, 1875-02-17


tf'l'i River scheme was made tie prntonae 0.
Eet:inv :!J QUO moro out Of Lhfnyetls for a anr-
'fE' 1ao more balchos OF slto 00D and f70.000
! ~" irA,cd to cover up mIactllaneors e1tcaya-
| 't hti'letlsotic. Then came euccessiro small
iss1isa Of t'ondh, ostenhl1y to fund tho debit bnt
traI' 70 meet tue coupons falling due. No leas
thaa :ln'Lo ~ itsuetl in 1871 Tor this pnrposo'
;, II iT,'5 nfd laG9. tho vt. Louis l. st. Joseph
!:ai'foa4 Company, whirh terminates across tho
Mlrsoltii liver from Lafayette County. gos
:3f'o1o ont nf the county md ss750oO out OF
i,a,g i,.h,S.ngion !o*half on tho tramiao Of estab-
| liBatH: de1",t t'i thn eonlh eide Of the Mis-
Hb'lr'. q rfo'nita WHICH il may M we'll bo ead sAs
,4eye: lcEatdcl VI c 'nlilltd with,
Another wild GclIcn". known "A tlo Lcxinr-
| ton, ChIlcotlse Il Guf 1.siIroad. Of whicI. tiero
T. tut eveh ai'v craditg to ti,o*. got 50 100 out
| Of the county whilo tin 1eonlo ecse nrarly ali
| d;efranc!tlretl. An insignificant minority cf
fortr vocfB IN Suiabar Township, nf this cotpty,
voted s35 oull to thls bame rsitl-.'at scheme,
| SIS. .050 III tho aame war.
OllInr counties will duplicate tlip story Until IL
| gtnwH mpnutntona. History records 10 ptun
| deEing ns.de from war times which can eutDass
| tie
| OUTRAGEOUS Rw1Sp1rs
Of the railroad ringH of Missouri. With all tceo
l,cas1 appropriations Lafayetto Couuty llaa .ott-
llIs to SHOW tut!ay but little branch road run.
| ming down 10 S"ialia TIM depot IL mile from
1cxinst III. Half wny ctween tho town and the
depot rtants dercrted hotel. into wntch, and
the roctets Of the ring. wnB put $l0G,0W. The
Iool lh'n Committee, in 1nasiug their report to
the Convention, rightly add:
Lands In the country reduced in valne 1nd are
almost 1lnsaaie successive bhd crops with tho bur-
lenEotne taxation hRsa Impoverished many Of o1.r
farmers TO ench nj extent thtt they compelled 10
PAID. pur'nsa. IT, nTostrae and immigration 10 or
'nart las cepe1. The rate af 1at!uI wirh in som.
IL onrruns enuy M .s sdn D1 ~ % n ane
IKE urs, where We haTe been y.iteil wih
drnushts asd tie l4gues Of various haze
| ruined mnHy ltrE" ae'tinns Ut country In s!sef
! Staten. aud which have had thu euurt In
this couusy, not naiy Of destroying rroa hut q,
s2itnag our tlucth and liz ss Rch m tent that
III many instances our fsr1ners viii have to mortgage
their farms to purEhaae rock for tho season of is;5
The private debt Of the county has been continually
inrreaas, until, TIM nj mortgages uron
real aud JerhonaI estate inciudel In report sud
added tn tile grand ota1 Of our lndebeanes wou1
he startling.
Tho Legislature during the present reg lon
haH Leer fully aLyc to tho Importance winch
ths problem ot tho cnlstltv indebtedness IL ar
Ruming in Missouri. There ARC HOW pending in
tho Limited States Court for the Western District
OF Missouri, tao
SUITS FOR TErAr1rEn INTEREST
on railroad bonds OF Cass County. There are
EpccilneEa Of sc1ros at similar suits, bus theso
twU caren arc noteworthy from the 1act that the
Plaintiff III each il ". H. Wnshburn. the Senator
'Fan Massachusetts, who introduced the bill
amending tho aet creating United States Courts
~ az to allow tnRrsllalA aud derutics OF that
court to eatsefv Judgment Of the Court by levy
aid c2'lestion q sao. The bill IL aimod direct
ly a. tl'e pn-ca|sed serrduton movement in aIia-
h'uEi Which gains much Of its jceat countenanco
fun tllEb very detcc. in tho United States act,
Ono Of tho earliest nets Of the Legislature
ut tho present sesfion was a resou.iou
protesting against tins I'LL Of alr. WISH
| butn. This resolution wAa adoptod
| by strict Granger aud farmer vote in n1ute OF
the suggestions Of Leading neml of Ito A.
