The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-11-14
Method of Handling School FunC
May Be Changed.
Has Long Been a Source of Cor.
ruptiOn.
FOR NEW SET OF BOOKS
System Of Checking the A Accounts
Is Needed.
Mr.. Stubs VIII Undoubtedly Be
Speaker.

one OF the l0lngS which the coming
legislature will undoubtedly do will be
to make some radical changes in the
details of handling the permanent
school fund The permanent school
fund has been a fruitful source of
shortages and irregularities in the past.
1t was in this connection that the
original Comanche county bond scandal
originated thirty years ago. 1t was
also in connection with permanent
school fund that Sam Lappin, the de-
faulting state treasurer of the seven
ties, planned to loot the state treasury.
1t was to protect the school fund
against fraudulent and forged bonds
such as Lappin sold to the school fund
commissioners that the present laws
were passed. They provided for the
registration of all bonds with the state
auditor, and that they cannot be pur-
chased for more than par or more than
their market value. There is also a
law which provides that public officers
issuing bonds which the school fund
commissioners are authorized to buy
shall give the state the first oppor
tunity to buy them unless they can be
sold for more than par.
Now it has been proved that these
laws are inadequate. The records of
the state auditors office do not give
check on the state treasurer in the col
lection of interest on bonds. The state
are paid and turned into the school
fund and what are not
1t also seems that the law prohibiting
the school fund commissioners from
paying more than par for boI~1s is vio-
lated in spirit if not in letter. The
school fund commissioners pay
premium bonds by allowing those
holding the bonds TO clip unearned
coupons from them In some instances
these coupons have been @iir@Ped for
two or three years in advance of the
M SncrafarV nf
BurroW was paid a premium of over
$4,000 on $4,000 worth of five per cent
bonds.
The school fund commissioners claim
they cannot get bonds without doing
something of this sort, but it has been
a fruitful source of discrepancies.
Many coupons which have been clipped
are stamped the property of the
state and others are not so stamped,
yet it is ackno wledged that some of
those not stamped have belonged to
the state
new set of books will doubtless
be ordered installed in the state au-
ditor's office in order to keep a check
on the coupon account of the treas
urer's office in the future. How to
purchase bonds in the future without
allowing a premium, however, is a
more difficult question If the school
fund is to be kept invested.
T. B. Dawes, former attorney gem
eral. has suggested plan which may
be feasible. He suggests that when
compelled to advertise the fact and
ask for bids on the rate of interest. |
buyer Offering them at the lowest rate. |
This would give the state an equal
chance with private bond investors to
buy bonds at par. Some such provi- |
sion will probably be devised by the |
coming legislature.
1t will be Mr.. Speaker Stubbs'' in /
the house next winter. All doubt has |
practically been removed concerning |
the election of W. r. Stubbs to the /
speakership. Mr.. Stubbs has not yet |
declared that he is candidate, or |
even that he will accept the place, |
but those who want him for speaker |
believe that he will do so.
w. r. Morgan. representative-elect |
from Reno county. called on Mr..
Stubbs Saturday and urged him to |
take the speakership- Mr.. Morgan |
says he believes Stubbs will do so. 1t !
is certain that if he will take the |
the place there will be no other Re
publican candidate, but if he refuses
there is likely to be a scramble.
Mr.. StubbS is reluctant about agree /
ing to accept the speakership. He
has frequently declared that he would |
prefer to be on the floor of the house.
His real preference would doubtless
be to be chairman of the ways and
means committee in the house. but |
rather than see somebody speaker who
might stand i'm the way of legislation
which Stubbs believes is necessary he
would agree to take the chair.
1T is true that I have had a lot of
telegrams urging me to be a candidate
for speaker and some of the people
who have called on me since the cleo
tion have urged the same thing" said
Mr. Stubbs when asked if he would
take the place. but I am not ready
TO say that l will take it 1t hasn't |
been offered to me yet / will saw that
7 won't make a fight for it but if if
should be offered to me, why that is a
different matter. of course I want TO
see this movement of ours succeed but |
j haven't considered the speakership
matter sufficiently to say what 1 will
do
In connection with the speakershin
an interesting story is told concerning
the Mead boom for speaker. 1t is |
alleged that the Mead boom had its
origin among the Burton politicians in
Topeka. Mr.. Mead belongs to the
crowd that has been backing T. T. L
Kelly. 1t is practically certain that
Kelly's case will come up in the Ieeis-
lature in some shape the coming win II
to Kelly and his friends if they could
control the speaker. They might not |:
be able to entirely control Mead. but
they could come nearer doing so with [,
him than with any other strong man
who would be aVaila BILE for speak ker-
third term in the house, and he was
one of the leaders among the boss
busters in the last house. 1t is said
that arrangements were all made some
time before election to spring Mead's
boom fmme diateiy after election in or
known whether the matter was men
toned to Mr. Mead or not. for he
made no announcement. But the
Mead boom collapsed Immediately