Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-04-06

IlliS NtCob 10 lAlCI az Tile fiUe OIL ABOUT
S50,6U0 per amman.
The assessment of our Real Estate, at what
deem its full value amounts to-. 81 56s, 93S
Assessment Vi Personal Property .......... 342395
$l,SSl,333
Nearly $500; 600 Of The vast sum we owe
is now past due The imposslnilty of pay
ment is plain. To enforce any considerable
part OF it in full, would drive from us the
Personal Property, and as far az possible its
owners, leaving the collection to be made
out eff Real Property alone, which would be
SO reduced in value as not to equal the debts:
The existenc; of this debt has suspended
nearly all Improvements here.
All this will be changed by a compromise
possible for US to cary out To this end,
it is essential that the Bondholders, by gem
eral consent, should reduce our liabilities
to an amount that will leave US solvent.
Competent judges agree that demands
against municipal Corporations, are of NO
value beyond what IA reasonable tax will
pay, as such excess destroys the basis of
taxation.
We wish to come to a good understand
ing with the holders of this debt, and make
general compromise at such per centage as
viii be possible for US to ay, aud then liq-
uidate the amount agreed upon, as soon as
we can.
For this purpose, the inclosed law was
passed. 1t will be seen that it levies the
tax to pay the new bonds we propose to
give and invests the holder with the anu
plest means the case admits OF, TO enforce
their payment.
The 80 per cent. fiat, in fifteen equal an
nual instaIlments, at 7 per cent. interest, is
all that we can pay. This sum, in full set
Element, will b. cheel fully paid, according
to the terms OF this act.
Several Bondholders have suggested q
meeting here, in relation to compromise,
We wish they would all come and examine
for themselves into our resources, and the
disposition ofOur citizens to m Ike good the
new bonds we offer.
In order to have the work of payment go
on successfully, the people of this City must
have some hope ofreIieriug themselves from
the burden Of this Debt What we offer, in
addition to our other taxes, is all we can
stand. We must not consent to tax out of
existence, or exile from our limits, every in
dustry out of which payment will be pcs-
siblity.
If our proposition is rejected, we have no
alternative but to let the debt increase until
Its magnitude shall convince the most ex.
acting Bondholder that his interests demand
the acceptance of our offer.
If this compromise is not effected, 50 tha
the work OF satisfying the new bonds may
begin this year, it is certain our ability will
not be greater next year. Hence delay
must entail loss on the Bondholders.
This whole Railroad debt is dead loss
to US. 1t was created under assurances that
the Railroad Companies would pay it. But
their failure leaves us in trouble. 1t is a
great injustice to those of US who opposed its
being incurred. Butour people have decided
with great unanimity, to do the best the sit
uation admits of. Hence this offer. It is
their settled conviction that they can do no
more. An early answer will oblige
respectfully Yours,
D. HALL, 4gsnt,
appointed by Con,.'s PuBLic Debt.