The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-09-02
FIGURES OF STATE
DEBT PAYMENTS.
Major Harvey W. Salmon Shows
the Inaccuracy Of the Globe
Democrats Conclusions.
REPUBLIC Special

REPUBLIC Special
Clinton. Mo-. Sept. There is probably
In the State OF Missouri no man better
POSTED or the States financial history than
Major Harvey w. Salmon. AS the first
Democratic State Treasurer after the war
he Is thoroughly conversant with the origin
OF the State debt. and both as a polisicsaA
and business man. thoroughly trained in
financial affairs. he has kept closely in
formed us to the condition OF the States
finances.
Being asked this morning as to the Globe
Democrats constantly reiterated charge of
deficit. Major Salmon took UP that papers
figures. tabulated them and commented on
them in his usual terse and vigorous man
ner.
40 sshe%l ee55irica,ts issa:i in is::.:: sts.sSs
Add Eads r~sfund!ns bombs issued in 1874 1el.0o,
oa Isiai aas; laiest:iae:, Sos e. Sc
Net debt reduction SIS. 9i3. 0s,
Iia,snce on hand January /. Isr......, ISL. go
Received from taxes. ISL 90 1900. in
Reeeiyed from Hannibal and st. Joe
Railway company -------------.- aE2-s7
pIsBURsEMExTs.
Paid interea, on school certificates: III. SIS
Paid for sehooi BONDS retired........ 5.9Is.@y
REcAPiTuLaTio%.
Tea! disbursements =. -.--...-...-. 1854. 10
Excess OF receipts over disbursernent....s s73.ss
ut will be observed" said Major Salmon.
that I have used the Globe Democrats
own figures as to receipts and disburse-
ments: but It should be distinctly under
stood ] do not youch for their correctness.
1 simply use them because the official re-
ports are not accessible to ME just now.
II have omitted the "a. .sSe. which the
Glcbe-Democrat includes in its table Of re-
celpts as coming from the school fund.
used to cancel State debt The State debt
was neither Increased nor decreased a sim
gle dollar by this school fund conversion.
and the State Treasury was not enriched
one cent thereby. This conversion resulted
In the State owing its own school fund this
s4.393. $50 instead OF its owing q like sum to
divers and sundry bondholders.
THE Globe-Democrat places the State
debt at 81. ss9, Cos on January I, 1871. and
this. I may presume, expresses the true
amount on that date. I have added the
school fund certificate Of Indebtedness is
sued In 1877. 500. go. and the Eads refund
ing bonds issued in 1874. 100000. These two
items. ~aggregating SI,04,G0. were issued In
accordance with acts Of the General As
senbly: the first-named to reimburse the
school fund on account OF the old State
Bank stock sold to Captain James Eads by
a Republican administration; and the Sec
ond was on account OF dividends on this
same stock. Now. inasmuch as the State
Treasury received nothing whatever on &C.
count OF these transactions. II Is very clear
that in order to get a proper understanding
Of the matter they must be added to the
State debt"
Major Salmon was asked what about
the s673. s5 you term excess Of receipts over
disbursements which the Globe-Denocrat
would denominate a Discrepancy"
at is no discrepancy at ALL" he re-
piled. ut represents. ! presume what should
be in the treasury to the credit of the State
interest fund (according to the Globe-Dem-
ocrats Vt figures. subject Of course to
such changes as may have occur:ed by
reason OF transactions since January L
1901"
"I think this disDoses enectuaily OF the
$e.07i. Ss4 discrepancy the Globe-Demo:rat
claims to have discovered Certainly tie
amount has been reduced to 3S;2, So, equiv
alent to a reduction OF 81 per csot, and I
presume / could very readily dispose of tho
remaining IL per cent, IL the official reports
were at hand. But please bear in mind I
have made 10 figures Of my own. nai.her
have I taken anything from official re-
ports. I have simply corrected three plain
and unmistakabie errors in the Glo6e-Dem-
Gratis figures. and have shown conclusively
that there Is no discrepancy whatever"