The Red Cloud chief., 1875-11-18

ed that it is our las: resort. In the
meanwhile it is our purpose to keep
the topic Of railroad or no railroad be
fore the people. II We think 10 ear
nest On this ssbject. means and modes
viii suggest themselves to Dur minds.
II We d. not keep the matter constant
Iy in mind, We shall certainly sccom-
r.li.h nothing. Without at present
committing ourselves either Sr or
against the proposition Of bonding the
county We desire to lay the subject be-
fore our readers, to discover the
amount Of bonds we may subject our
-elves to. the n,eans of payment and
the manner and time Of their l.auida-
ton.
LIST. The amount Of Loah has been
Fixed authoratively by the legislature
and ratified BY the Constitution recent
ly adopted so decisively aud unequivo-
ca!ly that the limits imposed are utter
ly impossible.
Sec. ,. Article XII. of the New
Constitution d, ~ follows. mo City,
County, town precinct, municipality
or other subdivision Of the Stat. hall
EVIL make donations 10 any railroad
or other work of internal improvement
unlers a proposition so to do shall
have been first submitted to the quail.
fled ell. ctor- thereof at an election BY
the authority OF law: HoUiieri, That
such donations Of a county with the
donations Of such subdivisions 10 the
aggregate shall not exceed ten per cent
of The assessed valuation Of such
coah'y. Provided further that any
city or county may. iy q two-third,
vote, incfca~e sach Indebtedness five
per cent. in addition to such ten ner
cent, and no bonds or evidences of ill.,
debtedLess SO issued shall be valid un
less the same shall have endorsed
thereon a certificate signed by the Sec
rotary and Aujitpr of State, showing
that the sams is issued pursuant -
law"
Such is the clause. It. wisdom, its
object and purpose are not now before
Us for discussion. We are limited and
fettercd by its provisions unalterably.
W. eau vote bonds only to the extent
Of ten per cent unless the whole coun-
ty are Of One mind, when We can make
them fifteen per cent of OFT assessed
valuation. This years valuation was
$347,2 PA IL. Ten per cent. of this
sun would be S34, 724. Al, the sun to-
tai We can expect to raise by bonds.
Whether bonds to this amount would
be a sufficient inducemant to any cor
poration to hazard its property in our
country remains to be seen.
2nd. The mean Of payment would
be largely increased. 1t would not be
unreasonable to assume that the as
sessment OF the county would be doub-
led. The road bed would alone DO
taxed on Q valuation of not less than
$3O,O00 per mile, and the influx of
immigration and capital would easily
amount to two hundred thousand dol
lars in a couple of years. Besides this
our individual prosperity would be
greatly increased. We would get more
tor our crops, trade to better advant-
age, and make greater and more fire.
quent additions to our individual CAP
itals.
5rd. The manner and time ofpay-
ment are fixed by statute. Uuder its
provisions no part of the principal
could become payable until the year
of 1880. aud after that date not more
than ten per cent. could be collected
In any one year. The interest wOsld
of course be payable annually, and
would amount at ten per cent. $3,472-
A, which assuming a valuation $50
GOO would be a little over four and a
half mills on the dollar, four and q half
dollars on q thousand. The pa, ment
OF the principal as it falls due cannot
be regarded as q serious burden.
The above is 40 exposition of the
bond question. We have set forth to
the best of our ability the extent to
which We can bond ourselves and the
means aud manner Of paying the bonds
We might issue. The efficacy aud ad-
visibility Of voting bonds are deferred
Tor further discussion. Our objec, has
been to enable the citizens of thi,
county to talk aud think in,eligently
on the subject.