The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1920-05-05
LUNING'S PLAN TO
HELP PAY TEACHERS

A good plan by Treasurer Luning,
to help pay the too scanty salaries of
our teachers, is explained as follows
by the Tampa Times:
"That it pays to have a good bust
ness man at the head of the states
business, as we'll as at the heads of
corporations and private business en-
terprises, is demonstrated in the re-
port of State Treasurer J. G.. Luning,
lately made public. In it he Celebrates
a great constructive plan for increas-
ing the states revenue; making pos
sible the payment of decent salaries
to our public school teachers, and
meeting the constantly increasing
needs of our higher institutions Of
learning, without raising the tax rate
or placing a single addition to the
burdens which the people are already
called upon to bear.
at is the proud boast of Florida
that its only bonded debt consists of
$6O1, 567 of per cent. bonds, owed
by the educational funds of the state,
and the interest of which, amounting
to $18,047, is paid to those funds by
the state out of it's general revenue.
1t need hardly be said that this rev.
enue coming to the educational funds
is mere drop in the bucket compar-
ed to the cost of keeping up and ex-
tending our educational system to
keep pace with the growing needs of
the state. 1t is a help, so far as it
goes, but the plan of the state treas
urer would make it go twice as far,
without placing any extra burden On
the taxpayer.
"The plan is briefly this: The mon
eys of the state are deposited in the
various banks of the state and, of
course, draw interest, which interest
goes into the general revenue of the
state. For the year 1919 this inter-
est amounted to $32, 689.51, an in
crease over the previous year of 81,
1854. A similar increase in 1920
would make the sum over $40 900, and
that may be taken as a fair minimum
for many years to come. 1t is more
likely to increase than decrease as
the state develops. For the eight
years the present treasurer has held
office, the payments from this source
have aggregated the handsome sum
of $191 ,217.61, an average of $685.
902.08 annually.
"There is no provision made for the
retirement of the 100000 and more
of state bonds owed by the educa-
tional funds. The first payment of
1867 700, does not become due until
later, so that no immediate concern
has been felt over them. Treasurer
Luning would have this interest
money coming from the deposits of
the general revenue, turned into a
sinking fund for the retirement of
the 3 per cent. bonds, and their ie-
placement by Florida municipal,
county and school district bonds
yielding a revenue of or 6 per cent
He estimates, figuring the interest
pounded every six months, the whole
bonded indebtedness of 100000 could
be paid off in II years time. Of this
amount about $450,0O0 would repre-
sent the principal invested, and $780,
900 the accumulations of interest. We
speak in round numbers only. 1r
other words the bonded indebtedness
could be paid off in IL years by the
judicious investment of less than Il
per cent. of the principal of the bonds
not one dollar of which would come
from direct taxation, but all accruiug
from the interests on deposits of mon
eys already collected.
'"The plan looks good to US. 1t would