The Nevada Democrat., 1856-12-24
rhhdlne the county Debt.

and feel the nigneSt interest," III Our Couhty al
fairs. The utility of the funding system in the
present condition of our finances is fully sus-
tanned, we believe, by considerations Of public
policy as well as the personal interests of the
creditors. However this may bes for the pur-
pose of testing the sense Of the people in regard
to the matter, and to afford an opportunity to
all concerned, we invite attention to the sub
ject, and shall be pleased to give place for an
expression of opinion with regard to it.
That this plan is no effectual panacea for the
evils of depleted treasury we willingly admit
The mere fact of deferring the day of payment,
is in itself, as a rule of action, Of questionable
propriety. The philosophers stone" has long
since been discovered to consist of the simple
apothegem, "pay as yon CO." and rigid ad-
herence to this, in spite of all temptations to
run into debt, whether in persons or public
bodies, may justly be regarded as the better
part Of wisdom. The causes which in our last
issue, we pointed out as the fruitful source Of
the financial embarrassments to our State have
had their influence in producing large debt
in most of the counties. In this, other causes
] have assisted to enlarge the Indebtedness; among
which may be mentioned the failure Of some of
our officials to follow the strict accountability
| for the public funds required by law, and the
casualty which destroyed the valuable property
belonging to the county
The debt having been created, and it being
incumbent on us to provide for its liquidation,
we propose to give the reasons, founded in pub
lie policy, which in our Judgment, justify a
resort to the funding system.
Firstly, it will conduce to more strict econo-
my in the administration Of the county govern
ment, and greatly reduce It's expenditures.
Secondly. it will give more uniform and
reliable value to the bonds issued by the county,
affording the holder safe Investment, and con-
sequently at all times insuring for them a ready
sale in the market, at price approximating to
their nominal value @
That greater economy will result from es-
tabllshing cash system scarcely needs argu-
ment for no one will dispute it. 1t is well
understood that all persons performing service
or furnishing any thing for the use of the coun-
W. OHdi &c AOA SuCu Sci flCC VI sum III
proportion to the cash value of the scrip at the
time. Nor can we find fault with them for so
doing. For sometime past, except for the pay
ment of the salaries of county officers, which
are established by law, the scrip of the county
has actually been issued for not more than so
to 60 per cent of its nominal value. and debt
of $4,000 or $4,000 has been contracted when
the whole liability for which it was made could
no doubt have been discharged with $4,000
Of available means. Besides, the tendency with
most men disbursing currency so deprecated
as our county scrip, is to use it in an improvi-
dent manner
Proceeding on rotten credit system, we have
gone far beyond the contemplation of law, and
1t is time to stop and set things to right From
the language Of the 18th and 10th sections of
the ''act creating Board Of Supervisors in the
counties of the State," passed at the session Of
1856, 1t is obvious that the Legislature intended
to restrict the counties from contracting any in
debtedness whatever, other than such as might |
be metwith the current revenues of the county,
for each fiscal year. In this county, the Board
ofSupervisors for the past two years transcend
ed their powers and duties as prescribed by the
statute, and habtually made allowances in di-
rect conflict with its provisions. That they
were excusable under the pressure of a stern
necessity, we have no disposition to deny, but
on the contrary, are ready to defend every ex-
penditure which has come to our knowledge.
We desire, however, to see the present Board
placed in a position to carry out this salutary
| financial plan, and as the only possible means
of enabling them to do so, is to fund the present
Indebtedness; the earlier it is done the better it
will be- 'lit
Such act was passed at the last session for
the County of Sierra and will be found in the
laws Of 1856. That act recognizes the whole
debt outstanding in the scrip of the county up
to the lst day of June 1856 provides for the
j payment of the interest on the fundable bonds
at the rate of1O per cent per annum, and also
for a sinking fund to be set apart to pay off the
bonds, which are not to run beyond the year
1866 An additional tax of 25 cts. in each $lOO
is imposed by the act, on the taxable property
of that county, and also poll tax of sl.0O up
on all persons not exempt.
In the County ofNevada any additional tax
we believe to be unnecessary. The net revenue
of the county for The present year will exceed
s5o,o0e, sum which win be augmented each
successive year for some time to come, with the
: accumulation of taxable property. In future
9 we shall not be called upon to make large ex
D penditures for buildings or other public works
4 and with a prudent use of the revenue, it i.
practicable to meet all expenses provided fol
by law, and leavs a surplus sufficient to pay the
interest Of the present debt, and considerable
sum annually to apply as a sinking fund in the
redemption of the bonds.
Supposing our revenue to remain at what il
is for the present year, say $4,000, and our in
debtedness to be $4,000. If the current ex.
penditures of the county can be brought down
to $4,000 the $4,000 surplus will pay the in.
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