Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-08-25

~ Ap. 10, bf,2l3UU D I'S. 33,63I.5Ul 4l, III %
Us ,250 90 4 = %, ,30Q. .00I 3I,674S9
10 Ga. $50 % =" 19. sos. .0OI q. .299 SIS
~ 60,45aO0 l2,O9O.O0i 12,694.5O
70 56.55000 l . 5655.00 5,h55. 90
'79 52,650.00 0 8" 0,00O O0l 0,0G0.00
Total, 359,525.CO 97,9S75O 112. 496 ~
Add principal 369.525. 90 369, ,525. 10
Total Prin, and Int Rec. 467,512 so 4S2, %
The sum of Sa7S, 420 at simple interest from
July 1st 1873, to April 18TH 1879, (sx years nine
and one-half mOnths,) a. 10 per cent interest,
will produce the of S467, $3.50; and $27S, APO
Is slXtyone and eighty-seven one hundrethS per
centum on s450,0V0
The sum of Sz71.342 at 10 per cent. compound
interest from July 1st, 1873, to April 18th, 1879,
(six years nine and one-half months.) will pro
duce the sum OF $4S2, ,023; and S277.34a is sixty
one and sixty-three one hundreths per centum
on $450,000.
So that in any event the creditors
receive nearly sixty-two per cent,
reckoning money worth ten per cent.
4th. Because the compromise Is
made on credit, and not IN cash.
This objection is founded on the
theory that no compromise Of any of
this Indebtedness ought ever to be
made, based upon promise or agree
ment to pay any sum whatever in the
future, and that no such compromise
ought ever to be attempted except with
cash in hand. This theory is so obyi'
ously true and the reasons in it's favor
are so palpable and cogent, hat it
requires no illustration, except to reply
to the only answer that can be given
to it, which is that we have not got
and connot get the money. That we
have not got it is, unfortunately, quite
too true. But that we cannot get it
is not so obvious; and I shall not be-
lieve it until we have made an effort
and failed. =
[ have already spoken of one possible
mode Of getting the money; by selling
eight per cent. bonds : or d6bentures
at eighty cents on the dallar. Another
mode and undoubtedly the best, as it is
the cheapest is to raise the money
by a tax, and to raise it all in one two
or three years. The amount necessary
to pay the whole debt at fifty cents on
the dollar, would be about $258 600.
The amount Of tax necessary to raise
this sum, based upon the assessment
Of last year, would be about four and
half per cent. This when added to
the other tax which must necessarily
be raised would be very hurdensome,
but would not be ruinuus.s It would
be only forty-fve dollars 5upon every
Thousand dollars of the assessed value
alton of property, and not more than
fifteen dollars upon thousand IF it's
real valuation. What man is there in
the county who would be seriously
damaged by the payment of tax of
forty five dollars upon property assessed
at $1,000, or by paying 500, upon
property assessed at $2.222. The
amount Of tax necessary to raise the
entire sum in two years, would be two
and quarter per cent. per annum
upon the assessment. If distributed
through three years it would require
one and one half per cent, and if
through four years one and one eighth
per cent. It is true that the debt
would be increased somewhat by the
accruing interest, but it is supposed
that the annual increased amount Of
the assessment would counterbalance
that, so that the rates [ have named
would be sufficient.
Or if it should be thought best, the
necessary amount Of money might be
raised by combination Of these plans.
Raise one half or such other proportion
as was desired and as could be by the
sale Of bonds or debentures, and the
balance by ajax levy.
But as reason against adopting
either of these plans, | have heard
fears expressed, and such fears are no
doubt seriously entertained, that if any
considerable amount Of money was
raised by any plan it would be seized
by some one or more Of the creditors,
and applied to the exclusive payment
of his or their debt in full, and that
it could not be made available in the
settlement Of any of the Indebtedness
at fifty cents on the dollar. This is a
question, to which [ have devoted
much thought and reflection during
the last five years, and about which [
am quite free from doubt [ am fully
satisfied that if the Board Of Super.
visors will carry out the provisions Of
an act Of the Legislature, commonly
called the Fund Commissioner Law,
there will be no danger of embarsess.
ments such as are now under
consideration.
This act is enticled "An act to
provide for a board Of fund commits
siouers for the county of Iowa" 1t
was approved March 9th, 1869, and
published on page 405 of the Local
and Private laws of 1869, and contains
the following provisions:
Section /. There shall be appointed
by the board of Supervisors of the
county of Iowa, three suitable persons
not members of the board, to be called
fund commissioners who shall be
subject to be removed at the pleasure
of the board Of Supervisors.
Sec. 2. Provides for the classif.
cation of the fund commissioners.
Sec, 3. Provides for filling vacan,
cies.
Sec. 4 Provides for the fund
commissioners giving bonds.
Sec, 5. The said fund commission