Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1864-03-29
DAVENPORT IOWA TUESDAY EVENING. MARCH z9 1854.

EDfTos 0T DHMOCaAT :-lhs otscos ioh oi
| the Proposed charter Amendments ma fa'eso
| 90 mao Y qnsstioDs as 20 the haI 'o!eo''eu
| origin Of our bonded debt, that short history
Of the matter will lot te unacceptabie at the
| present time.
| "a 1888. 10 h.2rant siol alton OF the charter
a. II then stood, which required that the inter-
! %. on the debt should not exceed ne-haii oi
] the annual revenue.
| But the Legislature ipss 1665 ratified this Ia
sue, and the only question now 70 whether the
| legislature had power to give validity to bonos
i.su.d without legal authority, Oar state
| Courte declare them to be void IL RENAME
! Ia he seeu what determination OF The matter
! wi be mad by the Supreme Court OF the
Hated states. the recent decision OF which IN
relation 10 the bonds of Western cities would
eeem to b. more rigor Gus than just
la 1855. the charter was amended, and the
| voters OF the city we're authorised 70 borrow
| money to a unlimited extent,a majority voting
| therefor. :,
Under this authority in August, 1896 the
| peop e voted to suthoiise what 10 known ss
| the $50 900 loan. ozs voting for the ioen ana
| 2l6 against It,
And ip Nav, 1857 the people voted to au-
,horiss loan for 5000, 900, to build q City
a.,
| with tha. vote BONDS to the amount OF *lO7,-
| 500 were issued in that year.
And in 1853. the engine houee was taken
FIR CITY Hail, and bonds t. the amount OF
| $40 600 " ere i.sued therefor, In the place OF
| The sa5 600 which was des gnated LOT this
purpose in the proceedings In relation 70 'ne
I vote to auth orize $1,000
When The lac, 81 900 Of bonds were issued
the new Constitution bad come into effect,
limiting the debt Of cities TO per cent OF
! their valuation. =,
If the rail-road b lnds are held t. be valid,
this la /. issue o. $40 900 may b- heId TO ex'
cesd the constit !tionai limit. but there is 20
! defence to the s6s 900, and none to Sloi,ooo
Of 1857 and 1858.
same ous.,ion has been made whether the
! sinking fund may not be divef ed 70 'he pay
ment Of bonds that are L rarewrd lh's
/. . soecisi fluid. and car 20 mora be applied
>, sn1 oth.r norposs hsn tHat tor wbiet 1t Is
craa,ed tnan can the road tun be diseited tc
the o.v m-nt Of the bonded dot ot tbA city
L. il obieciel I at the door 10 lett open I"
the bond holders to come IN any tme. Tor the
purpose Of reducing thei interest from ~ 20
per cent. What Intelligent tnan Wouid "'sh
that door to be ever closed uppo's tha-
the holders Of 100000 OF the boads come In
to the arrangement, the first year, anh the
holders OF $50, 900 of them stand out year,
and discovering by ihsttime the ioexpeiieacy
of their course. would come into the arrange
ment wfy not let .hem comeT
l. has been sugLes.ad that those amend
men,s have heen brought beiors the people 10
a susoicious way. l. ls true that they aave
not been heralded with any " iu-s whatever.
They were ropsed by committee OF the
Council A committee OF the Cohncu obtain
ed the requisite signa ures to the petition
tterafvr-b.ing one-tourth part OF tue quaii
led yo,ers OF the city and comprisins men OF
all par,ies AMI represe ntiug ali ioteres g.
Tney have bssn submitted on this petition
IN The examination of the voters Of The city t.
decide for ,hems Ives neither trey want them
or not. This is some what oausu.l, tut It J.
not unfair. and shouts not sagses1 sts2ic''o
70 ar oee who Is not II fl suckv by nature. an
who thinks for hinself
Those who have no proner@y 10 os 'aAsa
course, cannot be H. iuren by this change. and
II tne change hrin better fnanc'al poa't'oa
| TO he city. they will then ehare the pubic
ooed and To those who have property, 1t Ia
| for them to con sidsr whether they ~i'i put an
| Increasing lien upon it for generation to
come or whether by incuring light burden
| nov nut the city 10 better posi- lon, hntn
cialy, than other oity Do the Upper M'.siss'p-
ri. D
4