The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1903-01-30

Nashville, Tenn, Jan. 23.-Hon. James
d. Frazier, the governor of Tennessee,
today sent his first message to the State
legislature, where 1t was read in both
houses.
The governor touches on every point of
interest to Tennesseans, laying particular
stress on the subject of economy in the
administration of every department of the
State government.
Particular attention is called to the pub
lic school system of the State and the need
of more funds to extend the school term
In the rural districts.
synopsis of the message follows:
To the Senate and House of Representa-
tives
The able and exhaustive message of my
honorable predecessor, covering it does
a thorough and comprehensive review of
the States condition in its several depart
ments, renders it unnecessary for me to
consume your time and attention in pre-
senting to you a detailed account OF the
present status of the States affairs. But
in compliance with the law and in obedi-
ence to a lOng-established custom 1 submit
for your consideration some suggestions
to certain legislation, which If enacted into
laws l believe would prove beneficial to
the public service.
The State Debt.
1t should be gratifying to all the people
free from any floating debt that it is
paying it's semi-annual interest on its bond
ed debt when due out of its own revenues
and without borrowing, and that 1t is
steadily reducing the principal of its bond
ed debt I trust that it will be your pa
triotic purpose, so far as lies within your
power, to see to it that these favorable
conditions are not disturbed. The States
interest-bearing obligations consist of bonds
and certificates of indebtedness which at
this time aggregate SIS, ,346,500. This is
exclusive of certain contingent liabilities
to which reference will be herafter made.
Much the greater portion of this indebt-
edness bears 3 per cent. interest, but the
State owes certain obligations which bear
a higher rate of interest than per cent.
There outstanding $496,00O of redemp-
tion bonds, which bear per cent. interest,
and 81 100000 of redemption bonds which
bear y per cent. interest, and 100000
penitentiary bonds which bear u per cent.
interst and S616OO0 certificates of indebt-
edness held by certain charitable and edu-
cational institutions in the State, of which
$4,000 bear per cent. and the remainder
6 per cent interest. The per cent.
demption bonds mature in 1907, and are
not subject to call. The 4 u per cent. re-
demption bonds and the penitentiary bonds
do not mature until 1913 and are not sub
ject to call; hence none of these bonds can
be now purchased by the State on terms
that are as advantageous as the purchase
of per cent. bonds.
All of the bonds certificates of in
debtedness held b. charitable and educa-
tional institutions in the State, and which
bear either or 6 per cent. interest,
redeemable at the pleasure of the State.
1t is certainly a sound business policy,
where possible, to pay off first these OBJ
est rate of interest.
State University Indebtedness.
The University of Tennessee owns $405,-
900 of these certificates of Indebtedness, of
which $4,000 bear per cent. and the re-
mainder per cent. interest. This fund
arose from the sale of certain land scrip
donated under act of congress of July
2, 1862, and subsequent acts, for the pur-
pose of establishing agricultural colleges
In the several States of the Union, and by
the terms of that act the States, accepting
the fund, obligated themselves to guarantee
that it should yield per cent. interest.
This fund was by act of the general
sembIy, January 16, 1869, turned over to
the university.
The saving, therefore, to the State,
should these certificates be redeemed, would
be only 1 per cent. in interest annually on
S396,000.
AS this institution is the State university
and should be the object of its generous
care and protection, and it is educating,
free of tuition all of the youth of the
State who are willing to avail themselves
of it's advantages, and as the State has not
heretofore made any direct appropriation
for its support and maintenance, l think
1t Just and proper and, therefore, recon-
mend that the certificates held by the Uni
yersity of Tennessee be not called.
The University of Nashville, now consol-
Idated with and known as the Peabody
Normal College, is also a semi-public in
stitution, and is under the joint manage
ment of the board of education of the
State and the board of trustees of the
Peabody fund, and is yearly educating, free
of tuition a large number of youth of the
State.
I therefore recommend that the certif-
Gates held by this institution be not called.
The other institutions in the State hold
ing certificates are private corporations
and the State owes them no higher obli-
cation than 1t does many others of like
character and usefulness in the State. 1
therefore think the certificates held by
them, bearing and per cent. interest
should be called and paid of out of the
first moneys available from the sinking
fund These certificates amount in aggre-
gate to $167,000 and their redemption
would result in an annual saving in inter
est OF about $4,000 to the State.
The Public Schools.
In this age of civilization and intelligence
and of close and sharp competition in ev-
cry line of human endeavor it is impossible
to overestimate the subject of public edu-
cation to the people of Tennessee. 1 there
fore respectfully but earnestly invite your
attention and invoke your patriotic consid-
Grafton of this most important question.
Universal education is the only safeguard
for universal suffrage. 1t is the very bed
rock of our civilization, as well as of our
prosperity.
1t raises the standard of citizenship,
while it decreases crime mad cheapens
government. 1t increases the productive
energy of the people, while it augments
the wealth of the State. 1t encourages
healthy immigration and adds desirable cit
liens to the commonwealth. 1t has come
TO be universally conceded in all the Amer
lean commonwealths that public education
Is q function of the State. and 1 believe it
is second only in Importance to the preser-
walton of law and the maintenance of or
derIy government. While as q State we