Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1864-03-30

Raplvto y. l.. D.

Epnea DxxooaAr :-Is your last Issue find
Communication signsd BY D. y q. 10 wh'sa
we are favored with "sboft history Of the
matter" Of the construction Of oar city debt.
With oil due respect to Ne. g., su6uis Thai
his "history" is matsrislIy dsfeesiss in several
import.pt features. Instead Of going baek 70
1858 for a. instsncs Of "dsgrant violation Of
the charter and atopping right there. his
"history" would have been much more com.
plsts II he had told 40 Of the "fsgrant viola.
tion" Of good faith 10 which the 10000 Of
bonds we're issusd from the City Hall fund; OF
the dsgrant violation Of their duty 10 which
our then Finance Committee sold the city
bonds at less than their par value and covered
the fraud by fictitious allowance Of commits
sions to the agent who disposed OF them; VI
the fsgrans violatioo Of good faith In which.
in 1858, a resolution passed the Council di-
reeting the City Treasurer. "whenever city
orders to the amount Of $500 were presented
10 give In exchange for them city bond pay.
able in the city Of New York, with interest at
ten per cent 1t was An on d. OF that day
that this resolution opened the door for the
quiet fupd ding Of some $50 900 Of city orders
then held by prominent fnanciers Of this city
and right here the query ar,sss. are these
new amendments going TO open the door for
the admission 81 this $4,000, with six years
arrears Of interest at five per cent total of
165, 900 to be added 10 our debit The his
tory (i) to be complete should also tell ua what
has become Of the r ailroad bonds supposed
to be owned By the city, and for which part
Of this debt was Incurred. 1t IL to be hoped
that Mr. 8. will revive his History" and give
40 these additional items, with particulars In
foil; and while he is a,,o.. it. he may as well
add few lines giving as an s0cial statement
Of the total extent Of our city debt. with an
&C curate and reliable exhibit of the anoun. Of
arreara ges Of interest thereon. together With
the total present reliable Income Of the city,
the amount absolutely necessary for the cur
rent expenses Of the city, including lighted
streets, good police, etc, and then, after thus
sho wing us that there will be little or 20 eur
plus to apply on the new five per cent renewal
bonds. Mr.. 8. might conclude nis "history" BY
giving his honest and disin,erested opinions
about the practieability Of The proposed amends
men,s, and the expediency OF their adoption
1t is earnestly hoped that Dir. ID. 5. will
compile his "history" a. bic earliest leisure
| Being merely . humble taxpayer without
any pretensions to the poitico- hUaIcial wis.,
| dom which seems to be mc nopolized Ly our
leading city officials, it has 10 me the appear
ance Of being diehonorabls to ask cur credit
ors TO surrender their original bonds and 40
cept new ones bearing and promising them
five per cent interest, when facts and and fig,
ures demonstrate that we cannot and will not
fulfill any such promises, and. by the way,
Mr.. S. 10 his revised "hi.!ory" viii greatly
ob,ige us if he will tell Us candidiy whether
| he thinks We can or will fulfill such a promise
10 the event Ct it's being made. No. Mr. Edi-
tor, there's "cat in the meap and whether
] the intention is to deceive us, or our creditors,
or both, for one shall continue to recon
mend oil good citizens to vote against the
amendments providing fer renewal Of our
bonds. We have been through bankruptcy
once and guess very few Of our people de-
sire to see our city travel that road again Mr..
8. "history" to the contrary notwi'hatandiDg,
w.
Don't forpet the benefit of Mrs. Eng