The Farmington times and herald. (Farmington, St. Francois Co., Mo.) 1902-1905, 1902-09-25
The School Fund.
PLAN OF INVESTMENT CLEARLY
EXPLAINED BY GOV. DOCKERY.
Substantial Reasons Why the Pro
posed Constitutional Amend
mont Shou!d Carry.

IWa speech n California, Mo.
last Friday, Guyctuor Duckcry
gave the following lucld explains
tim Of the -ta,r School fluid uud
of the proposed Constitutional
Amendment
The bonded debt of the State,
exclusive at the school certificates
is now only SIS7 600, aud all OF
these outstanding bonds will be
paid during the next few months,
Missouri will thus be- entirely rmau.
cipnlrd from the Republican bond.
ed deb, of $2l ,7GS .OOO, which the
Democratic party Inherited IN 1873.
The school certificates urr a pant
Of the public debt, and are tlusscd
as certificates for convenience
iu bookkeeping aud accounting
They ARE. iu fact. bonds of the
State, ard their lauEuagr differs
from the iuguag Of the uugluai
bond issue iu ONE v pnrJ only
The original byrd issue wa, made
nayablr o. bearer. and illy title
Ia the hnuds could pass uy transfer
from hand 10 hand a stolen
bond in the bands ui du innocent
purchaser. therefore. would hp %
loss to thr Schuui fund 10 the rN-
tent o.. the value ut the bond To
obviatc the possibility Of los, to
this sacrid fund, by theft ar other
wise. the Legislature directed the
school moneys To- be- invested 10
bonds or certificates, payable
only 10 the State Board OF Educa.
ton. in trust for the children Of
the State. They are uounegoti-
able and nontransiorabls, but ARE
none the less bonds of the State
A bond # the State is prom.
Use of the State 10 pay money. II
may be- Il promise TO benrrr,
aud thus payable to any one whu
may chance to bear" the bond.
or it may he, Us ~ The ease of the
certificates. bDnd payable Ia u
single individual 0r board aud non.
negotiable.
There IS uo provision Of the
Constitution declaring the exact
language ~ bond Under our
taws ptomissor! note may he
either negotiable or non negotiable.
II negotiable, the words order
or bearer appear ia the note,
aud under such conditions the note
;s negotiable, aud ii held hy an
innocent purchaser before matur.
ily is not subject 10 offset II,
however, the note is made payable
to a single individual, emitting
the negotiable words, il il none the
less a note. The only distinction
is thai in the one csse the note is
pay able 10 amy holder. while ia
the ather ease the payment 0f the
note can he demanded ouly by the
party 20 whum Il is due aud pay
able. In other words, there ARE
negotiable notes aud nou.negoti-
able notes, Thrse notes are given
either by individuals or corpora
tions. in like manner the law
recognizes negotiable bonds aud
non. negotiable bonds. These are
authorized by the State. counties
or Municipalities.
TIE national government itself
issues various forms of bonds.
Some are registered bonds Hnd some
are eDnpon bonds, but whatever
tbs phrnseo.egy OF the bond, II IL
none the less a bond Of the gov.
ernment of the United States In
deed. the language Of the promise
to pay by the State Is a nonessen.
tial element In 70 far ~ The obli
cation of tho State 10 pay Is con
cerneii. The bonds Of the State
may BIZ destroyed. and the Stats IL
still liable for the amount pt the
debt. because, after all, the bond
Or crrfiiIcato ig only an evidence
ii tia debt. Tho destruction Of
TIL evidence al tho debt c0Rld NOT !
destroy the debt itself
scBooL FuRp sssTK,s
Il il Tlaimed by the latter day
!. - 7.&+ Y, q i !. l ~ - ~ IL. "A 4