The Hickman courier., 1868-06-13

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, and published once every year. From
the best estimate we eau make, our in
debtedness is not more, nor much less,
: than $50 600, all of which is in bonds;
bearing per cent interest, and every one
of which, are unfortunately, now cue.
The annual rcveneu of the city is be-
tween 10 and II thousand dollars. Hence
our inability to make immediate pay
ment is apparent The honor of our
town was pledged for the payment of
each of these uhea dldel and under such
sacred pledges, owners we're induced to
! buy 1t is therefore, now toe late. to
seize any pretext for preferring one class
of bonds over another If henfy COM
pells the payment of one class; {tss dis
honor to refuse the other si~S<ss
make the best of existing ell !es
Every man will admit that the best way
to get rid of debts is to pay them, and
the quicker the better. Every member
of the Council must know that the old
class of bonds ignored By them are bear
ing interest, and interest upon interest.
Some of them by their own legislation
arc. entitled TO ten per cent interest
Make a calculation aud you viii fnd that
the interest alone on the city debt will
amount to over $4,000 Now to pay this
debt, curtailing as much interest as pos
pose Of our efsSe6 thcusau5i tioifdrs revel "a e
nue. we reserve 50 600 20 defray the nee |
essary expenses Of the city government,
and set part the remaining $4,000 to
go towards paying the city debt. This
is feasible and possible, and upon this
view. seven years at furtheres, will place
us out of debt Can we ! Ssrve this i
$4,000, necessary to earryiug( our city
government We think So II upon
this plan and facts:
First, we are indebted to tIA pgna-
slnSlk olders now So
law sui-
we wou Dfna6ifest prop II III
to meet our liabilities by ID a1T GER
tain per cent of our revenue set part
for the payment of our city debt and a
certain per cent reserved as actually
necessary for the coaduct Of our city
government, public condemnation would
forbid any man asking US to receive
morei and, thirdly, there are enough of
poll tax payers and small tax payers,
who could not afford to buy bonds with
which to pay their taxes, to more than
pay the $4,000 reserved for the city IS !
expenses in actual money. What is the
of this policy? Our heav-
lest tax payers, in these extremely dull.
times, would be relieved by being per-
mitted to pay their taxes with money
years ago advanced to the city, and the
city cOrrespondingly relieved by getting {.
rid of that much of an interest bearing
debt. We are told, however, that this
policy will destroy the city government,
'oree the surrender of the charter, and !
sompell the present Council to resign. !
We can see no good cause for the first
esult; and would greatly regret the iden Q
If such worthy men as compose the
Council, resigning, because another poll
y should be honestly urged by our peO
pie They tell US that foreign bond t
holders would sue the city and attach
private property. This might indeed, 7
prove lamentable circumstance. But
We again repeat, that the city is at the a
mercy Of bondholders and that if such
IN emergency ever does arrive, which We
consider extremely unlikely, we must de-
,end upon home folks, home property
,wners, home boadho}ders to extricAte
Is from the difficulty
W contend that those favored bond
lolders are as likely to sue under the
present policy as under the one We adyo-
ate; and that if such an emergency
houd arise, We could under our policy
20 with better grace to,h home folks and ask v
elief than upaer-thelb elbartial policy now
dopted by the Council We are met
With the argument, That if we receive
hese bonds in payment of taxes, money
d men viii buy them un.SAjkee. say,
Good...-giye them vaIud Dial
of b 81 value accrud -
: our own citizens As Sd5rs n =,
f .forOred bonds have bce&erfced to Fl
isposco of them at half their fsJe, falling
nto the hands Of those we i II our rich x
nen, because our poorer w have no in
sc for and are unable to M bonds of