The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-08-05
Financial Sagaelty.

On the 9Th OF July last, the Board
Of Commissioners Of Marion County
pass ID an order that bonds of the
county amounting to 100000, should
be issued for the purpose Of rails
ing money to pay for a new
Court House, and completing the
asylum for the county poor. Some of
the tax payers Immediately applied to
the Common Pleas Court for an or
der enjOining the negotiation and sale
Of the bonds. After fully consider
ing the whole matter, Judge Blair
granted the injunction prayed for.
The reasons assigned by him for his
decision are interesting to our tax
payers. who are just now enjoying
dispensation of bonds. The similarity
between the manner in which the Ma
rion County Commissioners designed
issuing their bonds, and the manner
in which our City Council propose to
issue One Hundred Thousand dollars
nine per cent. bonds, will strike all.
Our Council got very indignant when
we stated that they proposed to issue
Oae Hundred Thousand Dollars in
bonds, and resolved that the state
ment was not true. They had only de-
signed getting one hundred thousand
printed, to be used as the necessities
OF the city seemed to require. That
is precisely the ground taken by the
Marion County Commissioners, as we
infer from Judge Blair's decision, and
the very ground on which he granted
the injunction. While the legal rule
governing the Commissioners, may
not apply to our city authorities, the
principle on which the rule is based
is exactly the same. When por-
ton Of the bonds are offered for sale,
upon what basis,' asks the Judge,
will capitalists. who propose to buy,
estimate the indebtedness of the coun.
ty, and the consequent value of the
bonds? Evidently upon the basis
of the entire issue OF 100000. IF
but half that amount should be want
ed in succeeding years, and bonds on
~ to the amount of 100000 should
be sold Of the entire issue, the first
sale would have been made on false
estimate, lohich might materially af.
feet the amount realized from tke
bonds"
Ga this interesting point, however,
we deem it best to copy the language
of the Judge in full:
The order is for the issuing of the
bonds in the sum of 100000, aud as
far as appears on the face of the
order. on being issued they would
(fOilo wing the provisions of the law
all go into the hands of the treasurer
for immediate sale and negotiation.
The commissioners, in their afidavits
say, however, that it was not and is
not their intention to deliver the
bonds. or procure money on a loaa,
OF pay interest thereon" except as it
may De needed, and that they suppose
about S75, 600 would be REQUIRED this
year, aud they propose to sell bonds
SAAo SO0A ~ NAV 01AOAub O0AV. and
they suppose next year from seventy
FIVE to one hundred thousand dollars
will be required, and they propose to
sell bonds Tor that amount only du-
ring the next year, and so on, from
year to year, until tie building is
completed, that the bonds shall not
pass into the hands Of bona tide hold
ers, uutzl the money is actually need
cd, and great care will be taken to
secure the county against any loss or
extravagant loan" 80
From these statements it wtu d be
implied that the amount contemplated
by the order might or might not be
needed; that the sale OF the bonds,
each year as to the amount, rests In
the dlserenon Of the Commissioners.
to be hereafter determined from the
necessities of each year. IF then
bonds TO the amount OF SIS 600 are to
be put 10 market this year. upon what
grounds will the capitalists who pro-
pose to buy. estimate tho amount of
Indebtedness about TO be assumed by
the county, and the consequent value