The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. State and local indebtedness

Collection:: Economics Books

STATE AND LOCAL INDEBTEDNESS 49 debt history that ended a short time prior to the adoption of the constitution of 1875. During that period the credit of the state had been loaned to private corporations, and not without good reason. After the Civil War, however, the industries of the state were in a disorganized condition, and the indebtedness of the state seemed relatively much larger than it did in the more favorable pre-war days. Since this indebtedness had been incurred in aiding private corpora- tions, those who drew up the Constitutions of 1865! and 1875, recognizing the changed sentiment toward indebted- ness, decided to include such a provision. Section 45 has been amended only once. In November, 1900, the electorate authorized the General Assembly to appropriate an amount of not more than one million dollars from funds? in the state sinking fund for the exhibition of Missouri’s resources, prod- ucts, and industries at the Louisiana Purchase Centennial in St. Louis. The last limitation that can be construed as affecting the indebtedness of the state is found in Section 46,® which pro- vides that “the General Assembly shall have no power to make any grant, or to authorize the making of any grant of public money or thing of value to any individual, association of individuals, municipal or other corporation whatsoever.” An added proviso prohibits this section from being construed in such a way as to prevent the grant of aid in case of a public calamity. While this section does not specifically refer to indebtedness, it represents an extension of the theory of limitation followed in Section 45, and it is included here primarily for this reason. Amendments Authorizing Additional State Indebtedness With the exception of the amendment to Section 45, there were no amendments to the debt limitation sections of the constitution of 1875 before 1920. In that year two amend- ments to Section 44 were approved by the electorate. The first amendment provided for the issuance of state bonds in t The section quoted from the Constitution of 1875 is Section 13, Article XI, of the Constitution of 1865, modified to some extent. 2 Proceeds of tax authorized by Section 14, Article X, of the Constitution, 3 Article IV.

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