The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1902-11-01
HISTORY OF THF STATE SCHOOL FUND.-.
An Account of Its Beginning. Its Development, And Its
Present Condition.
THE FACTS COMPILED FROM OFFICIAL SOURCES.
Beginning with the Saline Land" Granted by act Of
Congress in 1890

called certificate Of indebtedness, "
bore six per cent and fixed definite
date Of payment.
To 1865, by act Of congress, the
state was reimbursed more than seven
millions for money expended in equip
ing and maintaining military forces
employed by the United States gov.
ernment during the civil war. Under
The laws Of the state oue-fourth OF
this sum, when raised by taxation,
should have been distributed to the
schools. No distribution had been
made for four years. Oae-fourth Of
this sum, about 81 100000, belonged
10 the schools. One million five hun
dred thousaod was added to the fund,
thus losing to the state about
$500, 900.
To this $1,000, 600 we're addcH tho
receipts Of the sale Of the "Tobaeco
Warehouse, 1.-THE transfer from internal
improvements and other funds and
the entire amount invested 10 United
States bonds to the amount Of ST..
100000.
U. S. Bonds, 81, $50, 100 90
Missouri Bonds, 10000 90
Cash awaiting invest
meat, 4,Sss IS
Total, 81, 674,9S rs
The certificate Of iraebyedress,
issued under the liberal republican
administration Of Governor b. Gratz
Brown, was for 100000 and was to
make good 10 the school fund, moneys
which the republican administration
Of Governor Fletcher had used in The
reduction of the state debt. Party
lines we're not drawn 10 consideration
of the measure republicans, demo.
Gratis and liberal republicans we're
united in its support. The same con-
dition prevailed IN the Legislature Of
1895, when the republicans, who
had a majority in the house authoriz-
ed the issuing Of an additional certifi-
cate.
On January /, 1876, the fund con-
sisted Of
U, s. Bonds, s1,67l, 600 90
Missouri Bonds, 10000 90
Mo. Certificates Of In.
deb sdness 100000 90
Cash awaiting invest
ment, s2,754 6S
Total, 81, 2,s24, s54 So
In 1875 the U. S. bonds were sold
for sl,9l3,S66.OO aud the proceeds
with cash invested used to purchase
81, 94s, 900 90 OF Missouri 8 per cent
bonds. The cost Of the conversion
and br kers' commissions was s2,-
3l2 so. school fund was increased
more than 5000. O00. 90 by this trans.
action
In 1881, an act was passed, Up.
2O4, Laws 1881, by which consoll-
dated certificate OF lndebtness for
s2,OO9, 900 90 was issued for s2,OOS',
600 90 Of Missouri bonds and the $780, :
900 90 certificate OF indebtness.
Under the act Of March 81, 1882, (p.
is0, Laws 1851 it was provided that
thereafter thu receipts into the scho j
and seminary fluid shouid be paid in
tJ The stale treasury and state certti-
Gates OF indebtness issued therefor
i (alSo see Act OF March 70, 1881, p.
20, Laws 1891, and Act April 2.
1926. The records shows there was
transferred TO the state sinking fund
and used for the reduction Of the
bonded debt since the act Of March
IL. 1882, sunls Of money from funds
other than the state interest fund
from whe ce tile sinking fund Is de-
rived as follows
From Revenue Fund. $ SOS, 900 90
From School Fund, 225O00 90
From Seminary Fund, 674,s5s 30
Total transfers to
Sinking Fund TO
\ pay bonds, ~, 467, 05s 2S
Certificates of indicted.