Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-03-02

K be balanced on the books very easily
: Will the people Of this city and county a,
: tend to this with promptne.s and decision b.
8 fore the Legislature shall have adjourned
4 We trust they will. Give US retrenchmep
? and reform
OUR CITY AND IT'S CONDITION
AS the time approaches for the elec
ton OF city officers there is good deal 0
discussion as to what should be the future &C.
ton Of the city with reference to our foreign
Indebtedness, and it is evident that upon ,hi
question will the April election turn. more
than upon anything else
1t grieves us to believe, and this belief i. as
positive as il We knew il, that within the mex,
lew months the interest coupons upon our city
bonds must go to protest. There is no escape,
and 1t being the fact, we must honestly confess
1t, and east about to see what should be done
in this emergency. For the past two years
the tax upon our citizens has been op
pressive. The collection Of it has taken t.
life blood from trade, and in many insta nces
almost the bread from the poor During all
this time there has been no grumblinp or
and late. and in almost every possible way
to raise money to pay his taxes and thereby
ustain and retaiu our credit abroad. But the
time is at hand when We must YIELD and,
li;e many other cities, acknowledge our in
ability to pay. 1t is hard and mortifylng
admission. but being true, we must look the
thing in the face like men, ard answer to
each other the question. "what is to be
done?"
| We say it without fear of ntradic,ion.
that there is not the slightest disposition on
the part of our citizens generally, to repudiate.
ihe simple truth is.we would pay ii We could,
but the money cannot be raised, and it is. and
will be for some time to come, impossible TO
informed OF how we stand. our condi>
,ion; and understanding this, the wonder with
them will be, not that we cannot pay. but
how we have paid so long.
The truth is, we hav, been under the thumb
for years.of that mammoth wild cut institution
the banking honse Of Cook 4 Sargent, and while
we have no intention OF saying anything un-
kind OF them, aud have no disposition to abuse
them, now that they have suspended, at the
same time we must say that they are ans vera.
Die to very great extent for present con
di,ion, and they must bear the responsibility.
Every deb. which has sen contracted since
the issue Of the $4,000 to the NJ IL NJ. X. R..
has been created through their influence. origin
a,ed by them, and the county has just escaped
by the Skin OF its teeth, debt sought to be
imposed by them. and one Of such magnitude
as to be positively alarming to think of.
In order that our creditors may see what
We haze suffered, We propose to give sho1t
statement of the manner in which our debts
were incurred:
The first in order is the $4,000 to the Chi
ago aud Rock Island Railroad This was well
enough for the city, and notwithstanding the
road cost at least two prices, which went into
the pockets Of spectators who controlled it.
Davenport was benefited by it. For the las,
three years, however, the road has paid ro.h
ing not dollar Of revenue have We received.
and yet every year has taken from Us $4,000
interest. besides exchange and commissions
The next in order was the subscription to
the NJ. 4 NJ. r. r.. and in this we are sorry 10
say that James Grant was the most prominent
actor. But Cook & Sargent he'd become post
ed in the mod.s operamdi of making money out
Of rail roads, and they too were earnest and |
/, ~ n1y rs Al
through their influence Judge Grant was in |
duced to violate what, with him, has been |
long established principle. We can understand |
why that gentleman took this course he did -
The rivalry Of to vns upon the river, growing
out of the desire 10 reach the Missouri ret by |
railroad communication. turned the heads of |
many sane men, the gentleman named not ex
cepted. But James Grant has atoned Tor that |
act by his later Jealous and earnest opposition
to the creation Of city and county indebted
mammoth swindle. the Cedar Valley rail road |
loan. matter gotten up, a. we supposed then, |
for worthy purposes by good men who had the !
interests Of the community at heart-apd
many engaged in it were of that character. |
who, in common with ourselves, were most |
grossly deceived. The real object having
been, as has now become quite apparent, to
keep olive, at the expense Of the citizens of
this county, rotten banking institution.
But we we're speaking of the ii. Il NJ r r.
debt and its elects. For the $4,000 advanced
to that road what have the people of this city
recsiveds They we're promised that the road
would pay ten per cent. interest (Which was
the rate paid by the city on the bonds) until
it should commence making dividends. The
stock which the city took, it has never re,
ceived, nor any part Of it, and instead of pay.
ing interest in accordance with their agree |
nent, they gave US more stock-that is. for
every hundred dollars of money paid Ly US in
the way Of interest," they gave Us one share Of
stock, which was neither then, nor is it now.
worth the paper upon which it was printed. |
But even this they were unwilling to continue,
for, within two years, in order to defeat the
claims Of the city and other stockholders for |
interest. the Railroad Compsny borrowed
money enough to declare a dividend of
per cent, which was the first, last and onlv |
one ever declared, and which was for the |
mere purpo.e Of ridding itself of the liability
This was mere sub.erfuge adopted for no
other purpose than to enable the Railroad
Company to say that they had declared . divi
dend, and that, by agreement, they were to
have interest only until one should ba dec,.r.d |