The Montgomery advertiser., 1903-01-15

years from the date thereof, and shall not be redeemabie until their maturity"
 have been negotiating for the sale of new bonds to take up the first three classes. They are in great demand. but 1 have not had an offer that seemed fair to the State. Several proposals have been made for 8 contract with the State look ing to the issuance of a 3l-2 per cent bond, the buyer paying the difference in interest until 1906. the time of maturity, between the 1-2 puer cent rate and the and 5 per cent rates. the bonds now demand. This difference fin interest amounts to about $ll6.0OO year.
 The bidders agree to take the whole of the A. B and c bonds, amounting to SS, 500. at 3l-2 per cent, pay this $116,0O0 a year difference in interest and such additional premium as would re- duce the bonds to a basis of something less than l-4 per cent. In the meantime, and before maturity, the purchasers were to have the privilege of buying up the old bonds and having the new ones issued them, on the new rate, as the old ones were delivered. The exchange of the re- n1ainder of old bonds not so purchased was to take place at maturity, January and July. 1906.
 1 did not believe the l-l basis low enough. l thought the State should float it's obligations at a lower rate, and have declined the several propositions. The time has been an ideal one for arr ranging old debts. but In this the State labored under the disadvantage of the delay the purchasers would sufTer in fin- ally closing the deal and the price of- fered doubtless was materially affected from this cause. If we were sure that the conditions of the money market would be as favorable in 1905 1t would pay the State to- await that time before closing,
 but we cannot promise ourselves that these conditions will continue. However, the possible depression In the financial centers can hardly cost us, in this trans action, a greater sum than we would lose by bringing on a sale, the provisions of which could not be finally closed in sev- eral years. In other words, moneyed men, in times of some depression, would, 1t might appear, pay as large premium on the bonds delivered at once. as they would in times of greater prosperity for bonds to be delivered several years in the future. I have thought 1t best to de- cline all propositions for the present.
 We are paying now S449000 year in- tereBt. When the new issue is made, we will pay something above three hundred thousand dollars. But, for the present, you gentlemen will understand in your treatment of the finances of the State, that the fixed interest charge Is $2z4,5OO for each six months.
 The States Schools.
 There was disbursed for the year end ing September %. 1901. for schools and bensvoiences. $l,566Sz5.ss This sum in- cluded Sl7e,000 for tho Bryce Hospital. S60,OOO for the Deaf Dumb and Blind School. and about $SO,O00 for buildings al Montevallo. In the Auditors report of the above named year. the total sum is put down at the above stated amount, J, ,5o6. .315.S3. In addition to the items above there were several others not properly included in the term school appropriations" For the year ending September 50, 1902. the disbursements un- der this head were not quite so large. The direct and special appropriations were larger than ever known, however. for any year previous to the one ending Sep tember. 1901.
 : The common schools and the normal schools received for the year ending Sep tember 30, 1901, s962. 719.0l; for the year ending September 30, 1902, $s65 ,6s5. A: and for 19O3, they will receive t9S4. .679.S1. These figures represent the total common and normal school funds exclusive of poll tax. The new Constitution fixes the direct appropriation, after this year. at not less than three mills, which, when the expense or collecting has been deducted, will leave a minimum appropriation of something more than ever went to schools before.
 Our school interests have grown re- gently as never before, and there Is great CT disposition to take advantage of the oL portunitieS offered than has been known. The schoo, spirit is alive in the State and the approprlations Tor the com mon schools which open at the door of the humber homes should be constantly as the State treasury can af- ford it, other calls being allowed to walt on their superior needs
 Not only has the school spirit grown and the appropriations largely increased, but the efficiency of the common school sJ stem has advanced equal to the split and far in advance of the funds which we have to sustain them. The other schools. normal and agricultural. should IA .k1t- t,lW Ha.Uet higher ones in all the possibilities for public good.
 Special Appropriations for Schools
 You will be cal ed upon to pass bilis providing for special appropriations for various State institutions. ] suggest that you refer these to their respective com nittees in the two houses and hold up until later in the session, selecting. then. If any of them, the mos meri .orious prep ositions for your app. oval It sometimes happens that the early enactments are regretted when the law mak- e s, finding the States income and its taxes, anticipated, exhausted. are face to face with measures which particularly appeal to them. have thought it wise to suggest that you bunch those bills which treasury bringing them forward later. thus allowing the members of the respec- tive houses to select from the lot the di- rection Of the States money should take.
 
 will be, you will be better able to pur- chase the largest good your money will buy. This recommendation is not intend ed to apply to the Girls Industrial for easons which will appear further on.
 The Agricultural Schools.
 The most excellent State Superintend- ent of Education. in his semi-annual re- port, suggests that these schools be man. aged by a general board with a view Of delocalizing them. The localities in which they are sit lated are so apt to look upon them as private and to lose sight of their larger purposes and possibilities that l am disposed to agree with the Superin- tendent in the suggestion. Speaking of them largely. I think they are not all carrying out the purpose of their estab- lishment They are not teaching agricul- ture. practically or theoretically. They are high schools for favored communi- ties. A general board would establish a curriculum in which agriculture would have a most prominent place. If 1t were possible for us by means of these schools to give our boys and girls some pleasant theoretical and practical views of the growing of plants and interest them in our most important industry, they would