The Butler weekly times. (Butler, Mo.) 1881-1918, 1903-01-15

DOnus ana -, OSz, cOJ.9z sCuOOi Ccl'
tihcates ofindebtedness. Since Jsnu-
airy 1, 1901, $1,000 OF additional
certificates have been issued-S4, 900
in favor of the seminary fund and
81 200 added to the endowment OF
the school fund. This increase OF
school certificates has been Offset by
the retirement OF an equal amount oil
bonds. The bonded debt ofthe state
has already been reduced 81 400, 900
during this administration, the out
standing debt being only s4ST 900
at this time. In addition to the re-
duction OF the principal OF the debt,
$592,75 has been applied to
meet the interest upon the bonded
debt and school certificates.
The people OF this state are to be
congratulated upon the inspiring
fact that the last of the outstanding
bonds will very soon be paid. Thirty
years ago Silas Woodson was iuau-
gurated governor Of Missouri. At
that time the bonded debt was SOL
76S,000, the tax rate being fifty
cents on the 800 valuation. Slow
| ly, but certainly, this debt and inter
est has been liquidated, while the tax
rate has been reduced just one-half
The final and complete extinguish-
ment Of the bonded debt, to be con-
summated and announced at an
early date, will be the occasion OF
great rejoicing among the taxpayers
OF Missouri. In addition to the pay
ment OF the outstanding bonds, Mis-
souri, has set apart l million dollars
from the sinking fund to meet the re.
quirements OF the Worlds Fair APP
preparation.
SCHOOL CERTIFICATES.
The state certificates OF indebted
ness, commonly known as ''school
certificates, now amount to 81, $685..
S34 ~. The school fund amend
ment, recently adopted by the peo-
pile, requires the legislature toextend
these certificates as they mature for
such periods OF time and at such
rates of Interest as may be provided
by law, 1t also requires the legisla-
ture, upon the payment OF the state
bonded debt, to reduce the rate OF
state taxation to meet the require
ments OF the public debt from ten
cents on the one hundred dollars
valuation to not exceeding three
cents on the one hundred dollars val.
uation. That is to say, with the ex.
tinguishment OF the bonded debt, all
the requirements OF the constitution
in respect to the public debt will have
been fully met when the Legislature
provides a sufficient amount annual
lyto pay the interest upon the schoo
certificates, which now constitute al
endowment fund for the benefit o.
Missouri's magnificent educational
system.
I The interest charge upon the treaf
ury on account OF the school certiti
Gates will amount, in round numbers
to 4 million dollars annually. Upor
the basis OF the present assessments
the taxable property OF the state, 6
levy OF two and one-half cents on the
one hundred dollars valuation vii
be ample to meet the liability, Hon
ever, inasmuch as a fractional levy
-willlead to annoyance and confusion
| recommend that in lieu of the ter
cents on the one hundred dollars val
uation heretofore levied a levy o
three cents on the one hundred dol
lars valuation be authorized for til,
fiscal year of 1908, and levy oftwC
cents on the one hundred dollars val
uation for the fiscal year of 1904.
The complete payment of our out
standing bonds, together with tn
reduction of state interest taxation
will constitute u chapter in our fisca
affairs most pleasing to every tax
payer. Such a record speaks for it
self. 1t needs no encomium. /
justifes the widsom and the econom,
which have distinguished the man
agement OF our financial affairs dur
ing the last thirty years, and is
high tribute to the honesty and bus
nesss sagacity of Missouri's officials
both living and dead.
Now that Missouri is soon to b
freed from the restraint OF bonde
obligations, it should be our cor
, slant aim, by the continuance OF Lii
, arol ond rrooracSiva noliciaa tn prC