The Montgomery advertiser., 1905-10-05
NO EXTRA SESSION.


 There will be no extra session of the Legislature. This announcement was made yesterday afternoon by Governor William D. Jelks.
 In case an extra session had been ordered the Governor had in mind, and had discussed with close friends nam ing for legislative action the following subjects certainly;
 Disposal of the surplus which the Legislature would have been privileged to do in either one of three ways:
 First--Appropriation outright to the public schools. dividing the surplus be- tween two years which would neces- sitate the regular sessions adding to the sum realized from the three mill tax to carry on the schools for other years.
 second-To retire the bonds. which might have been done outright. or set ting the full amount to the credit or the schools and paying the schools ln- terest year by year on the amount or the bonds as 1t does now on the pro- ceeds of the Sixteenth Section and other lands.
 Or the Legislature might have re- duced the surplus by reducing the tax rate for the next fiscal year. It would have been entirely safe to reduce the State tax from 1-2 mills to mills for that period of time as in one year at that rate the surplus would be dis posed of.
 In addition to the matter of disposal of the surplus. it is known that the Governor was absorbingly interested in the work of immigration. He had in mind the adoption of some practical plan for carrying on a successful and even. expensive fight for additional good citizens to this State.
 It is a well known fact that the pres ent plan of holding vast sums of money in the State treasury has not met the Governors approval. The plan is not only attended with danger to the funds, but the money is out of circu- lation and unnecessarily out. He would have proposed State Repositories with State bonds as security. Except for constitutional inhibition interest might have been collected on unused funds at some small rate amounting to a good many thousands of dollars. This would have furnished a market for one or two million of Alabama bonds, and together with a law provid- ing for deposits of bonds as security to the citizens of the State by insur- ance companies would have added to the value of the unfunded debt.
 There is no city or town in Alabama that can have any change in its char ter The Legislature is absolutely pro- hibited from amending or altering city charters by special enactment and the Supreme Court has declared more than one act of the last Legislature uncon- stitutional for being charter amend tments. There is no relief from this condition until the Legislature enacts a general law under which this can be | done. If the Governor had called an extra session he would have mentioned municipal code as a matter for legis- lative action.
 There are other matters no doubt which the Governor would have sub mitted for legislative action. It is possible that he would have had some- thing to say. on railroad rate legisla- tion, now live subject of discussion in this State.
 Inasmuch as the calling of the Leg islature in extraordinary session has been disposed of the Governor has act ed under the authority of existing law and disposed of the bonds due in Jan uary next by selling other bonds to replace them. These amount to $966,- 900. The new bonds bear 8 1-2 per cent interest and brought 1.02, which Is something of an advance over rates offered last spring. If the remaining bonds due in July. 1906, should bring no higher premium the amount real ized over former bids would be be- tween $14,000 and $15,00O and the diff ference will pay very well for the de- lay. The price under all the circum- stances Is good one. Three and a half per cent is very low rate of in terest, but Alabama is Q great and growing State and those seeking safe investments will be fortunate in hold ing her bonds even at a lower rate or a bgrb