The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-06-24

The Propoasd Loan.

1pon 10 VOt6, OH 1ursuav, uHo Ohi uuy "
Juy next. for or against n loan Of f$o0,OOO
iulars, tobe negotiated for the town..
Toihase not conyersant with the affairs
Of the town.. il my look strange that such
an amount should lie required by our truly
flourishing and we tlthy young city.
There is, however lowering over her,
and, BY discontinued effarts 10 settle. causs
ing considerable agitation and flltlsring
among the inmates Tlhc Coio,a debt tof
same $4,000. This, it is lasirablcto pay
by borrowing q larger amount, at longer
period Of lime than can be effected at hume
and for smaller rate or interest, and also
devise means 10 pay of the same at n,ai.,-
riy aud, with The surplus Of the aniNlhi \
Sc obtained, build City Hall and csterns
for the cxtngnishment Of fires, and repair
and extend the grade in front Of The tewn.
The citizens are clamorous for ctyHllI,
believing that il wiitnot only be q pr,fitu-
bic investment but, besides its general util-
ty and convenience, reflect creiit upon
their character rs clizens.
The town is certainly in deplorable
condition in regard to cisterns for the OK
tinguishment Of fires. none that are bnit
leng either Of sufficient capacity or IN
good repair. being in effect "bfoken els
terms That hold no watcr.h Hence, tho
citizsns h We right to demnnd bctterpro-
lection ag,linst the ravages OF so destruc-
tive an element as they nre now at the
mercy Of, aud good policy would return n
favorable answer to the demand The
citizens also ire earnestly asking for an
extension of the present grade, and ec"no-
my requires the repair of TINT we already
have. The present debt being OF n tem-
porary nature, partly now due, the balance
soon 10 become due, and The FORE going i'm
provenlents and repairs being Of an urgent
nature, it is thought that god policy re-
duires the negotiation for period oilwen-
ty or thirty years Of a loan of 5o,oCo dol
lars.
The bill providing for loan, dependent
upon v"tc Ct the people, provides also the
means If finally liquid ting the same, by
creating sinking fund oi one thousand
doIlars per annum which is to be invioably
set apart for that specific purpose and man
aged by n committee appointed by the
Council. This, Of courte, will be mado to
yield as much us possible. lfkept l'ancd
Nut ut 6 per cent, rate of interest spurn-
sdby lh,se who lend unto the totcn, twill a.
noun, nj the end 1880 years, 10 oyers5, QUO
dollars; q sum sufficient 10 pay III Inc
lunn and hand To the treasurer 35.eO0 d"l-
lars. 1t will be seen therefore that ho
dett will he entailed TN poslerily but rath.
era benefit, by creating for them fund
larger Than tho original outlay that went
to make up the sinking fund.
The resources OF the town are, say 5000
dollars Independent Of taxes levied and
collected FIR schtd aud school building
fund. Tie Interest on $4,000 dollars viii
umunt ut 7pcr cent TO $500 dO'ors per
unnun,, and The sinking fund 10 l,OO0 dol
lars, making 4.500 dollars 10 be annually
appropriated OIL Of tho annual income Of
the tt@n; leaving $500 dollars 70 carry
on ihenecessarv operatiUns OF g1vefument,
and which under an economical aud JUDI.
cous administration will surely 10 suit'
ccnt. But it must not be presumed thai
the resources Of the town will always re-
main at their present amount We 1.-Two
in u progressive aso. Our town finely
and permanently improving, and an in.
fuse of emigration anticipated, brlnglha
win it an influx Of capital and aGor, III
creasing The importance of tho pace mud
resources IF the treasurer, and rs these
things progress, there will be llcm ycul
To- year large amount of funds u oxpent
if they are required, and The amunt up
PR prluttd Er interest ncl fell. while W.
are deriving all The advantages conscqnon
upon the possession Of the amount borrow
ed.
TIE interest here named moylook large
but IN, mcnts reflection, will convince
any one that il is economy 10 incIr il Thu
debt of the town, us before remarked, il
10000 duIlars. By law of the S.ute
in.eres' is legaizsd MS high as 10 per cent
and will any one, with probably few cx
cepiions, loan money or rehew bonds
(which have no fixed system for final liqul
datioI,,) a! a less ratetbaD they can loal
to individ nils aud have security Of person
alily or really G,r the paymont al maturity
BIT ever surprising the present holders o
the bonds would be willing to renew them
ndthose olding orders or demands gnins
The town be wiling 10 extend the time q
payment, ut current rate Of interest in Oh
State, 10 per cent 1.-The interest woll
amour, TO $1,000, the loan or debt Of th
own be of temporary nature, und the
difficulty Of ultimate payment be only
little farther removed, and no ultimate goo
result from ,his extension, while under th
plan proposed the town would hive th
control of 10000 dollars, ths debt 6rm
extended for period Of years, and on
pay so. .50J Tor interest. The contrast
easily drawnietween the resent state {
affairs, aud that which would exist il thi
lcan is affected. Ii effected The treasnr
would he we'll supplied, the orders on it b
honofed when presented nj The desk Of I'll
ire surer, and subject TO no shave Of
to rs per cent at the counter Of lhoSe VII
love to speculate in "rested funds"
The nominal amuunl Of interest no.