clear
and distinct. II rises above any ques-
ton Of mere party advantage or disad-
/ vantage. 1t should be met in that
broad public spirit that actuatcd aud
guided those faithful Representatives VI
the people who, irrespective Of parry,
established the policy which for thirty
ycars has materially contributed 10 the
growth and development, Of this sacred
fund
The school fund, as now invested,
| yields more than q quarter Of a million
dollars annually for educational pur-
poses. Shall The system be continued
or should the State pay OF the ccrliG.
Gates and invest the proceeds in bonds
Of the United States, which will Yield
an income Of perhaps no more than 2
per cent? l. an Investment in bonds
Of the United States, which will thus
materially reduce the annual income
for the schools, a sound business pol
icy7 10 the securities Of the United
States offer a more certain guarantee
Of safety than the securities Of this 70.
sourceiul State?
PHEsENT INVESTMENT SAFE.
| unhesilatingly express the c1nyic-
ton that the present investment Is safe,
businesslike aud should be perpeluatod
by constitutional amendment, to be
submitted at the next general election.
The existing system Of issuing school
fund certificates has the sanction Of
such ilusltious chief executives rs
Brown, WoUdson, Hardin, Phelps,
Crittcndon, and all OF their sucoes-
sors. II has been approved by the
General Assembly under cont-ol Of all
political parties.
IL originated in the Senate by the
passage OF Senate Bill No 3G4, March
90, 1879. The bill was introduced
by Senator Morse, distinguished Mis-
souriau, aud passed by vote of rs
yeas TO only Que nay. II was sus-
tanned at the time by such emmipeut
| Senators as Birch, Blodgeli, Brock.
meyer, GottschaIk, llcadlec, Morrison,
yandiyeri, and by the father Of our
State University, the gifted and Ia.
mcn;ed Rollins. The bin passed the
house on March 2s, 1879, by vote
oi as yeas TO 10 nays. II was heartily
Supported 10 that body by such Nils.
sourians MS Biliingcr, kost, Moore,
O'Baunon aud others.
The policy was again approved in
1881 by the enactment into law of
S,nue Bin M. 81. every Senator
present voting for the bill and every
member Of the House voting on the
proposition except two, sustaining |,
upon call Of the roll.
EkoNiNtNE MIS- ANUthotb W.
Again 10 1895 the policy Of Issuing
school fund certificates was approved
BY the enactment Of House Bin No.
52s. under the leadership of Hon, ],
L. Bittenger---ilon. Is. +. Russell at
the time being Speaker Of the House
note with much pleasure that mong
those supporting the bin BiiiIuger,
Gurucy, Harrison, rc'.iinhn, Taium,
Tubbs, aud others equally as earnest
10 support OF our public school sys-
tenn. rhe vote 10 the Senate on March
20. 1895. also emphasized the hearty
and cordial approval Of the people Of
Missoari--every Senator who voted
recording himself for tho bin. Among
the Senators then advocating the
Issue OF school faad certificates were
! Brewster. I,osche, Davidson. kenaish.