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

| ne system which has hitherto been ap-
| proved by substantially all Intelligent ana
, thoughtful legislators.
A. NJ. DoCEERY.
| Governor.
Auditor Aliens Report.
To His Exceilency. 4. NJ. Dockery. Gov
| ernOT:
i Sir-In addition TO the exhibits covering
! the receipts and expenditures by the State
; from January l. 1855. 10 December 81 1850.
inclusive this day delivered TO you. | have
the honor to hand you herewith a table
showing the condition of the State school
ani seminary funds on January l. 1861. duly
sworn 20 by me in accordance with section
| y OF article . Of the Constitution. In doing
thi" | deem il proper to briefly review the
management of these funds since January
1. 1865.
state school Fund.
This fund was created by an act of the
General Assembly approved February g.
1897. entitled An act to establish a perma-
neat fund for the use and support Of the
common schools" ard the receipts into the
fund have been derived from the sale of
the Saline lancs." the surplus revenues OF
the United States deposited with our STATE
Treasurer. etc. etc. The moneys of the
funu were invested in stock of the Bank of
the State of Missouri. from time 10 time.
until. in 1850, the stock held Tor the fund
amounted to $6Gl $3.50 and remained un-
changed up to 1856. As the Constitution of
ie60 required this fun to be invested in
United States bonds. the Republican Cen
eral Assembly passed an act to sell the
and II was sold to captain j. b. Eads for
Slszaj.25 tat sl0s.50 per sl0J sharel and pay
matured coupors of the State. The bonds
and coupons We're Cancelled and the State
debt was reduced by sIlS.Z35..5. ard there
the matter stopped for six years The fund
consisted of Cancelled bones ard coupons
which yielued no income for the common
schools. 1t viii be observed that the law
uEder which The bank stock was sold was
not complied with. because the proceeds
Gils. .235.2al were used IN the payment of the
public debt instead of being invested In
United States bones for the benefit of the
school fund.
By act Of the General Assembly approved
March H. 1857. entitled IAN act creating a
permanent school fund tthe orisnal school
fund having been wiped out in reducing the
state debD. the sum of sl.5o0.oeo Of the war
indemnity money due this State by the
Federal Government for enrolling. equip
ping and provisioning militia forces to aid
in suppressing the rebellion was appro-
priated TO be held and sacredly preserved
as public school fund" When General
John b. Gray. the States agent collected
the war indemnity money, the sl.5Oo.0d0 was
placed to the credit of the school fund and
invested IN United States bonds. and Il has
been held sacredly and preserved for the
school children down to this day
The Republicans did not set aside and dis
tribute the State school ncneys during and
after the Civil War. but used all of the
revenue tax not required for support of the
State government In equipping and main
tanning troops (as they were perfectly JUS
tifed in doing). and when the Federal Gov
III
right and proper that the school moneys so
expended. should be refunded to the school
children The donation of s,59O.O0O has been
referred to as evidence OF the good faith Of
the Republicans IN doing SO. The facts
are that tie receipts into the revenue fund
1866 and 1861 Cwhen no part of the revenue
fund was, set aside for the common schools)
amounted TO s7.225.9l3S1. ard the children
10 one-fourth. viz: slS064 $50. IL will be
seen that the Republicans did not fully re-
imburse the schools. but held out 1906 ATS 33
On January /. 1871. when the Republican
party went out of power and the Liberal
consisted Of:
Cash awaiting investment ..-........... IsSs.S
per cent Missouri bonds .............. 21.oo.9I
Total. ................. ...........sle5i9ss7S
First Certificate Issued.
In 1917 the Constitution of 1865 was amend
ed to permit the investment of the school
fund in the bends of this state and in thai
year Senator John H Morse of Jefferson
County introduced, a bill mo S6D, in the
the issue OF a 6 per cent State certificate
of Indebtedness for $500 eco to reimburse the
school fund for the proceeds of the sale of
the bank stock in 1906. principal and inter
est (Which had been Improperly used for the
reduction of the State debD. on its pas
sage in the Senate the vote stood: Ayes
Is; noes. tSpa paunho.st-DemocraO Among
the Republican senators who voted In the
affirmative were c. c. Allen of Jasper. Lonis
Benecke. Wells H. Biodsett. Robert H.
RroTne. Thomas a. Buekland, Llewellen
Davis. John NJ. Filler. William FollenIus
Louis Gottschaik, :. W. Headlee Anthony
Ittaer, William B. Rogers NJ G. Roseberry
James Southard. r. II. Vandivert David <
Waters. c. S. Brown and James II. Todd
1t Is worthy of note that James S. Rollins
invested in certificate of indebtedness for
a scholarship in the university. was then
Senator and vc,ed for the Issue OF this. the
first permanent state certificate Of indebt-
edness. Among the distinguished Demo-
Gratis who supported the measure. was
Henry c: Brockmeyer of st; Louis. page
bill IN the House stood: Ayes. 7G; noes
49, Among the Republican Representatives
Polk, Alsup of Howell. Asher of clar2.
Auer of st. Louis. Bittinger of Buchanan
Bohn of Benton. Buckley of Rails. Cloud of
Jasper, Colcord of st. Louis. Crockett of
Andrew, Dent % Hickory, George of Cam
den. Hackman of Warren. Hickman of st.
Louis. Harmon Of NodaTay. Hooper, of
Donald. Langston of Greene. Leach of Gas
conade. Martin of Caldwell. McAllister of
a of cS9ReT Miller III Of
las. Pope of St. Louis. Robinson of Holt
Rolston Of Johnscn; sharp Of SCHUYLER and
iS72S. The Bill Was apppoved pp us March l as
1872 %. I49. Laws 1872. and the per cent
certificate of indehtedness for s9o0.co0 was
publican administration of Governor B.
Gratz Brown.
Investment In Missouri Bonds.
On January l. 1875. the fund consisted Of
the following:
6 per cent Missouri bonds. 20J05 20
per cent Missouri certificates OF
inde ebtedness ...........-..-..--.... sOl.00O.o0
Cash awaiting investment ............. 32.75t63
Total w .................... ssl 554ss
In December 1S15 under the wise admin
istration Of Governor Charles II. Hardin,
the State Board of Education sold the ST.
800 of United States bonds for S1.9l3. $685.
and with the proceeds of the sale. other re-
ceipts and the cash awaiting investment ST.
$4,000 of per cent Missouri bonds were
purchased for the fund at cost of 81 1885,
$3.50. including S23l2. 30 paid for brokers'
commissions. The result was that the State
school fund was increased more than 800
0O without costing the taxpayers a cent
On January !. 1851. the fund consisted Of:
G per cent Missouri bonds ......... 50 dn9 OO1 %
s per cent certihcste of Indebtedness 100000
Cash in treasury ---.-.-....--.-......-... 1886
Tctai - st9 1S2 &c
Bonds Converted Into Certificates.
On January q. 1851. Senator Morrison of
New Madrid. introduced Senate bill No 81.
entitled IAN act to consolidate the Perma-
nent school and seminary funds certifi-
Gates of Indebtedness of the State bearing
per cent interest and to provide for can
ceiling the State bonds and certificates of in
debtedness now held in trust for said
funds" And on March s. following 1t was
passed in the Senate by a unanimous vote.
ba