The Red Cloud chief., 1875-07-15

Rreesbscks Of u. s. bonds, but. On
the contrary, would save us hundfeds
Of thousands Of dollars, on the future
issues Of bonds.
Il was With truth, sisted on The
floor Of the convention, that Ncbnsks
bonds we're at . fesrssi dis
|eouutjn the Easter markets, ss9 that
Il va 10 some cases next TO impossible
to sell them a. any price. though they
were regularly and legally issued. and
we're . lien 90 al the real and personal
estste 10 the county issuing them. ssd
that it could not be denied that the
interest snd principal must eventually
be paid.
The great bluoder Of those who
therefore argued that Nsbrssks should
not suffer her school fund to be invest
ed 10 home securities, was in idly rest
log upon the bare fact Of this discredis
Eof those securities 10 the EAsAs ssfthoot
attempting 70 account fox It and to
remedy the fault.
Nebraska 10 per cent. county boods
go begging in the markets ofthe world
and bring, when they can Be sold, from
| so to 80 cents on tbe dollar.
CHANGING 1t the commercial columns
of Chicago daily, We zee that Chicar.
20 and Cook county seven per cent.
bonds command S1.O2 to $l.03 cents
per dollar. ssagsQiapgsof 66laln dJkgq g
our discount Of 10 to 20 per cent. tells
the tale Is wildly Is is possible.
What is the matter? It Is not that
the tax payers of Chicago and Cook
county are any more able or willing to
pay their taxes than are the property
holders of Nebraska. 1t Is not that
the debts Of the Nebraska counties are
heavier 10 proportion 70 the assessed
value Of property than the debts of
Chicago and Cook county.
A few extracts from letters lately
received BY . banker Of this city will
perhaps give all needed explanation :
LOWELL, MASS, June %, 1875.
DEAR SIR In reply.
l am sorry to say that my experiences
with bonds in your State Is such that
| dare not recommend nor offer them
for sale. Your bank holds DOW for
collection from this bank coupons Of
Lancaster county bonds that were due
January LIST last and are still unpaid,
and We have for collection 10 the hands
OF bankers in another county of your
State coupons from school bonds 10
large numbers. due at same time and
yet unpaid. Such delinquency i rare,
if not altogether wnkMoscn, amona
municipalities Of this section. As .
result, the six per cent. bonds Of our
own and neighboring cities are 10 de-
mand at q premium, while the higher
rate bonds Of the West, like those you
offer, are unsaleable here at any price;
and if the present and recent policy. OF
retaining interest due in January and
May until December, of your section
ton Of the country. is continued, your
bonds will have to be sold where they
are issued if sold at all.
Your registration is a step in the right
direction. Now follow it up BY insist.
ing upon promptness upon the part of
your collecting and Disturbing officers,
and you will see the good effects fellow.
CLINTON, CANADA, June 80, 1875.
DEAR SIR
The lack of promptness IN paying
the interest has damaged the reputs.
ton of these securities here 90 far that
they Woakd not be eues looked at"
AUGUSTA, Me-, june %, 1875.
DEAR SIR: "There
is no sale of Nebraska bonds here at
any price on account of the general
default Of payment Of interest coupons
on her school and other bonds. So
long IS this default continues, We do
not invest in any Of her securities a.
there is no call for them"
Now We ask the gentlemen known
as County Commissioners" 10 this
State, what kind of . defedse can they
make to this indictment for neglect or
non-performance of their plain duty,
and this persistent disobedience of the
law? Upon their heads rests the grave
responsibility Of running the credit Of
the State, and consequently Of piliug
up uselessly . vast aggregate of taxes
upon our property holders for the pay
ment of discount and interest upon in
terest. Il is their duty to levy taxes
sufficient to secure beyond peradven-
ture the payment of every cent of in
terest on every dollar Of bonded in
uebtedness on the very day it falls due
not . year after. Every time the
County Commissioners fail to see the
interest paid on the very day it is due,
they not only fail 10 their obligations
to the people v sworn officers, but
they fatally stab what is worth more
than oil the bonds outstanding. in dol
lars and cents, to the people Of this
State. tie credit Of the county and the
State.
There is no p~alliation or shadow Of
excuse fos the commissioners Of the