New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-04

THE BONDS WELL SLCURl D-GUAEDS AGAINST RE-
pUDIATlON-TuE INTEREST PAID-oPINioNS OF
LAWYERS
TO the Edftor Of the Tribune.
SIR: My attention has been called by one OF
my customers TO all editorial in The TRIBUNE entitled
Varieties in Reputation" As article OF this Kind
tends To inure nv business and givos wrong impress
sion OF this particular security which my partners ana
myself have placed upon the market trust that you
will allow correct the errors OF statement con-
tanned therein In the first place, you say that CORE
spondcnt Of TIE TRIBUNE. writing from Springfield Ill.,
said he had heard cooly predicted within the last "A
hours that Pike County will r,pudiate her SnyCaly
bonds" A prediction OF that kind could amount 10
nothing and must have been made by some one who had
no knowledge OF the status and manner Of issue of those
bonds, because Pike County, "fancd in history and
song" never made any promises to pay the sny Island
Ievee bonds and 10 pretended that 1t did, ami
no authority was ever given the Supervisors OF that
county to issue any such bonds, ana tie county, as
corporate body has nothing more to do with helh than
the CITY of York, and more liability ta'les TO
the one than the other The bonds have been Issued by
authority OF act OF the Legislature by Commissioners
appoued by the several county courts. based upon the
petitions of the andhoders whose property is especially
benefited Ivy the evee After the appointment Of these
Commissioners becomes their duty to examine into the
necessity and utility OF the proposed Improvement and
TO make report OF their examination TO the several
county Notice of the filing OF this report must he
cent length Of time TO appear and object TO IT, &C. IL
after the time allowed by law expires sufficient Objec
tons have been made, and the court has finally approved
the report OF the Commissioners, jury Is inpane"d
whose duty it is TO examine personally reference to
The Improvement proposed and estimate the damages
and benefits which may accrue To each tract OF land
affected thereby, and the proportion OF such benefits to
be assessed against such tract its share of the
pense Of the work After this assessment is made by
this Jury notice il given Of tho to all the land
holders and all persons dissatisfied with the assessments
or Directing the action Of this jury in any particular
can appear within certain time before the
County Court and make known their objections
and contest further proceedings. When the re-
port Of the jury is finally approved it il
spread upon the records Of the Court and the amount
assessed against each tract of land becomes Judgment
lien for the amount assessed against IL. This lien
amounts to about onetenth OF it actual cash value and
is only confined to portion Of Pike County which 10 ben
Gifted by the improvement. and may be- said to be put
upon the lands upon petition and by consent Of the land
owncrs in order to make assurance doubly and
take bond OF fate the COMMISSIONER after Issuing the
bonds pay for the lease not allowed to use or
tiate the until they have presented them at the
Office OF the Auditor of State Of Illinois and
filed with him sworn statements that everything has
been done by them required by law In the issuing OF the
bonds and wnen such statements ncd the State Au
dtOr puts his certificate under seal on the BACK oI eac
bond that 1t IL regularly and legally issued and funded
in his Office &c. and he required through the State
machinery collect the assessments these bonds the
State taxes and Ia turn the assessments 80 col
lected the state Treasury and the State Treasurer
pays the interest and principal OF the bond when due
from the moneys collected.
1t seems that your correspondent could
have the law authorizing the issue % these bonds
nor have examined the records OF the County Court.
which must show a compliance with the law IN all these
particulars he would have uttered the state
mrnt that the property holders lay quescent while
County Commissioners built the levee and issued bonds
10 pay for IT. For, nothing could be done
cspt upOn petition and consent OF thc.e property
holders. Under this state Of facts | cannot inn
agine how the county, in It's corporate capacity,
Neither can I imagine how there should be any
pending In which the county could be either plaintiff
o. defendant In reference 10 tho validity Of these bonds
Their ycnt n1npayment, or why there should DO