, 1859-06-13

Tho Des Moncs {lowa} Citizen is surprised
to learn that the bonds authorized to bo issued
bv recent vote Of Polk County, or the bulk
Of them. are still on the hands Of the function
ary who signed them, and that no anxiety is
manifested by tile capitalists Of tile country to
pick them up. This l,eing tie first issue Of
bonds hF tue citizens Of Polk County, the
bonds drawing ten per cent interest," and ''tllo
agricultural manufacturing aud mineral re-
..sourccs of Polk County being unsurpassed
"by those of any county in Iowa, the Citizen
contends that linen who hare millions Of dol
"lars lying idle seeking Eastern investment
"on personal security. at five or six l'er cent,
fought to accept these Polk County bonds
with avidity-takiag them at their face
In fairness TO the D.s Mo|nes Citizen we must
sag that It oppo.od tho original issuing Of the
said bonds.
There is l,o good moral reason why Polk
County, Iowa. which kept clear Of the borrow
ing mania while other western counties were
capcrlrs in its rcry ecstasy, should now be
compelled to pas tile piper for its neghbors
dancing. But the financial reason is Mt once
sound md conclusive. With due regard for
the solvcncy and integrity Of Polk county,
which We have no right to call in question,
we contend that Eastern and European capital
lists hare the most ample and satisfactory rea-
sons which it is possible to conceive, for not
al - enHenoS
bond, except those they arc already stricken
with, in the next twenty-five years. If we
could command twenty millions Of dollars to-
day, from one thousand or ten thousand nom
resident capitalists rs much rs ne are ideni-
fed with western interests, as much Us We ARE
devoted to tl.ir prosperity. We would not take
upon ourselves the responsibility Of telling tile
ownnrs to invest one dollar in any Of the above
mentioned securities II they, (shc capital
ists,) should choose to put their dollars, and
pounds sterling, and guildcrs into that class Of
parchment, it would not he our province 10
interfere There are scores perhaps hundreds,
Of corporations west Of the State Of Ohio
which We might he willing to put our own
cash into, but knowing us We do the wrong
and misery carried into thousands Of
homes in New England and foreign
lands because western towns aud counties
toM no1 and western Railroads cannot pay
their just obligations, we could not undertake
TO discriminate, und thereby ass rme tho risk
Of the many and just curses which it has
been shown by the last three years expe-
rience. might full upon our heads. Our inter-
ests ere all with the borrowers as against the
leodcrs.-our prosperity is contingent upon
theirs-but taking the most comprehensive
view Of Northwestern interests we believe it
is better Tor the present that the two classes
be kept apart. There are exceptional cases
indeed, which the lending parties are fully qual.
lied to appreciate, but the hcadlong: eager.
ness Of western people to borrow money and
Of eastern people to lend it-running at last into
practical reputation on the one side nd.infnlte
litigation, digtrust and III will on TIE ptaer-
we do not hope to see repeated in the next de.
cade. It is not for our interest to kill the
6ooSV +Ho* Aa} eno bo4Acu CEkf +A1A ~ AAAAt
1est1y is nut for the interest Of the goose to be
killed We do not stop to localtze the evil
Perhaps Wisconsin, where there is hardly {
solvent city, town, county or railroad, excep
thoss which kept out Of the borrowing scrape
is more deeply implicated than Illinois, Iowa
Missouri, or Minnesota and # 60, she will b
correspon :ingly the greater sufferer: Blu
none Of US arc wholly exempt We do no
know that any town or county in illinois ha'
defaulted, Or is likely to default, but tDiil;on
Of dollars Of her railroad bonds ore orer-du'
by non:payment Of intere:t, and in one con
epicuous instance we have seen the rights c
tho bondho]ders frustrated through period c
four years, and themselves compelled at las
to accept conditions equivalent to a. e1tensio
Of two years more. ... ~
Thus much for the borrowers. The lender
are not altogether innocent in the promise
They wme greedy for the possession q seVe
j o. eighlpef-cent bonds taken At u rate equ1
to ten, or ten per cents 1T 4 figure. equa1 !
twelve or thirteen, They Or their agents
many cases laid tho ;wfras for The lsgislatio
and the votes, necessary to giTe validity to Il
transactions They exposed the colpr Of the
money in various tempting wayx tos ;peop