The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1879-12-17
FUNDING THE COUNTY DEBT.

Mn. EDITOR I'll herewith hand you copy
of a plan for fundingihe floating debt of the
county, as presented by myself at the meet
ing of the Board Of Freeholders, in October
last. f{fis7# sHof z 3iUs
AS considerable has been said on this sub
ject, in some quarters, and seemingly without
nieh effort to be exact, avail myself Of your
offer to print the same, IL furnished you, that
at least those who care to inform themselves
as to what the plan was or is, may do SO with.
out being biased by prejndiced statements.
The treatment this proposition has recev-
ed from the Finance Committee of the Board,
ever since its first suggestion, has been, it
seems to nae, wanting in dignity and respect.
1t may not be advisable at this time to fund
the County debt at lower rate of interest
than is now paid The plan proposed may
be defective and unwise in detail, but no at
tempt has been made to point out the faults.
The argument has been, " No bonds,o s 1t IL
spall business TO want money at less than six
per cent. ~. The debt is IN good hands," &C
The history of this may be told in few
words, AMI seems proper.
In June last resolution was offered and
adopted by the Board of Fieeholders, by
which ibe Finance COMMITTEE was requested,
or Instructed to bring forward plan for fluid
ing the debt of the county, legislation having
provided for the same. AT the next meeting
of the Board, IN July or August, the Conn
mittee reported in substance to this effect -
:" That the debt of the county was in good
hards and they did ndt favor making any
change" which was accepted by the Board.
AT called meeting, held in Bennington, iu
October, the plan here given was introduced,
and out Of courtesy to the Finance Commit
tee, asked that IT DO referred to them for
their consideration and report to the regular
quarterly meeting IN November.
AT tile November meeting the COMMITTEES
produced no report further than verbal
statement by one OF the members that the
change, neither did they return the plan th,t
had been referred to them which was explain-
ed TO he owing to the illness of Charm AN.
The Board then passed a resolution in sub
stance TO the effect that owing to the absence
of the Chairman of the Finance Committee.
&C., with whom the bill was left, aud no re-
port being had, that an adjourned meeting be
held on tile 10Th Of December, 1879, for the
special consideration Of this question of fund
ing the County debt, and instructing the FL
nance Committee to report at that time.
Well, the iOtheof December came aud the
Board met. The Finance Committee was call
ed on for their report, and they had none to
make they were opposed to " Bonds" They
were asked for the paper that bad been refer
red to them. The chairman forgot 10 bring it
along. The spokesman of the COMMITTEES, in
his commanding way, then called FOR vote
on :. bonds or no bonds" which, not striking
the meeting as very proper way to dispose
of the subject, was not put to the house.
The Clerk here gave notice that he had
preserved copy ofthe plan and could read it,
which was probably a relief TO the Finance
Committee.
1t IL extremely probable that It had been
decided beforehand by the majority that ma
plan for funding the debt Of the county
should be adopted, but those who favored II
urged the advautageof system in matters Of
finance. economy by saving of interest. fixed
time for payment Of the debt-thereby max
ing it reasonably sure to be done but thu
cry of no bonds no bonds / /" " Look al
Elizabeth" &C., las though there was an,
similarity between an issue of bonds to IN
crease debt and funding or systemizing on,
already existing.) / know of no reason fo
suspecting our county debt to be more tina,
represented. $4,000, other than the almos
universal experience Of both Individuals ant
corporations that unless perfect record i
kept, debts are apt to be larger than expect
ed, but if there was an absolute certainty o
J, something beyond what appears, the majorit
could not have been more anxious to avoi,