sembly that Il judgment OF Court which coul,1
IN ~ 5,+1,1
| vas prlnla ta:io evidence Of the necessity OF
such measu1e az Mr.. Washbnrn p.opoaeA
1his sau1e iutluence which set tho Legislature
in outsrokcu opposition TO the Washburn bill IL
no" rnshns n schetno for the lelef Of tlle
| counties through compromise with tue bon1-
hold.rs, or course tho proposed rlan doesn't
give tho holdots Of the securities by any ,neans
| what the obligations they hold cali for But it
promise which would mean IRON Is to 10 ceuta,
| according to tho bonds on tho do!lar, especially
| after the counties have dcfaulted their interest
coupons half d dozen times.
| THE PROPOSED COMPROMISE.
| The Grangers' COMPROMISE plan embraces
| these proposition:
~ The Governor, with ths approval OF the 8enats
ia 10 apnoint HAte FunI Agent who will Iear,I from
willing to make with their bondhcless an then leasu
from the crettotn far as they to found upon
a y w 1eet sf 1ew t. @
this agent hhal conduct oil the details Ut compromises
betwren tbs sutho1ttie. aud the ,ondholders.
te1 This aBent Ia 10 Ge put under honl Of $3.50 0tI
for faithful performance Of tanty His compensation
will la percentage Of tile amount Of bonds debta
compromised ~ 70 et,tsd one half Of per eeut'
% County sna losa! sutlorss arc .uthorlzed te
sao Agent nd thus SIM m liz nrso,lastons. >'''
! a. AnthoriteA endowed with tho power To tssta
lnltds bearing Fuch Interest aud PAYABLE At auc,
| times "a may be agreed npun in tbs compromises
Tho creditors and bonuhoElera agreeing tho cots-
rEomtse VIII. upon receiving he c'nlpi omiae bonds
retired bnnds, with Endorsement them Of the
terms Of settlement untrr which thsy may be Haul
.hs 61s III ~
given up to the county autAHrles. But III OF III
,nonthh' default Of the Interest the bonds o,
tho origiaai SECURITIES rcyvs iuto mi foree, reduced
only BY the amount which may h.vo been paid on the
l5) The authorities putting forth thesc new bonds
must fe With the State Auditor sworn statement OF
the amount and descriptions Of Tie new bonds and tAe
terms Of the compromise.
t6} Every quarter ths Governor, Btats Auditor, and
Stats Fund Commissioner Will make IN examtnAtiou
Ut the old bonds der ose with the State Treasurer
md mako reports OF the progress OF the funding
movement
This III tho outline Of the scheme Of relief, It
Ia supplemented by novel plkn for the new
est aud principal together, and looks promising
in theory: These now securities are very ap-
propsiatoly styled
ENDOWMENT soSns.
tho principal OF Which iS palu IN meelin9 the
coupons, 80 that when the last coupon il paid
tue lobt is discharged. Al part Of the debt 10
e1Gngulshod with The payment Of each COUPON,
80 tie Aemi-anuual 1ntorest decreases III lilc
ratio. 1t is claimed that by extending the debt
| reasonable lengtn Of time, nay. thirty or forty
| years. the bonds can bo mot With comparative
| ehss by the counties, their credit preserved 4nd
m inu,snso amount Of money be saved Ia tha
end. Dy wy Vt Illustration. tako Q par ceut
bond Of 81, 900. with forty years run. Each six
months tbs accrued interest and ~ per cent OF
| tho principal may be met.
Tie lisst sstni.annual coupon will represent
e3o interest aud Sl2.bo principal total. S42bo.
| Isho second coupon will reprekont e20.G4 in
forest aud 9l2.50 principal total, 9l2.12.
| In liho manner the third coupon wi! represent
| Sli75i and the fouith coupon will 10 al .38.
After the payment Of the fourth coupon tho
debt will bo reauced to $3.50. At the expiration
Of twenty years the pr.ucipal dobt will bo
$500. There will hare Loen paid by this eudow-
mcnt plan in twouty wears. f500 principal, aud
*a2t.G6 intersat; total. 3l,42l.ot. Under lilo
old plan the samc bond III twenty Years costs
int nd In