Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-10-27
Our City Debt.


have been unable, till now, to reply to
the Committee answer to my letter in re
Iation to our city debt.
The Linden House meeting plan is to
offer the bondholders SO per cent. fat. in
new bonds, bearing reasonable rate OF in
terest, on long time, or such time as will
enable US ia pay.
Do all openly and fairly, and leave no
door open to fraud.
To this plan have added two suggestions:
/. That no new bond should issue until,
say, four-6fths OF the bondholders in amount
SHOULD accept the offer. Nv reasons for
this are, First That the bondholders would
much more readily consent to the compro-
mise, if when they are called on to gurren-
der the old bonds for the new, our solyen-
cy is restored, and instead of DELAYING, it
would greatly facilitate the final compro
mise. 1t is the settlement of the whole
debt, not a part OF it, that every tax payer
is anxious about.
Second A matter of vital Importance to
US is that, as | am credibly informed. GER
tain men here ana elsewhere have bought
large amounts Of our bonds with the hope
that we would go on compromising, as the
Common Council propose, till the debt is
reduced $4,000, and then they will pounce
down on u.s. and try to take out of US a half
million of dollars. dc not propose o
settle bond until these Shylorks are COM
PEELED to accept our offer.
III. In case the bondholders were deterno-
ined to push US to the wall by judgments
and mandamuses, l would disband the city
Council, and Thus prevent forced levy
OF taxes. A year ago, oy majority of the
Couacil resigning, we were saved from the
payment of a compulsory tax The cost to
US of having the Council from May last to
January next will be the exact amount 10
be levied to apply on the judgments against
US. Next year, probably, the mandate of
the Court will be to levy $4,000. The,
Common Council plan is TO keep right on
and take it out of the people Our plan
says MOI Disband the Council, and then
Shylocks yonr game is played out.
Here, then, is our plan 1t seeks to do
with the Whote city debt what the Commit
tee talk Of doing with one-third of it, and
is so guarded as to defeat every effort to get
any more than our reasonable offer But
say the Committee, we mean delay So far
from being srue, our plan is the only one
that will deal vigorously and effectively with
the whole debt, and bring it to a settlement
IN the shortest possible time, and where the
Common uncil plan can overcome diff
cultles only by crushing and destroying
taxation, our plan puts the extortionate
bondholder to bold defiance and dares
him to do his worst.
but we must lake a fair Start-a suita-
ole act of the Legislature is essential. That
hody Will soon convene, and will give u
exactly what we want. But the interim
should not be lost. The city Council should
at once call together tn. taxpayers of the
city to fix upon the terms of the law of
settlement. The best informed persons tel.
me that nine-tenths of them are opposed 10
the Council scheme, and are ia favor of our
plan. When the law is agreed upon, the
Council should at once inform the holders
of the $780, 600 of bonds they are seeking
to get, Of the change, and doubtless the
new offer would be accepted, as the COM
mittee say it is better than they offer, es-
pecially with the added certainty of pay
ment. Now with the agreement to COM
promise these 800, 900 of be nds, we would
possess mighty moral power TO ger up the
balance. IN matters of compromise, bust
ness men are almost entirely controlled by
what their co-creditors do, and with this
start our effort ought to be an almost i'm
mediate success.
But, if the City Council will not take
hold of the work, then as soon as the Leg
islature meets, a suitable law should be
passed, also authorizing the election of CON-
missioners to take charge of the whole bu-
siness of getting the bondholders to agree
to the compromise and to push on the work
gorously-and when Prerequisite amount
shall be obtained, they can announce it 10
the Mayor and Council who can have the
new bonds at once issued. Or if there shall
be no Council one could be at once elected
1t would be impossible for these commits
sioners to make or the city loe a cent, as
the offer is uniform to all.
But say the committee our plan will not
prev ent suits, judgments and mandamuses
against Us. The only provisions of law
find for the commencement of a suit against
the city is found in chap 9 sec. 8, of our
charter, and that says it may be done by
leaving a copy If the process with the May
or. New it is certain if we had no mayor
clerk Or council, that if the sheriff or
Marshal should come here to serve a sum-
mons, to commence suit, or man.
" pay Jud- LhCut, Nc VIC COui-
PEELED to make return that he could find
no officers on whom the service could
be made. This would end the matter as
the courts cannot add to the law.
But say the committee "If the mandam-
us proves Intellectual they the courts will
employ other more effectuaI remedies y
The committee here don't know anything
about what they state. Thelaw of congress
confines the Federal courts in the collection
of debts, in each state, to just such means
and process as that state co nfers On its own
courts. In the Iowa case of Lee county vs
Rogers, Wallace l8l, decided at the las t
term of the U. s. Supreme Court, where the
Marshal was directed to levy the tax, the
right of the court to do So is put expressly
upon the ground that an express law of
Iowa authorized it to be done, when public
officers refused to obey a mandamus { Wis
consin has no sucb taa0 and Ds mast see to it
that none is passed, and they have decided
uniformly, from the foundation Of the gov
eminent down, that without an express law
of the state they have no power to- act
Hence the committee have contradictpd ev-
cry decision of Federal and State Courts,
and their statement has not the slightest
foundation to rest on.
Again, the committee say without Coun-
Gil the streets could not be cared for Moth
ing is easier. The whole Of Watertown can
be incorporated into a Highway D strict
With power to elect comm lssioners 20 coli
lect taxes and keep the streets in order
and the same law can provide for the cleo
ton OF every officer we now have, except
Mayor and Council, and for the collection of
all needed taxes, inclu ding county, state
and local. We can get any legislation we
ask to meet our every want, so every imag-
ined difficulty of the committee disappears.
Without mayor, city clerk or council, no
suit could be brought against US, no judg-
ment obtained. no mandamus served, not a
cent of our property taken, nor hair of our
heads ,ouched.
Now let US suppose that the new bonds
run 20 years at I per cent. interest, and the
com promise effected and our city authorities