The teller. [volume] (Lewiston, North Idaho) 1876-1878, 1876-12-23


low to creditors ten per ceht.R difference
upon the principal Of their old bonds, but
none on accrued interest. Permit credit
ofs to make exchange imme diate and direct
at5the Treasury, repeating so much of the
Act of 1875 as require advertisement, pro-
posals and sale. The new bonds, already
issued. have now but eight years to run.
AS the Territory gains seven years longer
time, and does not pay the interest or differ
ences on the interest now due them having
already exchanged at par, and are to be first
paid, will suffer no hardship by reason of
their generous acceptance of the terms OF
the existing law; especially as it would be
proper to place them on the gold coin ba-
sis established for the new issue. The
prompt adoption Of measure Of this char
acter, will, it is hoped, so far improve the
credit of the Territory as to justify pro-
vision allowing but FIVE per cent. difference
on bonds exchanged after the expiration of
the first halfye and none after one year
assuming Of course, that certain and full
provisions will be made and carried out,
for paying the interest when due.
sit is also worthy of consideration " beth
ef it Is not sound economy to put the war.
rant debt into currency bonds having suffi
Gent time to run to give us the advantage
of growth in population and resources.
Let this be done, and a.sure income pro-
vided TO pay as we 60, all our current ex-
penses as well as interest. This will justi-
fy the repeal of the law under which we
now pay ten per cent. interest on warrants
which we sell at thirty per cent. discount.
Fol, example, your present contract to pay
the United, States one dollar per day in cur
rency for boarding prisoners, is complied
with by giving warrant for one dollar
and thirty-three cents, bearing ten per cent.
interest. IN Just Ave years, the one dollar
becomes two. All purchases made for the
Territory and all service must be paid at
the same rate. Thus poverty becomes a
crime, to be punished by increasing the
burden, as we become more and more un-
able to bear it. y It will be better economy
and more satisfactory to public creditors,
to provide with certainty for all current
payments of interest and all expenses as
we go, thus bringing our credit up to par,
before undertaking to pay the principal,
for when in this condition our bonds will
be sought by capitalists as profitable in
vestment, instead of being spurned from
the market Fee#.E$& ##&g
While it is desirable that the rate of tax
alton in the counties be uniform, and the
burdens imposed made equal, it remains
necessary that the Boards of County Com
missioners, who best understand the wants
and resources OF their own constituencies,
have charge O. that matter. ~ # #fa
II In the present condition of our indus
tries = and the diminished resources of the
people, compared with former times, it is
IN OF regarded wise or necessary to increase
rates of taxation. The sum now leeied, if
Ga refully collected and expended, is enough
Ito serve all county purposes, and bring
sufieienttO the Territorial Treasury to pay
In cashaall cnrren Mt expenses and interests on
the, public debt; also. under necessary re-
forms in our financial management aud the
return of prosperity, to provide for the
steady reduction of onr deferred debt. All
that is wanted to secure this result,is to so
adjust the laws that certain sufficient
amount shall be brought into the Territor-
ial, Treasury, above and beyond all costs
Of collection, and all appropriations by
county authorities. 1t appears TO have
been formerly the habit of County Commits
ioness to make allowances upon and
charges against the Territory and ordering
them. paid out OF. Territorial fu nds--the re-
ceipts the refors being returned to the Terri
torial' Treasurer, aud improperly allowed
by him as cash; whereas the money ought
to have been paid In and the claims pre-
sented for audit to the Comptroller who is
Fnhareed'by law with that duty. The SOLD
tion does not seem difficult. It is only de-
cessary to ascertain what per centage, or
proportion Of the amount collected, will
be required for Territorial uses, leaving
IN a 70 n, a IN AZ ~ Tho d;sroco1 ~ tho pro1nr
authorities of the counties, who, acting in
the presence of their immediate constitn-
euts, will not be likely to fall into error.
1t is certainlyth the desire Of every good cit
izen and public officer to restore The pub
lie credit-to save as we'll as to get: and
to so adjust the machinery of adminstra-
ton as to accomplish the object without
clash ofinterests. or conflict of authority.
There are many ways in which. expenses
may b reduced, at the same time giving
ORR ater ef; eiancv in rho nuhlic eervice