Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1864-04-01

Ms. Ip1foe-Ihe bon1od debt OF the city
Of Dav export 10 Stee. 500. and $4,000 City
HAN issae-is al e1se. e.sOo.s The present le-
eal isdsbtsdness Of tbs city then stands - fol'
lows:
WbeIs Beaded Debt e2ss. 500
From shis deduct 81 600 @ / R R. 81
r. bonds cancelled HUOO
ea es sssl. 800
Also dsdsst the s76ooo bonds to 4
4 n RR o.. vhieh the city 10 tofs
ever snjoiaed from paying $4,000
Whole lsgsl bopd debt 10 Sl76,6UO
The interest on this bond debt 10 ten per
cent per annum, OF 76Su
I estimate about 500. 600 unpaid coupons Or
interest thereon already accrued on bonded
debt and net paid.
Nov What will the city AVE by the pro-
posed charter smsndmsntst
First. the city saves ons>half Of the year,
| interest. o. ops.half Of Sl7,660 svsryoi tns
which 10 %. .s25 annually, snd ons-hsf
interest already accrued, Or $50 Or
A. the amendments are Of no vshdisaos'
value to suy one who now holds city DO up
unless thew surrender their bonds and givsths
half Of the intsrset due on them, what 10 r
indueement TO creditors 70 surrender tneIs
bondsf Thew sertsinly would not sxensDB
ten per cent bonds for Ave per cent BONDS en.
less there was some indussment. Wnat soss
| ipducementf
It's feund in section Of the proposed
amsndnend, which provides that levy oos
to exceed two mills on the dollar may %
made to pav . part Of the principal on tns
nav bonds TO be hsssaftss issued Not on the
present bouds, but on the Eve per cent bonds
That 10 the iuducsmsnt, By taking the new
bouds creditors have certainty OF getting
their interest snl part Of their principal
or this SITE, 500 Of legal bouded debt the
oisv hes had the money. The money was
loaned 10 good faith to this city. The money
went TO buy engines and build engine houses,
grade and maeadsmise streets, DC.
Now, the only issue 10 shail We try to iepu'
dists this debt Of tsyto pay i'll That is the
ouly iseue. II We try TO repudists We shsli
fail and ruin the credit Of the city. 1t We try
to pay, by Offering our creditors to DO the
best We can, We shall 10 right. just. and uiti-
mately extinguish our debt.
All the clap-trsp about "stock jobbsrs' and
the city council or fraudulent action Of In =
competent or dishonest officials 10 only the
argument Of demagoguss caleu!atsd to mis-
lead any thinking men.
knows the bonded debt Of the city, will re-
fer him to the report Of Lorenzo Schricksr,
City Treasurer, Of March 2lst, 1859 to be
found on page 81 Of the Revised Ordinances
Of the city OF Davenport in the 1859. It 10
not probable that shere are creditors
holding bonds against this city for several
years who have failed to ask for their inter eat.
Men dontdo thst way. The interest paid on
our bonded debts ($20s. 500 including com.
missions and exchange for 1859 was SS0, 0,sl6,-
OS.
All tho i.tssess on our bonded debt wa,
then paid--aod Schrioksr reports the exact
sum on which he paid interest.
In this connection and 10 conclusion offer
ed letter from one Of our bond creditors in
Maine who does not know Of the proposed
am endme nts. ~
Gro E HuBpKlL.
PoRrLlND. Maine, April u 1863.
MR. MAYoR-Could the city Of psvenport do
q more honest . ct than TO offer its boadh oiders
soms co npromise; say, for instance, shouia tne
city offer to call in its ousta nding bonds, and give
in their place new issus at . reduced rate OF
interest do not doubt, il in good faith, she
sh hould ofeo to give n v bonds at five or six per
cent the offer would bs accepted, and so the city
maintain its COOL credit, and so escape future
litigation, DC. For place Of the popuiation, re-
sources and iutuse prospects of Davenport, such
IouuctIOu oOlu RtoCtiCoUAy ~ Ao yo~' -
email and easily managed. Would not the city
eventualy be better q doing what is 90 mani
festly right, than she would II she could rspudi-
ate. 1t does seem hard that pastieswho have iu-
vested In your bonds. believing them ss perfect
security, should lose the whole Investment
Would the citisxns Of Davenport wish to throw
OF their honest debts.
For debt coptractnd for municipal purposes,
can there be any exouee for an attempt to evade
it II the city has suffered frem enbsrrasmsnts
Of the times, should it not be willing to take
some Of the burned from tho creditors-at least
that portion of her debt which has no connection
with rallroads, ought to receive some attention
l think If davenport would propose some scheme
of settlement, il would be responded to by her
creditors l DO NOT believe Davenport can wish
or intend to disgrace itself by bare-faced repu-
diation. l hepe not. II she canno1 pay IS she
contracted, let her offer to do what she can. For
years the city Of Pittsburg was in the courts nm
iii, ct length, fhe came mp and offered her orsdi.
tors new bonds, at reduced rate oi interest, and
thus settled her debts. Our highest courts have
always sustsined the vslidity Of such debts
Pittsburg did not attempt to shirk her bonds Civ
On to other than railroad purposes. do not
believe the present government Of Davenport
could dy better thing than to re-aRrange its
debts, and more put the city In an honorable A.
nsneial position. Truly yours. I'D
WILLIAM r FosrBR.
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