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

50 THE FISCAL PROBLEM IN MISSOURI an amount not to exceed $1 million, to create a soldiers’ settlement fund which was to be used in co-operation with federal agencies in providing employment and rural homes for soldiers, sailors, marines, and others who served with the armed forces of the United States in the several wars in which it had been engaged.! Part two of this amendment provided for the levying of an annual tax of one cent per $100 of assessed valuation for the purpose of meeting interest and sinking fund payments on the indebtedness created. The second amendment? provided for the issuance of highway bonds not to exceed $60 million. With the approval of this bond issue the fundamental law of the state in rela- tion to indebtedness can be said to have undergone a very radical change. The inclusion of Section 44a as a part of the constitution represented a departure of most significant implications, for no longer were the activities of the state to be financed primarily on a pay-as-you-go basis. The adoption of this amendment was conclusive eyidence that the fundamental law of the state, as originally established in 1875, no longer fitted the conditions under which the state was operating. As is frequently the case, when the constitutional provisions did not harmonize with the re- quirements of changed conditions the constitution was amended. Section 44a was revised by a vote of the electorate No- vember 6, 1928. The revision permitted the issuance of an additional $75 million of highway bonds. The approval of additional bonds in a larger amount than had been approved eight years before gives ample evidence that a majority of the electorate was satisfied with the change that had been made in the constitution. The 1928 revision of this section was tested in the courts, and its validity was upheld by the Supreme Court of Missouri, August 19, 1929.5 Other amendments of Section 44 involved the authoriza- 1 For complete statement of this amendment, see subsection 4, Section 44, Article IV, of the constitution of Missouri, published by the Secretary of State in 1921. The bonds authorized by this amendment were not issued. 2 Section 44a, Article IV, Constitution of Missouri, 1921 edition. 8 Friendly suit brought by the chief counsel of the State Highway Commission and others against Mr. L. D. Thompson, State Auditor, who for the sake of the argument refused to register the bonds.

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