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


ton 10 the holders our bonds which is reas-
enable aud winch will De accepted. This
is q matter Of tie greatest importance and
must be settled We want to lit the bur-
den We are now bearing He believed there
il difference in boDds, that some could
not be compromised as chesply as Others.
The holders OF court house bonds would not
compromise so chesply as those holding
railroad bonds.
/ Mayor Umne,hun said he could not
speak for the Third Ward, but would give
his own views upon the subject No reso-
luton which We could pass would compro-
mise a Jingle bond. We must 60 to the
men who hold the judgments against us
aud make the cornpromise With THIN.
Nothing can be accomplished at So cent.
and Z per cent. interest We are paying
10 per cent on nearly all of cur indebted
ness. We must meet the bond holders half
way. We want an enabling act from the
Legislature which will give us some scope
in the settlement of the bonds. We want
new bonds to run 80 years, with the privil-
eye of paying them at any time after five
years Judge Dillon stated that we could
no; ask The bondholders to accept a new
bond unless it ia better one than the old
The Law in :he State Of Missouri is to the
effect that county or city can compro-
mise its Indebtedness at rate not TO ex
coed it, face value, that is the Indebtedness
shall not be increased by the compromise,
the interest not to exceed & per cent. We
have no law now which can do any good.
The city has already compromised $4,000
of its Mo. K. K. Z. bonds at a rate not eX-
ce.ding so cents, interest at per cent
1 IL L.
terest on all our other city Indebtedness,
other than railroad bonds We must pay
or the court will make US do 20.
Mr.. Shire asked what was the value Of
the new nds issued by the county, and
said 60 cents had beeu offered
Mr. Ummethun said he did not know.
He said there was now i, the city treasury
about 81 900, barely enough to meet cur
rem, expenses
DIR. ID. W. Thomas said il seemed to be
the general expression that the County
Board ought TO have authority to compro
mise. The Indebtedness Of the county
other than the railroad, ought to be
funded at its face value, at low
rate of interest II we lift
our present burden property will rise in
value, and the assessment can be raised.
II We can compromise according to the
resolution passed by the meeting Of the
city taxpayers am sure, for one, would
be willing.
Mr.. Rush submitted the following reso-
luton, and Mr.. Fiesher moved its adop-
ton:
Res1lred - That We instruct our
members Of the Legislature TO secure
the passage Of .neral law, applicable
specially TO Leavenworth cOunty-author-
izing our County Board to issue bonds to
run not more than thirty years, redeemahle
at the pleasure Of the county after fSe
years and to bear rate of interest not ex
ceeding per cent, to bond our entire in
debteduess at not exceeding 80 cents on the
dollar.
Col. Anthony said that SO long as the
people raised dollar to pay the interest or
principal upon our Indebtedness we can
never compromise.
DIR. Ne.l.y stated that the Indebtedness
ef the city and it- prCpnr,ion Of the county
Indebtedness amounted 10 about 80 per cent.
of the entire valuation Of the cIty, while
the Indebtedness Of the county amounts to
about 10! per cent of the county's valua-
ton the resolution passed at the city
meeting was the payment OF 30 cents on our
principal debt merely, and tie county can
better afford to pay than the city.
Mr. Rudolph Drews, of Kickapoo, said it
il GOV a bare matter as To whether the peo-
pie can live in the country or not How is
the price Of our products to-day? Can any
man make more than the barest living
We are getting deeper in the mire every
day. III We compromise now at nifty or
thirty-ive cents We must 60 through the
same process again IN a few years. We
must be cau,ious What We do We must
do in good faith, but We must not starye
ourselves out. The city will never pay
even fifty cents Let us be honest but fair.
Twenty cents is all We can pay.
Mr.. /. Il Dutton said We must do some
thing. Everythin We can rake and scrape
gees for taxes. Let US get together and
make arrangements TO pay our debts. We
ought TO turn over the settlement OF the
matter to the County Board. We want the
Legislature TO allow Us to issue new bonds
that will hold water.
Mr.. Z. Il. Grover, Of kickapoo, moved to
strike out tie word fifty" and inser;
twenty CENTS" in Mr. Rush's resoln-
ton, but the motion was not seconded.
He said that at tie last convention Of
this kind it was said that We will not repu-
diate but will pay all We can and then told
the County Board to compromi-e at thirty
FIVE cents. Now our debt has been increased
BY 100000 and the price Of our products
lower than then, and some men propose to
compromise at fifty cents. III this goes on,
next year We will want to Compromise at
seventy five cents.
DR.. Callahan moved the following as a
substitute for Mr.. Rushs motion:
Resoiued - That We request our
| 81 II ell IN
county an enabling act to compromise our
bonded Indebtedness. railroad bonds for a
sum not to exceed so cents fl at on the dol
lar and not TO exceed per cent. interest;
thirty year bonds.
Colonel Anthony said this is not ques-
ton of honesty but OF prsc liability. Ii our
debt was a. sacred "a Infnity itself, it is
not the question to pay it when it brushes
out the great majority of the people. We
can't afford to favor the few at the expense
of the many. We can take the 100000
now in the treasury and Inf $500, 900 OF our
debt with it.
| Mr.. Hershfield said the more sacred the
bond the lower the rate at which it should
be compromised. Government bonds are
good al per cent. 1t j. profigacy to pay
S67 900 into the treasury every year to pay
the interest upon our indebtedness and ex-
pect the bondholders to accept a compro-
mise. We are suffering now from our own
extravaganza.
Mr.. c. W. Currie said the producing
glasses Of the county were unable to pay
their taxes. We sometimes feel like saying
that We will pay neither principal nor in
terest on our debt until the bondholders
agree to compromise. As long as We keep
| paving the interest how can we eI pect them