The Marshall republican., 1902-02-14
HOW TIE knv Deor voRIcs.

people Of this state 10 saddle "a thsuaselves 10
veil stated 10 90 editorial from The Clobe.
Democrat: .A
"As On amesdment 10 The state consultation
10 ssbnitted 70 the voters Of Missouri legalis.
ing The prssent csstt6cates Of indeesednea.
amounting 10 e4.3o3.S3o. and authorizing the
ing the interest q any Sats Il pleases, e 10 the
duty Of the citizens Of the state 70 weigh veil
this proposition 10 create fresh debt. All this
new cesti6case debt, principal and interest.
must Be met By the taxpayess Of Missouri.
Their vote upon the ~ameudmsnt uext Novem.
Der carries With Il full 6uaucial responsibility
upon themseives. II voters approve the
amendment, they most also pay the score.
A election issue like this demands calm roo.
sideration. A few illustrations Of The work.
ings Of the ue~ form Of debt. oil contracted
siure 1877. will assist citizens to decide " they
want TO bring certificates heretofore issued
within the pale Of the constitution. end also
empower The legislature 10 issue fresh cesti6.
Gates. One instance 10 a. tollows: Hon.
James 8. Rollins. who died early In 1855. ne.
queathed 5000 to the seminary fund. That
money. according to the Democsatic claim.
was eventually transferred 10 the Striking fund
and usvd to cancel bMpded elste debt. Al sll
events. Q certificate Of Indebtedness was issu-
cd for the amount. bearing s per cent inses.
eat. The Taxpayers Of the state fusaish the
interest. and must pay the principal also. No.
less the e6o"o 10 to Dc Q part 81 90 ''irreducible
debt" which some Of The ring papers favor -
. new sort Of public blessing.
Beginning with 1859. the taxpayer Of Mis.
souri have been paying $500 . year on thi:
that remains Of M. Rollins bequesl d 5000
to the seminary fund Il waS certainly gen.
erous In him to give this money to The cause
Of education. hut such presents would Be Nm.
welcome u taxpayers were seqnired to pay up
on them per cent . year. o. 10 the Gaze 10
Missouri. Upon NJ. Rollins bequest the
iaxpayers Of this state have already paid
5000. and each year adds $500 to the amount.
GIFTS tn education In the United States last
year reached . total OF about $50. 600. 900.
On the Missouri certificate plan this money
would be used for purposes not connected With
schools or colleges, and the $50. 900 900 charR.
ed to taxpayers At 5 per cent annually. or s..
ooo. 900 . year. o. course. the $50. 900. 600
will be invested 10 good securities. convertible
into cash at pleasure, and not involving any.
where Q single cent additional from taxpayers.
Other tests Of the certificates Of indebted.
meas system work out In the name way. The
state tdbacco warehouse In St. Louis vas sold
and the proceeds, tI3s.oo added 10 the
school fund. That amount was incorporated
in = 6 PR sent certificate Of indebtedness IN
1879. and has cost taxpayers Ss37 1900. or
nearly double the original proceeds. with the
principal still unpaid. In iS7sa member Of
the legislature. Mr.. 4. timer. donated his
mileage. $50, to the school fund. The amount
IL part OF a 6 per cent certificate. Taxpayers
have paid $50 Interest on ,hst gift. and will
aiso have 10 discharge the principal. for It has
been jugs'ed into "a sacred obligation" up
nm them. Voters will have at next Novem-
ber's election On opportunity TO legalixe end
extend this system OF finance " Il meets with
their approval. In that event the punishment
will 6t the case. II thew ak what became Of
NJ. Rollins, l6ooo and the other cash items