The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1869-09-16
DAILY PRESS.
Thursday Morning, September 10, 1869.

PORTLAND

Policy the Best HOncsty.
Mr. Nasby, who is now stumpng the State
of Ohio for Pendleton, has no time to write
for the newspapers. He sends, however,
letter from Deacon Pogram, containing all
the recent news from the Corners and partic-
uarly the following account OF the ingenious
financial policy adopted by the corporation in
dealing with carpet-basger named Pollock,
who had .merely advanced money on the mu-
nicipal bonds and was mercenary enough to
expect to be paid for the use of it:
The prevaein topic NV discussion sence yu
left us hez ben the trubble with Pollock and
an ablishun friend NV hizzen who lives in
Springfield, Illynoy, the restin place NV that
human goriller, A. Linkin, growing out NV
the bond question. Yu remember three
years ago, the corporation ishoed its bonds
bearin six per cent, for $1,000 10 build JOCK
mp; and yeer later, when 1t was found nee
essary to gravel the road between the corners
and the stashun at Secessionville, so as 10 re-
doose the freight on the whiskey consumed
by us, we issued bonds bareing eight per cent.
to the amount of $4,000, both issues running
twenty-five years. These bonds were taken
by Pollock and this frend NV hizzen.
Last yeer we paid the interest on these
bonds, but this yeer the people felt that the
burden wuz too heavy. They could not re-
concile themselves to the idea of sweatin to
support in idle luxury the bloated bondholders
and the popuIIs murmered agin it. What to
do we didn't know, till finally Elder Penni-
hacker, who borrows my paper, remarked,
'Eurreker-Tve got it, He he'd bin readin
demerkratic proposition to tax bonds, and
light dawned onto him.
sven TAX these bonds of Pollock's," sed
the elder, "and thus relieve ourselves OF the
thraldom to the money power. Thank
heaven, the people hevn't parted with all
their power"
The suggestion was acted onto at wunst
The council wuz assembled, and by yoonan-
imous vote an ordinance wuz passed levying
eight cents onto tho dollar on all bonds issued
by the corporashen Tor money borrowed NV
all sorts.
Pollock wus away when the ordinance wus
passed, and it happened that he returned the
very day that his intrist wus due. lmmej-
unity he proseeded to the trayzurears off1ee,
wich is Captain McPelter's with his coupons.
Captain McPelter received him b,andly, and,
putting the coopons away, rendered him in
loo thereof receipt OF 1920 taxes on them
sed bonds. u
'Wat is this?' cackyulated the astonished
Pollock.
'Taxesp returned McPelter, smiliDely. We
hev assessed tax on our bonds NV eight cents
| onto the dollar, wich it happens is jest what
your interest is. We skorn repudiation-we
Shell pay principal and interest-but we hev
the rite to tax bonds and tax EN- we VIII.
"Is the tax eight cents onto the dollar on
all bonds NV the corporashun ?' asked Pollock.
HTrS1iiv L L Il, IS :, said McPelter.
Il hold also the bon DIS ishood yeei ScsS..
these for building lookup, put wich only
bears six per cent over-what will 700 do
with the two per centw
"Do with itp' exclaimed McPelter. Why,
we shell apply it tn the paymunt NV the prin-
ciple, NV coarse. The entire revenoo NV the
corporashuR is pleged to the extingwishment
NV its debt, an we shell not be Ieckreant to
our trust.
Pollock went away, but McPelter had Du
idear. He immejitly cald the kownsel two
gether an sugestid that the tacks on the bonds
ort tew be II instid OF per sent. as that
wsod knot onla pa the intrist on the ) per
sent bonds but wood extingwish the bonds
themselves. The 6 per sent bond wood not
| only be ct up, but wood eve Poluck In det to
the korporashun long befoar tina waz doc.
| The wa Nv eskape from hour trubbles waz so
| very plane that the kownsel to wunst acksed-
| id to 1t !; an notis waz given Pollock OF the moo
ackshen.
Immelitly the craven rech wantid to sell
the bons to the sitty at harf their face, but the
prOposishun was legecktid with SHAWN. The
kownsel parst rezerleoshun rekuking him
| for intimatin that the Korners wood not i've
| up to its obligashuns.
'Ez much ez we loathe you, remarked El-
| der Pennibacker, the municipal president,
I'VE shel pay yoor bonds dollar for dollar,
| principle and Understanding VOC. how
ever, TO bear sich taxation as many be Ievid
onto yoo,'
But ez the tax eats up both intrest and
paincipal, what do get for my money! askt
the stiff-neckt man.
The protecshun of our lawsp thundered
Pennibacker.
The people were so indignant at this abb
lishnist Meddler for his objectin to so ekitable
| a proceedin that they mobbed his store and
wood have hung him, but for the Interference of
| Joe Bigler, who is aluz where he ain t wantid.
Ez it wuz he was arestid for breedin disturbanc-
es and fined $50. He rendered in payment Nv
his fine, a corporashen bond, but the justis re-
foosed, very properly, to take it, and held him
| till he shelled out greenback from his ILL.
gotten boards.
Pollock feels sore, but we don't Relieve
| from these bonds, the Corners will have no
taxes to pay, aud we confidently expect re-
| turn Nv the prosperity TO which we hev bin
| so long stranger.