The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1864-01-14
The County Hon tls

S"PVINiNois tItJ p;ASst't al AcS-Sr We
will dignity authorizing the Clerk
to issue the bonds Of the county to the
amour; of S. 300 to tie offered in the
market, and sold only a, their face. the
money 10 be appropriated in payment
oilhe bounty offered volunteers, At their
previous extra session, upon the County
Warrants payable in two years, draw
ing ten per cent, as At the extra session
rrnvidod
Now allowing The issuing Of these
bonds to be legal, which is being much
questioned, we ask what is, or can be
gained by this step? We believe we
can answer III ono word, and that is,
'!llhing. Net only DO we le.icy" there
vii he nothing gained, ln' there viii
ll ~ actual loss e. the Comfy. We
'...',eve bn, few If any bonds vii, lie
Sold, FOR the clerk who i authorized to
81! them, is limited in heir sale to the
face # The bonds. each bond calling
Tor #luG with interest at ten per cent.
The most Of ctr home npneyci men
can 10 better with their money. As
soon asa volunteer is nustpre,, into the
L. S. service under this las, cali and
The clerk icceifeS Il certificate from the
Alt General If the State 10 that effect
and hat he has been daily credited 10
This county. Tic cl",k issues 10 the vol.
H!.cer Coun'v Warrant. payable in
two years and drawing ten per cent in
'cicst, as provided 4, The extra session.
These warrants are to draw interest
from the st day of January 1861 Az
the regular session Of the Board. ir this
mouth, they provided that tle bonds
shall draw ;nttrcs; from the DAY ,hey
are issued, ana when tie nlouey i
raised On the bonds a ro;ce ror ,hi,ty
lays is 10 be given that he morcv t.
redeem the Warrants is Il. the hands ef
the Clerk and after the expiration Of
the thirty days no interest VIII he paid
on the warrants. /, will hp reruau
5ered the Boad went upon the pre-,
sumption that the bonds would all be
sold as soon rs offered 10 the public.
Now let us pu, the very bes, phase
upon the matter that can be placed
upon i. Suppose the bonds were all
sold the fret day offered in market, or
as many as may be necessary to pay
the outstanding Warrants. There are
fifty recruits already raised and We be
lieve before the bonds are ready 70 be
offered for sale, there Will be at least
seventy. This will take seventy 500
Warrants, amounting to $1,000. Now
the notice before spoken Of, is 10,
given until the bonds are issued and
are drawing interest, 50 tia. we have
during this thirty days, tie Warrants
to the amount of 5000 and I
the bonds to the amount O. $1,000 I
both drawing ten per cent interest,
which IS really twenty per cent on
s. 900. Now this extra ten per cent
on $1,000 for thirty DAYS amounts to
s5s 81 add to this thirty dollars pay
for the Board while discussing the
question, and the cost Of the printed
blank bonds, and cost Of notice and We
have as loss to the county SIS, 334
and that too when viewing i, in its
best possible light. Bat this question
i 70 be seen in another and more
phase. Suppose when the
,ends are offered in the market, say
he lst OF February, A buys $500 worth,
wo weeks later 3 buys $500 worth,
he first Of March e & d take 81 900,
wo weeks later takes $500 worth,
he first ct April L takes $500 Of them,
N the 18th & takes. $500, on the st Of
Nay II takes ST. 900, on the ! 18Th |
axes 81 900 on the 1st Of June ] takes
) ! 900 and on the Is. Of July X takes
81 900. Now the 80 days notice is given,
terminating the lst OF August. The
interest on MI these bonds from the time
they were given up to the lstof August
Is 81 8. As; TO this add, the $40 cost |
mentioned above and We ,i.ye S2l7,4s
'sdeFert ard cost nNon these bonds over
sac 'tbsyc whit II Would have botn
.serl e Warrants.
]ga.n, take another and probably
tar lnoso tr a,'fui view Of the case.
.cieF ne bonds are issued, say about
H3 lst Il March, \ takes 81 900 worth
i sa3s two ~eekslatct & IN! b each
s10 af. ag3. t,s i4. y
a 49, -, ...a.i y more
D.nus can &c sod. Nov these bonds
n,e drawing interest ut ten per cent.