The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-02-02
BIDS ASKED FOR
REFUNDING BONDS
Fifty Year Gold Bonds Will
Be Sold
GOV. CUNNINGHAM TALKS
Bids for the Entire Issue or Any Part
Thereof Are lnvited-Five Per
Cent Must Be De. -
posted. ,
GOV. CUNNINGHAM TALKS

montgomery, FEBRUARY l.-(Specfal.)-
Acting Governor Cunningham today called
for bids for refunding bonds in sums as
follows: Glasses A and b, aggregating
s54S76OO, maturing July l. 1906, and class
c, $966,0O0, maturing January l. 1906 The
refunding bonds to be sold are fifty-year
gold bonds in denomination of either $780,
$500 or $1,000. They are to be coupon or
registered at option of bidder, interest
payable semi-anually in Montgomery or
New York. Bids for the entire issue or
any part thereof are invited upon these
terms: First, bonds bearing per cent
interest; second, bonds bearing 3h per
cent interest. A certified check for 8 per
cent of the amount must accompany each
bid.
In an interview on the subject the Gov
ernor said:
"All our people are interested in the
public debt of Alabama, and | have no
doubt will be interested to know what is
going on in regard to the funding of that
debt. The law provides bond, gold or
currency, that may run for not exceeding
fifty years, which must be sold at par,
cent. Two policies present themselves
for consideration. One is the maximum
rate of interest, which would no doubt
bring a large premium, converting that
premium into the state treasury as part
of the geenral fund; or a bond with the
lowest possible rate of interest and the
premium, whatever there may be, applied
to the retirement of so much Of the pub
lie debt as the said premium will liqui-
date.
Policy Adopted.
1.-THE latter is the policy that has been
adopted. Alabama is a very rich state
and is growing richer every year, and it
is no optimistic illusion to prophesy that
within the next decade the assessed values
of the state will approach .O0,O000o0. The
question of providing sinking fund for
the public debt is not involved in the
funding of the debt, except in so far as
the rate of interest Is concerned If the
bonds are f1oated at the lowest possible
rate of interest the premium on them, in
the future. will not be so high, which
will enable the state, should it so deter
mine to retire as many bonds as it may
be able to. That policy is best, in my
judgment, which costs the people of Ala
bama the least and allows us any surplus
development of Alabama.
THE plan adopted will be seen in detail
by referring to the advertisement, which
appears elsewhere in todays Age Herald.
Fifty-year gold bonds, In denominations
of 800, $500 and $1,000, registered or coupon,
interest payable semi-annually, are Of
fered. Bids are desired upon bonds bear
ing both per cent and 31a per cent in
amounts from 800 to the whole amount.
This gives everybody an opportunity to
invest in these bonds. The great synd-
Gates can bid on the whole amount if they
desire and the small investor can take
as little as 800. This means great OPP
portunities for the people of Alabama,
and ] sincerely hope that they will take
advantage of the opportunity offered A
great deal could be said as to the adj
vantage of the opportunity offered. A
great deal could be said as to the adj
vantagcs of Alabama bonds for collateral
for short loans: it would be a great con-
venisnce to farmers and others who &C.
casionally borrow money to have such
ready collateral at their disposal, and
when they do not need the money they
would have the bond that would be con-
stantly bearing interest. There are $30
100000 deposited in the state banks and. /
presume. more than that much in the ma
tional banks of the state 1t is to be
hoped that our people will take an inter-
est in this matter and see ire advantages
as well as the patriotism of the states
funding it's own debt.
"Bds will be received until - m. april
4, 1905. and will be opened the next day.
They will BIZ acted upon and accepted
or rejected not later than April 49, 1905.
I think an examination of the plan will
show that it affords an easy method of
lefunding tho state debt.
Teachers Licensed.
The following teachers have been IL
censed by the state department Of ed
ucation:
Covngton county-Mary Eliza Nc
Ieod Florala; j. G. Jordan. Andalusia.
Clay county-Ista Bartlett, Linevile;
A. Gay. Ashland; A. p. Mann, Mel
lew Valley: George Sims, Ashland; Adj
die Thompson. I.ineville: ]. A. Farrow,
Lineville: Sula Bartlett, Lineville
Conecuh county-Emma Moorer. Ever
green; Moses C. Purifoy, Gravella, (col
ored.)
Capital Notes.
State Examiner of Public Accounts J.
T. German, has reported on the officers
of Elmore county finding in the whole
list Of those examined nothing but COM
mendation. The Officers whose books
were gone over were H. ]. Lancaster,