The union Democrat., 1870-11-05


In our last issue wa spoke Of the different
kinds Of scrip standing against this county,
and the provisions Of the law providing for
its redemption. On Wednesday, nert, any
party holding scrip of any kind against the
county, can offer the same for redemption by
enclosing the same in an ANTELOPE directed to
the Treasurer. and endorsed proposal for
surrender Of County Warrants and by
stating in writing the per cent on the amount
due for principal and interest, that be will
take for the Warrants offered. II seems plain
to US that it is for the interest of scrip-hold-
ers to offer to surrender their Warrants at
reasonably low rates. 1t may be long time
before the county will be able to pay in the
ordinary course CT events. Something must be
done to reduce the, rates of taxation; and there
is no good reason why the county in its pres
ent impoverished condition should levy taxes
so high as to pay of its debt in few years.
1t would be more in keeping with our fnan-
cial interest, to levy less taxes and take q
longer time to pay the debt, from the fact
that the greater portion of the debt is draw
ing but small rate of interest.
Let US see. from a calculation, cor what
parties can afford to offer their scrip for re-
demption. 1t is safe to say that parties hold
ing scrip who may be owing money, are pay
ing one per cent per month interest, and that
those holding it cs an investment could make
one per cent month on their money.
Now suppose party has 500 of scrip on
the old General Fund. That class of scrip
has been upon an average, drawing interest
for ten years. Hence it will have doubled
1t is nevertheless drawing but ten dollars per
anpum. If the holder should offer to surren-
der it for sixty-fve cents on the dollar for
the gross amount due for principal and inter-
est, he would receive $3.50. This money at
one rer cent per month interest, would bring
fifteen dollars and sixty cents gain of FIVE
dollars and sixty cents from what would be
accumulating on the scrip.
Take another example of the oldest of scrip
registered on the Current Expense Fund. 1t
has been drawing interest at the rate of sew
en- per cent, since its registration, period of
about two years. Suppose party has SITS
of this scrip. It will amount with interest
added to about 5000. He also proposes to
surrender il for sixty-fve cents on the dollar
upon the amount due for principal and inter-
est, and receives for it $3.50. As before the
interest on this sum at one per cent per month
will amount to fifteen dollars and sixty cents;
while the interest on $l75-the scrip at seven
per cent per anrium would be but twelve dol
lars and twenty-five cents, showing gain in
this instance by converting scrip into money
and investing the money at one per cent a
month of three dollars aud thirty-fiye cents.
If the money could be invested at one and
one-half per cent per month there would be a
gain in the case of the old scrip thirteen dol
lars and forty cents per annum. and the case
Of the Current Expense scrip of eleven dol
lars and fifteen cents per annum. 1t is plain
to be seen that there are advantages in con-
verting TIE scrip into money at reasonably
low figures and we hope our citizens will not
lose the chance offered of converting their
scrip into money while their is an opportuni-
ty, and thus keep the money in the county
instead Of letting it be swallowed up by spec
ulators in San Francisco who held most Of
the old scrip. Remember, bids must be pre-
ssnted to the Treasurer on or before Wednes-
day next.
49,