The daily Butte record., 1858-08-03
Assvsr . cerrssps.lese Ell"

case the people enouid lbuorse MT.
Hart's Wagon Road and Railroad Act,
that the Board Of Supervisors would be
authorized to issue the bonds Of the
county for the rum Of Eve hundred and
sixty-6ve thousand dollars. Had our
correspondent read the act. q very sim
pie calculation would have shown him
that its Endorsement by the people
would authorize the Supervisors to is
sue evidences Of debt against the coun-
~ for that sum. The first section of
the act authorizes the Board Of Super
visors 10 issue the bonds Of the county
as q loan to the amount of two hundred
thousand dollars. The second section
provides that the said bonds shall bear
interest at the rate Of 8 per cent. per
annum, and that "coupons for the in
terest shall be attached to each bond,
so that when paid they may be re-
moved without mutilation to the bonds,
and delivered to the County Treasurer,
to be by him kept as voucher for the
payment of the same" Eight por cent.
interest on two hundred thousand dol
lars, amounts to sixteen thousand dol
lars per annum. The interest for
twenty years amounts to three hundred
and twenty thousand dollars. Thus
the county j. sues evidences of its in
debtedness for the sum Of FIVE hundred
and twenty thousand dollars on the
railroad portion of the act alone
Bonds, two hundred thousand-cou-
pons attached for the Interest, three
hundred and twenty thousand dollars.
The thirty thousand dollars in bonds
which the net authorizes to build road
to Mr.. Hart's ranch and the Bidwell
Toll Bridge, bear interest at the rate
Of ten per cent. per annum; one half
payable in four years, and tho other
half in six years. The interest on fif-
teen thousand dollars for four years
will amount to six thousand dollars !;
on the other half, for ten years, to nine
thousand dollars total interest, fifteen
thousand dollars; total amount of ranch
and toll bridge indebtedness Of the
county, forty-6ve thousand dollnrs.-
Add this amount to the railroad iu-
dcbtedncss above, and we have the
bonds of the county, with coupons for
interest attached, to the amount Of Eve
hundred and sixty-ave thousand dol
lars.
The present indebtedness Of the
county is sixty thousand dollars.
Should the people approve Of this
ranch, toll-bridge and contractor act,
the outstanding bonds, coupons and
scrip Of the county will amount to six
hundred and twenty-five thousand dol
lars. IF that is pleasant prospect for
the citizens Of the county, they can in
dorse the act.
Our calculation concerning the grade
of the FIRST four or FIVE miles from Oro>
vile to Marysvillc, may have been n
wild one, but il is necessary to 60 to q
heavy expense in grading on q direct
line from Orovillc to Marysvillc, or the
road must run up the river some four
or Eve miles from below the foot hills
to Oroville. In the latter event, when
the road should be extended up tho val
ley, Oroville would bc some four or ave
miles from tho road, and would be
known by tho appellation Of 4" Plug
town." while n rival town would spring
up on the road below us, that would
ultimately render improvements here
comparatively valucless.
The idea Of our correspondent, that
If the bonds Of the railroad company
are good security for the county, they
are good to raise the money elsewhere,
is an excellent one; aud it appears to
us that II would be great folly for a
railroad company to give good security
for county bonds, which will fall twen-
~ or thirty per cent. below par in any
market in the world.
An objectionable error, however, is
the assertion Of "H" that "by the law,