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

Enron o. DsuocsAI: / wish, - oaeof the
citizens of Davenport, TO oher . lew remarks
on the proposed amendment of our city char
ter. That amendment asks for . largely in
creased taxation, for two purposes. The hres,
to repair sidewalks along the different lots in
the city. The second is to provide sinking
fund. which will in future pay of our city DEBT
Il also proposes to renew the old bonds ana
coupons. on condition that the holders will de-
duct FIVE per cent. on the interest already &C.
crued. "a well as agree to receive five per cent.
hereafter. In support of this proposed amend
ment. we are coolly told that the vote upon
this proposition will settle the question wheth'
er we will pay these bonds willingly with nve
per cent interest, or by compuinon, with IN
terest at ten per cent. We think not. we
think that question does not arise.
But before We 60 into discussion OF the
merits of this proposed amendment let us uy
In state the case. Several of the communica-
tons ON this subject. say that our Indebtedness
NAV be easily stated. II that is 80, then that
statement is lust what our citizens want. We
therefore PROFOUND . few simple questions,
and the next correspondent in favor OF said
amendment will oblige our voters much by
answering the same.
First. What is the exact amount OF our IN
debtedness Secondly, What year and when
were these bonds issued; in what sums, TO
whom sold, and for what purposes Thirdly,
Who are the present owners Of said bonds ss
far as can be ascertained Fourthly, What
part il any of said bonds have been paid and
taken upi Filthy, VINO Of said bondholders
have proposed to enter into any arrangement
with the city to renew said bonds and take five
per cent. interest, instead Of ten, and what
amount of said bonds are owned by those per-
sons 80 Offering Sixthly, How did those
persons who have proposed such deduction
Of interest come in possession OF said bonds,
and to what city officer did they make said
offer? Seventhly, How many OF said bonds
did the Chicago and Rock Island Railroad com
pany endorse, and to what amount is said road
liable thereon? All these questions are being
asked nv our citizens and will have
to be answered before they will ever vote for
such sw eeping amendment to our city char
ter. We trust the people Of this city have
been taught by the sad experience OF the
mast. not 10 endorse such ruinous scheme,
because some visionary or interested person
has recommended it,. Let Us not forget that
the CITY Is still burdened with load Cf debt,
created by improvident contracts for grading
and macadamizirg our streets. Let US re-
member the gas contract, binding The city for
the next dozen years 10 pay, at ruinous rates,
for gas to light all the posts that the company
see fit TO ieht, under which contract the city
is now held in damages for not taking said
gas per contract. Il is time the people were
awake on this subjec. Of expenditures. l. is
time we see that every dollar expended goes
where it will do US some good. Our streets,
fr om Brady to Farnam are unworked, and
our citizens are travelling 10 the mud because
We have no money for grading. The city has
not even been able 10 appropriate small pit.
tance of our enormous taxation to plant few
shade trees along our principal streets.
But TO come back to tho main question, we
are asked at one swoop to enlarge our cons.i'
tutional limits, SO as to provide for the inter.
est on our apparent debt, which would require
the whole revenue Of the city. This too, is
asked with all the conditions optional with
the bond holders, and none with the city.
"Ths City Council shall have authority TO re-.
new" not in case all or two.thirds of said
holders will agree 10 such arrangement, but
apv holder of the smallest amount In said
bonds. can have the Same renewed under this
proyosed amendment, when It shall be for his
interest, without the city being able to com.
pel him to renew one dollar of said bon a.s
when It shall be for the benefit cf the city.
Now, under such state Of thugs. when
will the bond. holder accept of this gr atui.ous
offer 7 Not when he has good legal bond,
purchased In good faith for q valid consid
GRAFTON. In that case he would be losing
five per cent. of the past and present inter.
est, without bettering bis security
This airy Que knows he will never do.-
On the other hand, if there should be any of
said bonds, which are fraudulent and void in
the hands of the present holders, if some are
past due aud carry the badge of fraud on their
face, and no subsequent holder can be an in
nocent purchaser, then this class of holders
will spare no time in having their bonds re-
newed, under this broad amendment which
may be made cloak to cover multitude of
frauds. When these bonds are once renewed,
then the holder, no Sever he came by them in
the first instance, can say that the citizens of
Davenport have endorsed them, and then he
will be able to negotiate them in market and
endorsement and showing that those bonds were
fraudulently issued. Now, whether it 10 pfopo-
ssd by this smsndment, that the city shsll ratify
three, four or I've hundred thousand dollars Of
this kind Of paper, we are not advised. We think
however. that it will be ample time TO provide for
these bonds when it shall be shown that there
are any such bonds which are legal claims against
tho city, and that the bona fde holders Of said
bonds wish to enter inte snch On arfang gement.-
We hope, therefore, that the people will turn cut
and vote the amendment down, in such way -
TO forever rebuke the plotters of such schemes,
to burden the people, to pay bonds, the legality
and validity OF which they are not allowed to
call in question. 8.
The 16rH.-The beat upon which