The Leavenworth weekly times., 1878-03-07

III BidSC VI at plCSCut Cb ,cJU COuDOuS,
SIS, 800 a new debt S475, $40. The interest
on the new debt will be SIS, 800, in place of
500, 600 now, and only $4,000 more than
the present interest on c. II. and interest
los 40 per cent. per 500 tax will pay the
entire interest on the new county debt. In
your present levy, you have interest on los
4! cents on c. H., so cents, judgments 80
cents, funding SIS and los, Is cents; total,
S2I cents. So that allowing % per cent.
for delinquent taxes. the new levy will be
80 per cent per 800, le-s than the present,
with the additional advantage of Si96, 600
less debt.
For the city schools, los we
propose the interest shall be reduced from
10 per cent to 6 per cent. the principal of
the bonds remaining unchanged.
For the city We propose the Mo. Pac. rs
with matured interest, coupons or judg-
ments be compromised at 35 per cent OF
amount payable in new G's. Series i, in
stallments los, cemetarys los, and 1865
los interest TO be reduced to per cent,
principal remaining unchanged.
These propositions, we think, are all per-
fectly fair, and believe they will be readily
accepted by bondho!der --.
Our commission would be per cent on
the amount of all bonds. natured coupons,
and interest or judgments actually ex-
changed.
After the reading Of the proposition, a
long discussion ensued, in which the major
ity OF the ntlemen present took part.
Mr.. IS. Richards, OF the County Board,
said that various parties holding tie bonds
OF both city and county were now ready TO
compromise upon liberal terms, who at first
would not listen to less than seventy-five
cents, and who now, he thought, would be
glad to accept fifty.
MIR. Hershheld suggested that the bonded
Indebtedness be compromised, issuing new
bonds to run thirty years with interest at
per cent, one-thirtieth of the principal TO be
paid every year.
Mr.. John +. Richards objected to the last
clause in the proposition OF the syndicate,
1t being entirely too ambiguous, and imply
ing doubt as TO whether tine syndicate
would take the entire Indebtedness of the
people, or only SO much As they could dis
pose of. In case they disposed of either the
whole or part, the people would be forced
to pay them their commission on what they
had disposed Of
Mr.. Wilson, chairman, was of the opin-
Ion that syndicate could manage the mat
ter much better than either the County
Board or the City Council, but was not in
favor of including either school or court
house bonds in the compromise, as these
were the only bonds, of all voted, from
which the people had received benefit. lie
was in favor OF the compromise of all our
railroad Indebtedness, but not that which
arose from the school and court house
bonds.
Mr.. B. S. Richards, referring to the prop
osiiion of Mr.. Hershfeld, to issue thirty
year bonds, said the Legislature had fixed
the limit at twenty years. He thought,
however, that the Indebtedness might be
compromised at either sixty or sixty-fve
cents.
Mr. Hershfeld then amended his origi-
nal suggestion by proposing the issuing of
new bonds, worth three-fourths the face of
the old ones, to run twenty year,, interest
at per cent, one twentieth of the princi-
pal payable annually.
Mr.. J. +. Richards said the people must
reduce the debts now overhanging them,
in order to enhance the value of their prop
erty, and the only way to do this was to
compromise. A city or county, when EN-
barrassed, should do as a merchant would
do under similar circums ances.
Mr.. Wilson said that one of the heaviest
holders OF Kansas Pacific bonds had writ
ten him, saying that the people Of this
county were as well able to pay their debts
as he was to pay his, but thought a reason
able proposition made by the county to the
bondholders would be accepted.
II