Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-02-15

Warning.
Notwithstanding the amount Of dis
cussion that has taken place in the
newspapers md on the streets about
the compromise OF the immense debt
Of The city that was agreed TO last sum
mer, there are many Of our citizens
who do not yet understand il. 10 the
citizens meeting Of last Summer, aud
10 the meetings held In the city recent
", the best feature OF the cnmpromise
was not even referred TO. We refer to
the immense reduction that was made
in the rate of interest. The old bonds
bear s aud 10 per cent. interest-most
Of them 10 per cent,-the rate agreed
upon for the cOmpromise is 8 per cent.
-hu, very little over half the old rate
TO show the effect ii the compromise Is
completed, we give a few figures Tor
our taxpayers 10 rcl CT upon. The
bonded debt of the city, with accrued
, interest, amounts Ia round numbers 10
$4,000. The cum may be q little
more or a little less than this figure,
but this l. near enough for the iilus'ra-
ton that we wish to give. The com
promise reduces this dcJt 10 S36O,OOO
and The rate Of interest 10 3 per cent,
To provide for the intcrcstN will require
only $l8, 600 year, and the Mayor In
forms us that the city can save more
than this sum every year, II she can get
money to pay cash for current expenses.
II the compromise is defeated by delay,
or by any Other method, this immense
debt, $4,000, still hangs over tho city
bearing this large interest, and the city,
not being able to secure cash TO pay
current expenses, will be again forced
to issue scrip at a loss from $4,000 to
$4,000 annually. If the holders OF
the bonds have any claims whatever
on the city, it Is far better for us to
carry out this compromise, and provide
the SIS, 900 annually, than 10 attempt
any scheme 30 dangerous as repudia'
ton. 1t they have no claim upon US,
We acted very foolish last Summer to
agree upon the figures Of = compro'
mise.
But 10 show where it would lead US
10, let US suppose that nothing Is done
during tue present sessio of the Leg
islature to carry out the compromise,
aud to use the language of some OF our
sh%ort.sighted citizens, we "allow
the matter to rock along The bond
holders who have judgments would i'm
mediately attempt TO enforce them.
Oh, but they can't do It, say the rock
along gentlemen. Now, how do they
know they can't do 1t? As a matter
Of fact they don't know anything of th'
kind. Some law gers say they can't en-
force their judgments, aud Others say
that 1t Is only a matter Of q very shor
|. time for them to sccure them. AM
during all this time the city will haVl
to fee lawyers, pay current expense
!, in scrip at an enormous loss, will
, the debt growing larger and large
at the rate Of from 100000 10 $7O,OOOi
! interest every yearl Yet there ar
some who want to change the figure
'e of the compromise from 100000
C. 100000, and take the risk of defealin
u the compromise altogether. Why,
: this can be done it would only saw
$4,000 a yearl The interest by the pre-
: ent figures is reduced from over $4,000
. a year to $4,000, yet these fe'
(.bsll we call them regulators
'e are still unsatisaed and lnsiI
upon this small difference, aft
the other figures were agreed upon
. the citizens and the entire Board
IL Mayor and Aldermen, even If the cor
e promise is defeated altogether by th
IL course. Citizens of Vicksburg, '
Il have given you the facts and the Fl
d ures, and we warn you that you ca
III not affordIto take this risk.
-
o- National Commercial COnVei
GlOn.