The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-06-04

are illegal, and the payment of them can
besucccssflll,y resistcd.. In difference to this
il is to bo'obscvpd that thk ilIegality, q
it exists, can onlybc dctcrnincdat the e.
pim,ion ofNeNation and cNpcnsivelaw suits,
which would last for n number of years,
probably eight or'tcn nj least, and ms in a
great majority Of the Late legal decisions
in municipal bond leases, the lcanings of
the superior courts have been in favor of
the bond holders, the probabilities are lthat
most of the cases, in which the city and
county would he interested, would he de.
cidcd against them in the end, While these
cases are pending, from the uncertainties,
vcNatons and annoyance cngcndcrcd by the
contest, check would he given 10 the adj
ymccmcni and prosperity of the. city and
all is interests would materially suffer and
langush. If defeated, the city and county
would bc in much worse condition to
compromise than now, and il seems To your
committee that at such Il point, with such
result, they would he confronted with the
most serious financial difficulties and EN-.
baua>smcntS.
Uuon review of the situation il seems to
your committee that it is entirely within
the ability of the city and county to carry
the burdens, whatever they may he, which
will he thrown upon them blythe acceptance
of the proposition Of compromise suggested
by the Funding Association, and that with
an economical administration of the city
and county affairs the taxation for city
purposes will not he materially increased,
if at all, beyond what now already exists
excluding railroad interest tax, which is
provided for in the proposed funding ar
rangcmcnt and all other taxation will bc
SO inconsidcraby increased by the add-
ton Of county railroad interest tax, that
objection on that ground should not hc Tn.
tcrtlincd, ;, :, TAYLOR,
PAUL G.. SCHUu
p. w, BARCLAY.
Special Committee.
JUNE !, 1873.
The report having been read and consid-
cred the following resolutions wire present
cd 10y Mr.. Taylor and unanimously adopted:
Resolved, That in the opinion If this COM
mittcc the arrangement for COMPROMISE Of
the bonded indebtedness of the ely of Cairo
and county of Alexander, as proposed by
the funding association OF New York, and
as set forth in the report now submitted for
consideration, ought to he accepted by the
city and county.
Resolved. That said report he referred To
the taxpayers association with recon-
mcndation that they have said report pub
lishCd for the information of taxpayers and
voters, and that il be recommended to
said taxpayers and voters TO cast their
votes for the issue 10y the city and county Of
new bonds in furthcrancc of the proposed
funding arrangements, whenever the uucs.
ton is submitted to them, provided AN
understanding is had with the city and
county authorities that if said funding ar
rangcmcnt is adopted no portion on princi-
pal or interest Of any Of the bonds of the
city and county now outstanding shall ever
he paid, except as agreed upon under said
funding arrangement, until every means Of
defense and contest against payment of said
bonds and interest shall have been exhaust
cd in the courts and otherwise, said au-
thoriticS agreeing to furnish the funds to
dctlay the reasonable expenses Of said con
test.
On motion the meeting adjourned.
H. WARDSER, Chairman,
i. +, BLAKE, Secretary.