Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-11-29

tkV0s ~ k4lR0S ~ W0AA SVVVu00AS SuV A0AS
Of the Indians themselves upon this point.
If they desire to remain as wards Of the
government then they should expect to be
located wherever the government sees ft to
place them.
CITY RAILROAD BONDS.
At the railroad meeting held at the court
house last evening the first step wa taken
in the direction of issuing city bonds for
the liquidation of our railroad Indebtedness.
A committee was appointed to circulate q
petition and to..formally request the council
to call a special election at which the bond
proposition will be voted upon. Should
the council accede to the prayer Of the
petitioners. after twenty days notice an
election will bs held, and should the prop
osition to issue bonds be carried BY . two
thirds majority Of all the votes cast at the
election, congress will be asked to legalize
the issue Of the bonds. 1t is held BY many
Of our lawyers that the city charter gives
ample power for the issuance of the bonds,
but in order to remove any doubt which
might exist in the minds Of persons desir.
Gus of investing in these securities, it is
probable that Delegate Bennett will be AJAX
ed to procure the passage of a congressional
measure authorizing them. The
amount Of the bonds to be Issued will prob
ably not exceed $4,000, though the COM
mittee is instructed to 90 as high as $3.50
The sum decided upon will cover
the entire expense Of securing the
Chicago, Milwaukee & ST. Paul
railroad to Yankton, including right of way,
depot grounds in Yankton, levee privileges
and q bonus of$20,000 to be given the rail-
road company.
The issuance of these bonds will enable
us to pay off our railroad indebtedness with
ease, and will distribute the expense of the
improvement equally among those who
v property in our city and will be bene-
fted by the railroad. Ten years tune will
be given for the payment Of the obligation,
and it will be 20 gradually reduced that its
liquidation will incur no hardship. During
that period, city property will be increasing
in value, new people will establish them.
selves here and new industries will arise,
all Of which will bear their share Of taxa.
tion and relieve to . proportionate extent
the Obligation imposed upon the present
population. By means of this taxation
scheme nonresident property owners will
be reached. This class of speculators-and
it OWN nearly one-half the real estate Of ou1
city-has failed to respond to requests t
aid in the procurement Of the railroad, will
two or three exceptions. They have recog
nized the importance Of the improvement
and have, doubtless, congratulated them
selves that the value of their Yankto,
property would be greatly enhances
thereby, wholly at the expense Of residen
property owners. Through the authorizs
ton of bonds to be paid BY taxation thi
class of people will be made to share th
burden with Us. and it is no more than ia.
that they should be 90 reached. In ever
community there are 4 few men imbued wit
20 strong an affection for the mighty dolls
that they can never be coaxed into givin
from their store for the benefit Of the publ
even though their own condition is thereh
improved. They are willing to permit the
mere liberal neighbors to incur all the Z.
penso while they share in the profits. Yanl
ton is not entirely exempt from this ella.
There are men in our city, of abunda,
means. who have been asked to subscribe
the railroad fund aud have psrsistently d
clined. The bond and taxation scheme ii
reach them, which is another argument
ito favor.
We believe that public opinion is strong
in favor Of the issuance Of bonds in .,
msnt Of our railroad obligation and Ne no
the proposition will b put to q vote
speedily - the Law will permit. The nee
sity for securing the railroad is 10 appar.
that no man with progressiveness in his ,
turs viii question the PROPHECY Of the
vestment. If We were possessed Of
abundance Of ready means it would be m,
economical to put up the money at once ,
rid ourselves Of the obligation and save /
interest thereon. But q We are mot in 4 q,
condition financially, the proposition
Issue bonds is the most sensible one vet
vanced. Money dealers assure us that q,
bonds would find ready market It ii
per cent. interest and could probably
placed very nearly or quite at par.
New York barrel cider By the glass, AZ
pr gallon At J~ENKINsoN's,
Third street