The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1879-01-09

, | III. tNutINOH.
Your committee 10 whom was referred
the matter Of the bonded indebtedness CT
the city, have given the matter careful con-
sideration and beg leave to make the fol-
lowing report:
We find that the indebtedness OF the city
is as follows:
No. II r. bonds ACKNOWLEDGEMENTS $3.50 ooo
Interest on same. OBSERVATION-DISCLOSURES. 8. $50
Mount Muncie bonds .................. 1000
Interest on same. 1000
10 per cent. funding bonds. -. i42,@
IL per cent - .-- 80 1850
school bonds. ---...-.....--.--.-..., Hs,2e2
Totai.......,..........................sa,0,ss2
The county Indebtedness We find to be
81 ,067 20 l6, making it grand total Of
Sl,75S.l3
The debt Of the city proper AID the city's
proportion OF the debt of the coun
amounts TO 81 ,224, 2i70S.
This j. over 80 per cent Of the assessed
value OF al the properly in the city and is,
in the judgment Of Your committee, bur
den which il is impossible for the people 10
bear.
In view of this feet your committee
would recommend The reboniing of the
Indebtedness .Of the city proper at
a rate not TO exceed so per cent, face
value, and at a rate Of interest not to
exceed per cent. per i-nnup, and also,
that the schcol bonded debt be rebonded
al their face with a rale of interest not to
exceed > per cent. per snnum.
This would reduce the debt Of the CITY,
including school debt, Si24,3l 90.
The interest on which, at 8 per cent,
would amount 10 So, 60 and TO paw
this it will require levy for interest Of
miIls, sGd 10 this mills for general fund,
) mills for school general fund and 9 mills
for sinking fund and you will have a levy
for the city alone Of l. mills
Should the county rebond lis Indebted
ness a. the same rsie, with interest at 5 per
cent, it will require S27 900 to psy the in
ierest and neCe-si,ale levy Of 5 mills for
interest alone. /
The State tax, and for o!her purposes in
the county will require levy Of - mills
more, which would mske 20 mills for the
county and l. mills for the city, or a total
tax in the city Of 81 mills. This, in the
Judgment OF your committee, l. a. heavy a
tax a. the people # the city osn possibly
bear
All of which il respectfully submitted
J. l. ABERSATHY,
Chairman.
Col. Alternately stated that as a member
| OF the committee ne objected 10 one part OF
the report, which Was chat lie didn't think
all the bond- were alike, and that he didn't
think they should all be compromised alike
or at the same figure, as for part OF the
bonds voted We have received nearly full
value. He would be willing TO rebond our
railroad indebtedness at , cents ON the dol
lar. Our 10 and per cent. bonds should
l.. IL H.. Il.
Muncie and the railroad bonds re-
bonded at 80 cents or less.
Col. Anthony moved that tue ciau in
the report referring 20 the school bonds be
stricken out.
Mr.. John Wilson said the committee
took the ground that the schCo, bonds
were the most sacred bonds We had, and
also that - the state held, sbUut $50 COO
Of our school bonds, the committee thought
that TO compromise them would hsve bad
effect on the passage Of ihe enabling act 10
compromise our indebtedness
Dr. shoyer thought there we're other
bonds lust as sacred "a the school Joads
Colonel Anthony said thst according to
the decision OF cur ccuris all our bonds, were
legal. The report CT The conmi; &c WAS
fair one, but tie real facts always exceed
ed expectation. The estimsted thirty-seven
mills cannot be relied upon, and ten or IF
teen mills could be sided Tor contingencies
or exigencies. The holders Of me bombs
are willing 10 compromise, if all classes Of
bonds are treated aiise.
Col Swan said ali our bonds sTe not alike
Our school bonds are selling al ninety five
cents, and other bonds, the Platte City d
For: Dss Moines, for instance, we're selling
at seventeen cents. II would not be fair 10
settle all the bonds at the saue figure.
Mr.. J. ". Spratley said that VIXEN the
bonds were issued they were ali siike and
the same was paid for Them BY holders,
and be didn't think one was any more ga
cred than the elmer Allour hondsare gal
and there should be no Discrimination IN
favor of any particular one.
Mr., GRANGER stated that he Was one OF the
committee who opposed the rebondiug u
the school bonds at their face value, out
the idea OF the committee wac policy, as il
might aid in the passage OF the enabling
act they wanted TO get throagh. lie didn't
believe in discriminating in favor Of one
bond 50 against another.
Mr.. Fiesher said the school bonds were
selling al 80 and 95 cent?, snd the railroad
bonds at IL to % cents.
Judge Ide thought there ought 10 be
some discrimination in the bonds and they
should not all be compromised ST the same
figure.
After quite an animated discussion par
ticipa;ed in by Mr.. r. \. Hershfeid, Mr.. Bur
rows, DR.. Neeley, Mr. Spratley, Mr.. John
| Wilson, Mr.. j. +. Richards, Mr.. n'Fsrrell,
Judge Ide and Others, the motion Of Col.
Anthony 10 strike out from the committees
report that clause referring TO the school
bonds IVES carried.
Col. Anthony then submitted the follow
ing resolution:
Resolrcf-Thst we are in favor OF slch
legislation as will authorize our local
authorities to rebond all our bonded in
debtedness at not more than fifty cents on
the principal debt.
Col. Swan moved 10 refer the report of
the committee back 10 the committee, the
City Council and the mayor, they to see
what compromise can be ms!e with the
bond-holders.
Mayor Ummethun sid the city and the
county officials were in contempt ard Al
! the March term Of the United States Court
the eight members Of the Council and the
three members of the Board of County
Commissioners, will be in custody OF the
United States Marshal unless they make
the levy. We must talk soberly and seusi
bly about this matter. What We want is
an enabling &C: to compromise our indebt-
edness at as low rate OF interest "a pcssi-
bic and to put OF the day OF payment as
long as we can.
Col. Swans amendment TO refer the re-
port Of the committee back, was lost.
Judge Ide;s resolution. 10 the effect that
our bonds be divided into two classes, one
Il L Il