Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-12-29
OUR CITY DEBT.

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EDITOR REPuBLIcAN:-I desire to call pub
lie attention to the draft OF the act designed
to enable us to settle our city debt, publish
ed herewith.
Some would prefer shorter time of pay
ment, or perhaps different rate of interes
than have Named in the first section, bu
it is drawn according to the general under
standing.
Section two is not drawn for the reasons
stated A great majority appear to favor
the election of commissioners, but they diff
fer as to whether there shall be three, to be
chosen by the whole city, or seven, to be
elected one in3each ward, These questions
are left open, in order to fully understood
what 10 generally desired.
II is essential that we have Commission
ers for two reasons: First, majority Of
our city Council opposed this plan of set
Element. and it is not wise or usual to com
NIT measure to its enemies, unless the OBJ
iect be to kill it. Second, 1t may be that
we shall not have any Council, when it is
found to be their chief business to strip the
tax payers of their property, in order to en-
rich the the heartless men who are trafick-
ing in our misfoItunes. In such case there
should be commissioners to push forward
the work of compromise. When the men
who seek to push US to the wall, discover
that we can and will foil their utmost eff
forts to make US pay more than we can or
ought to, they will be apt to consent to
what is for their interest and ours.
The Sd Section defines the duties of the
Commissioners, and provides for an agent
to do the hard work, who is the only per-
son to be compensated. There will be hard
work to be done, which no one can be ex-
pected to perform gratuitously, and il, well
done the city can we'll afford to pay for it.
As to the proportion of the debt to be COM
promised, before new bonds issue is left to
the Commissioners after they have fully in
vestigated the subject.
Section is a perfect check against any
fraud by any officer or bondholder.
Section provides in case of default, for
the courts enforcing the payment OF the new
bonds. This is done for the reason that
when the bendhelders are requested to &C.
cept our offer, the vital question with them
will, probably, be, what better security will
they have that the new bonds will be paid,
than the old? We can then point them to
this provision as giving them the best Sc
curity the case admits of. This section will
give our own citizens confidence to advance
money to buy up the old bonds to exchange
for the new, to help on the settlement. 1t
will protect the taxpayers from an accumu
lation OF the interest of the new bonds and
preserve the faith of the city. 1t will make
it necessary that every city Council shall
see that the payment is promptly made.
If they should refuse, it would be no hard
ship upon the citizen. The severity of a
tax is in it's amouxt. 1t cannot make the
slightest difference whether it is paid to
the Sheriff of this county or to the city
Treasurer. Each will exact the same sum.
But when the bondholders have accepted
our offer, every honest man will desire
that they have every reasonable security
for rhe payment Of the new bonds We
want no trouble, controversy or hesitat ion
about their payment.
1t will be seen that this act is so drawn
that no one has any chance to enrich him
self out of the city 1t leaves no door open
to fraud
Ny objectin presenting this draft of the
act to be passed, is that the people may see
what is proposed to be done and that they
may suggest to me any needed changes or
additions
! am but their agent in getting passed
such an act as they desire. Without suit
able law they cannot take single step in
the direction of settlement of our debt.
When the peoples plan shall have been in
vested with tho sanction of law, my duty
in this matter will be done, except to re-
turn and work side by side in the ranks
with every taxpayer and citizen of Water
town, who is honestly seeking to extricate
US from the danger which threatens our
homes and families, and is destroying the
prosperity of our city.
This work of settlement is exclusively
the taxpayers and citizens business. If they
do not attend to it, the plan will fail. No
law, however perfect, will execute itself.
But if hey take hold of the work in earnest
it must succeed, provided they stand to it
with unwavering 6rmness. 1t ia the only
plan OF settlement the people have ever ap-
proved, and it should now receive a unaai-
nous support. 1t is now Invested of all
party interests, and stands upon its merits
alone:
But to the success of this work, it is es-
sentlaI thai. the people should elect their
best men as Commissioners and that they
should also control the election of the Com
mon Council and the appointment of every
officer in the city, in the interest of this
plan of settlement. The entire city gov
eminent must be brought into harmony
with it and we must have Council that
will resign when the vital interests Of the
city demands it, to insure success.
There is this to rouse US to action and
iuty-in this noble enterprise of redeeming
our city from its peril. If we seek to let
this city debt alone, it viii not let US alone.
Unless we grapple it like men of true cour-
age, and put ourselves where it cannot harm
US, our cowardice and folly will not save
US. This debt will seize us by the throat
and strip US of our property and the Shy
locks viii trample US under foot as their
abject slaves, who do not kno W any better
than to toll for their ACCOMPLISHMENT.
Very Respectfully Yours,