The Portland daily press., 1879-06-11
WEDNESDAY MORNING, JUNE IL.

half million more than its liabilities. and that
Sin making the proposition to pay fifty per
cent the Selectmen concede that the assets of
the town are twice as great as its liabilities"
Admit it, and what follows? That Wiscasset
stands in the same position as private indi-
vidual whose debts are $4,000 and whose assets
are $4,000? Not a bit of it!
The value of any bankrupt's property is-not
what he values it at; not what it may be actu-
ally worth to him, not even the sum at which
the assessors value it; but-ochat 1t acM bring
an open market at a forced sale. That, and that
ony is its value so far as its availability to pay
the bankrupt's debts is concerned.
In the supposed case of the individual owing
$4,000 and being in possession of $4,000 in real
and personal estate, his ability to pay is self
evident Whether his assets be disposed of by
himself or by his creditors, there is no doubt
but it will bring in open market at least half
its value. Capitalists are ever on the alert for
such opportunities and there would be no
trouble in dsposing of the property
But is this parallel case? Let us see:
Suppose a Lewiston gentleman holds an over
due Wise asset bond of $1,000. Suppose he
sues the town; RECEIVERS judgment; execution
issues-what then? Well, the sheriff may find
sufficient personal property, not exempt from
attachment, and by levying on much larger
amount than his execution calls for he will
have no trouble in satisfying his judgment;
because such property may be taken out Of the
torn and no longer be liable to seizure, an salts
faction Of any other claims Wiscdssets creditors
may hare But the personal property of Wiscas-
set is limited; from 1896 ,073 in 1865 it has de-
creased to 1886, 434 in 1878, and it is daily being
transferred to other and more favored munich
palities. People who have a taxable surplus of
personal property will not remain in a town
where the rate of taxation ranges from six per
cent upwards-and even the United States
Army cannot compel them to! We see there
fore that the 1886, 434 worth of personal estate
reported by Wiscasset's assessors in 1878, is
likely to be very much reduced before any con-
siderable amount of the bonds become due
unless compromise be agreed upon.
What then remains to pay the debt? The
real estate. Now, whether the real estate of
the town be valued to excess not sufficiently
on the books of the Assessors, ready to
admit that it is ample to liquidate the debt
provided
l. That it may all be taken without reserve,
BUSTING from their homesteads rich and poor,
the mechanic, the small farmer the day labor
er, all who live within the limits of the town,
and thus turning upon the public for support
large hummer u p6TSOuS WUO HOW, DIT least, are
self-supporting. And, also provided:
2. That the real estate thus taken and sold
shall thenceforth be exempt from any liability,
either for principle or interest of the present
Indebtedness of the town, and taxable only for
ordinary town charges and-of course-Such OBJ
legations as the municipality may hereafter in
cur But, unfortunately for the Journals the
ory there is at present no law upon our statute
books authorizing such exemption.
What then? Well, let us see: Our suppo-
lou NV, IL
execution served by the sheriff or U. S. Mar
shall and backed up by the U. S. Army, lev
les on piece of Wiscasset real estate, valued
by the assessors-at $4,000, an ample amount to
pay the debt, one would say. Perhaps, let us
see again: Another Lewiston gentleman-pre-
ferring the beautiful seaport of Wiscasset to
the sands of Squirrel Island for a summer res
idence-becomes the purchaser for sum bare
" sufficient to pay, the bond and costs of suit
ga good bargain" our Lewiston friend con-
graduates himself. Well, again, let us see:
Next day, or next week, or next month";
comes Bath capitalist with another $1,000
bond on which he has sued, recovered and on
which an execution has issued. And the Bath
man owe say Bath, but it is just as likely to be
Wiscasset man; for some, at least, of the
bonds are held at home)-good and suf-
fcIent reasons him thereunto moying-levies
on the same $4,000 piece of real estate; which,
although SO recently purchased by the Lewis
ton capitalist, is still liable for Wiscasset's
bonded debt-to say nothing of the chances
that itmay at any moment be levied on to salts
fly the claims of its original owner
1t is offered for sale. VIII any other CAPT.
talist OF Bath, or Lewiston, or Portland or
elsewhere make haste to secure the 'good bar
gain?" Or what will happen?
Is it not extremely probably, to say the
least that after one or two such transactions
in real estate, there will be but few buyers in
attendance at forced sales of Wiscasset proper
ty? Is it likely that there will be much ankle
ty manifested by capitalists to invest their sur
plus cash in interminable law suits?
Perhaps. But it is very doubtful.
And then? Well, then it is yery probable
that the holders of Wiscasset town bonds will
themselves be the moving party to a compro-
mise, and will be anxious to see what amount
can be paid. What rate of interest and what
rate OF taxation the inhabitants of Wiscasset
can stand and live WooD.
Paris, June 9, 1879.