The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1902-07-31
EErrHLIcAx pLArFoRM fALLAcY

continual issue Of interest bearing Ger.
liheairs oi Indebtedness and would PER
pclua,e an interest. bearing debt, aud
(2) with the growth Of tho assessed .
valuation Of tho State will create =
fund in the shape OF taxes from the
people more than adequate to pay the
interest on them"
The statesman who wrote that plank ,
Of the Republican Stale platform evil
IDENTITY bad not iamiliirizcd himself
With the letter aud spirit Of the pro-
posed constitutional amendment. Hero
Ia tho amendment; read it and see II
you find anything in 1t that warrants
such a conclu,ipn:
All certificates of Indebtedness OF the
state 10 the public school fund and 10
the seminary fund are hereby confirmed ~
sacred obligations 81 the state 60 said funds.
and they shall he renewed as they mature for
such period Of time and at such rate OF In
tcrest as may b. provided BY law. The
GENERAL Assembly shall have the power 10
provide 10y law for the issuing Of certificates
10 the public school fund and seminary fund
as the money belonging 90 said funds nc
sBmalates 10 the state Treasury. PgOviD.
~. THAT AFTER THE OUTSTANDING
BONDED INDEBTEDNESS HAS nEES III
TISGEisHED. Alt nOSEf ACCCHUIkT-
ING ~ Tug STATE TREASURY ron
ABOVE NAMED PURPOSES SHALL. M IN
VESTED IN REGtsTERED COUNTY
MUNICIPAL OR SCHOOL DiSrHt IT nONDs
OF THIS STATE uF Not kiss THAN PAR
yALuE. whenever tho bonded debt = ca
tihKuishcd. or a sum suniclonl therefor has
boon received. there snail bc levied ana col.
lectcd IN lieu Of ten cents on tho one hun.
drcd dollars valuation now provided for by
tho statues. Az ANNUAL TAX not TO EN-
ICEEBT THREE CENTs on this one hundred
dollars valuation to pay the accruing In,
forest on all certificates of indcui cdnesa. tho
proceeds OF which tax shall bc paid into the
state Treasury and appropriated ana paid
nut for the speclAr purpose heTein men.
toned
Il will DC obs rvcl by the casual
reader that this proposed amendment
drcs not "lrgaliEc 4 continual issue Of
iutcres. bearing certificates Of iudebt-
cdncss," but plainly provides that
after "tho outstanding bonded indcbt
eincss has bcuu cxtipguishcd, all
money accdmulaliug in the State
Treasury for these funds "shall be
invested In registered county, munich
pal or school district bonds Of this
State, " etc.
Tho second inference Of the Rcpub.
lican platform noted IN the foregoing
Is as clearly disposed Of in the pro-
posed amendment. It says that "Whcn-
ever the bonded debt is cxtinguishcd,
or n sum sufficient therefor has been
received, there shall be levied and coll
locted, in lieu Of ten cents on the hun
dred dollars valuation now provided
for by tho statues, an annual tax not
to exceed three cents on tho hundred
dollars valuation to pay the accruiug
interest on oil certificates Of indebted
ness.
That provision is certainly flexible
enough TO meet any growth of the as
sc'sed valuation in the state and to
prevent "thc creation Of a fund more
than adequate to pay The interest" on
the certificates. The tax shall not cx-
coed three cculs on the hundred dol
lars valuation, bat Il may be fixed by
statute at any figure less than that, just
so II Is sufficient TO pay the interest;
aud this may DO lcssened at any time
when the assessed valuation reaches n
point where the taX fixed by the stat.
ute may raise more than the sum re-
quiIed to pay the interest.
As we have said again and again.
this is a plain question Of practical
linancieriug In the interest Of the pub
lie schools Of the State. The proposed
amendment to the Constitution is cer-
tainly wiser and moro practical than
either OF the two plans proposed by the
Republican platform; one of which Is,
the paying OFF Of the certificates Of In
debledbess and investing the principal
In United States bonds at such low
rate Of interest that the schools would
derive only about one-third % Of the
benefit from II they do now. Tho
other proposition, to pay of the Ger.
iilcates aud divide up the principal
among tho counties. u, as we have
heretofore shown, unwise aud would
impair the benefits to the public
schools.
II This amendment is not adopted,
these certificates will have TO be
gradually paid off and the principal
invested in United States bonds--for
no other means Of investment Is pro-
widest for by the Conssitullon---and
the tax Of ten cents on the hundred
dollars valuation will have 10 be kept
up for some years until this is done.
IL the amendment Is adopted, this ten
cgnta tax will cease and the State
school and seminary funds will he safe
and secure from loss, for they cannot
be stolen, sampcred with or disposed
of 10 any fraudulent manner; they
viii continue 10 be endowment funds
for our State educational institutions