The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1901-08-22

planned that one 'th0ugh tuol necu
not CIT theruia, 4" II is evident that our
Republican friends arc determined 10
cover up the truth In the vain hope Of
making a little political capital and
foy the purpose of deceiYiog and mis-
leading the ignorant and preiudIced,
When the Democratic party came
into control Of the State government
10 1872, Il was discovered that the
State owed the school fund about
sgUv, 600, which the Republican ad'
mini,lraIiJus preceding that period
had diverted TO other purposes, and
from which the schools Of tue State
had not derived one cents benefit :pE
number Of years. A Democratic
Legislature n, once passed an acl au-
Ihor1iug the issue Of State certificate
uf indebtedness to the school fund for
Tho amount. The Republican party
also left to the State heritage In the
shape Of a public debt OF s2l ,6ss, 0oO
Tor succeeding Democratic administra
lions to pay OFF,
The school funds were invested in
| United States bonds, and 10 1873 the
Legislature authorised the State Board
Of Education to sell these bonds and
invest the proceeds In State bonds
As the former were above par and The
latter below par, about 100000 VA
made ia the Transaction, adding tha
much 10 the State school funds, aud !
also had the effect Of raising our Stat
bonds to par. In 1881 the Legisla
Iaturc directed the issuance Of Stat
certificates Of Indebtedness with tiXe'
rates Of interest for the whole Of th
State school funds 10 lieu Of the Stat
bonds IN which they were invested
and the bonds were cancelled and re
tired. A. has been said, this polio
of Investing the State school funds wa
endorsed aud supported by the able'
as well as a large majority Of the re
, publicans Of both branches VI the Leg
stature.
II these certificates bad not bee
issued, the State bonds which iormerl
stood In their place would still siau
us n part Of the unpaid bonded del
Of the State, aud the people Of II
state would be taxed ior a number
years to como to pay tho interest q
them aud the principal. A. it Is, Il
certificates simply stand in their sie'
as M unpaid part Of the 81, 600, 0l
debt which the Republicans left Wit
they went ont Of power, and the b
tere,t paid on them goes to the so
IF port Of the public schools instead
- To- outside boudholicrs. These cert
as Gates ATE a debt Of the State, just
,r the bonds for which they were issu
10 would hav1 continued to be 4 debt
II they had not been cancelled and !
~ tired The debt Of the State "
y neither increased nor lesscued 10y
ne transaction, but the school fund "
&. increased about 100000, aud its
C. curily was not impaired in the lea
~ nor was dollar Of II stolen or Us
~ or diverted to any other purpose.
he II the public school fond had be
Is kept Invested 10 United States bon,
IN the public schools would now be {
III irving about $50, 600 a year from
81 interest instead Of slsG, 900, VIII
AZ the State would still be paying to
lat holders Of State bonds interest on
Il amount of bonds which the ccrtiiica
nj represent, thus paying out more
hc these bonds than 1t would be rcccivi
ut from the United States bonds, as
lac latter bear lower rate OF lnterc
y. The taxpayers would not be bcueii
I'd aud the public schools would be
an priycd Of about slOO, 600 annually.