Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-11-30

HarL-About one hundred ard fifty Of cur |
German citizens, most of whom were tax
payers, met at Lahrmann's Hall last eve |
ming, TO discuss the matter of the city debt
and the proposed plan Of paying il or of
placing it in . position % that it may be
liquidated. The principal object OF the
meeting was to exrlain the plan proposed
and acted upon BY the present City Coun-
Gil and meet some OF the objections made
70 il.
Several new plans we're proposed, but the
one under especial consideration was that
proposed BY Der Demokras, being . mod'-
fcation somewhat Of the one proposed by
the City Council. differing from it in this
respect-shat the city shall ask the Legs
lature TO pass a law authorizing special
tax to be applied upon future Indebtedness,
and that the city then make fair compro
mise with tLuse holding the city bonds Of
ls56-5r, and then give them new bonds
which can b. paid by the special tax, thus
bringing the old debt under the head Of
'new indeb,ed.essn In urging this plan,
they claim that arrangements can be made
with the hond-holders more satisfactory to
the city taxpayers in other words, they
can make better terms for these bonds, say
at 80 OF 30 cents, or at best 80 cents on the
dollar
The city Councils plan is to ask the Leg
islature TO pass law authorizing a special
tax to be applied upon the old indebtedness,
and it further provides that the money SO
raised shall not be applied on any bonds
until the city shall have made satisfactory
arrangements with those holding them. In
cluding this provision, the matter Of differ
ence between the two plans, as far as com
ing TO settlement with the bondholdeis
is concerned, will amount to but little.
| Teacher kahrman was on motion called
to the chair, and Mr.. koechert appointed
secretary. Aid. Andersen addressed the
meeting, speaking little over an hour. lie
first stated the object of the call, and re-
viewed The seton Of the City Council Is far
IS they hai gone in the matter, and then
confined his remarks to the two principal
objections raised against the movement.
First. The inability to pay the whole
debt or respectable portion Of it-beine
simply reputation, on the following
grounds: That the bonds were not used
for the purpose specified. That tho city has
not received the full value OF the bonds
That the holders of the bonds bought them
for from is to so cents on the dollar, ant
last, that the bondholders cannot force tn,
city to pay them.
| Second. That the whole movement mad,
b. the Council is wrong, because the amount
Of bonds should frst be ascertained, term!
made. and the law then passed. Again
because the matter should have been !aic
before the people, ard they permitted I,
vote on the question OF, PAY or no Pay,
which we fesr would sound very much lik
"repudiation.'
After answering these objections and til,
various questions askod during the time, b.
yielded the floor to Mr. L. Ochs, who tool
position against the plan Of the City Coun
Gil, stating, however, that the bonds shoul,
bs paid, but the amount asccrta;ncd first
and the proposition TO pay be submitted 4
the people.
J. P. Ssiboit then addressed tho Inc e,irg g
sustaining the objections opposed by Mr.
Andersen, further stating that under tn
law proposed ty Judge Dillon the bond
holders can force the city to pay in full
every dollar, principal and interest.
> Ernst Clausscn, Esq then took the floc,
briefly answering the objections Of the pre-
vious speaker, and thea considered the diife,
ent legal pcin.s involved in the plan Of th
City Council.
Rcmsrks were male b. J. Guldner, F
I.emme, and others, the general senti
: meat Of all TIE speakers being in favor q
the adoption # 4 satisfactory plan whereof
the beaied debt maY be pu, IN Erope
shape for ultimate extineian. Much interes
was manifested by Eli present during lh
n Getting, whch held until late ha.r.
Ga raasisu Of j =. stibot the mcetn
! adjourned - me next Friday evening
Dec. e.h, at the sntrc hsl., 20 further dis
understanding.