Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1880-09-04
COUNTY BONDS STILL UNCOMPRo-
Missed.

EDITOR INTERCHANGEABLE Is very gratifying
TO know that our county has been so successful
thus far, IN the composition of Its old county
bonds, yet some lew of the holders oil these
bonds insist that we shall be made to pay their
entire debt with interest. For this we can not
attach to them any blame or censure. tother
than IA suirIt of upiairness). l iecl that there are
sides to this, as well as to other questions
and hence this article. which 1 shall endeaVor TO
write from u business stand point.
In the early part OF the year 1873 our county
detaulted in the payment of interest on some
$500 ,O0O oil county bonds. and on December, 81,
1875, THE compromise of the county's bonded
debt was voted upon, the proposition to fund
carrying almost unanimously.
The original bonded debt of the county
amounted to 81. OILS. 200 County bonds). These
we're mostly ~ per cent. bonds. 1t required
about $50. 900 per annum TO pay the interest on
the came. The levy of taxes for ISL County
and state tax only was 81 so; for 1872, =: %;
1873, SO IS; 1874. 81 60 on the slOO valuation.
The expenses of the county Tor roads. bridges
&C., not including the 800. 900 above mentioned.
was, for the year 1871, $73 523; for 1872. S56,il6;
for 1873, s4s. 80; for 1874. s4s. Ol9. Beside This
debt We had a floating warrant debt Of some
$45. QUO. which sold for 20 to ~ cents on the
dollar. The assessed valuation OF the property
as shown by the assessment books for 1873. was
81, ls5, 64s; for 1874, 81 .44s. 800; for 1875, $780,
SCI. Add to this the merchants license tax,
dram shop licenses, &C., and the average assess
| ment the years aforesaid will be- about $500, 600.
Now let our creditors examine for themselves
and see the ability of the county. with u taxable
property OF seven and one.half millions of dollars
to meet the in terest due on the bonds without u
very great hardship. Is it not literally true that
they could not have paid the interest; and be-
| side the interest, u large number OF the bonds
| were due and being protested and sued Upon.
Our creditors were claInoring for their money.
In the latter part of 1874 and the year 1875 the
| Rrasshoppers invaded our territory, and SO COM
pIetely did they destroy our crops and vegeta-
ton, that we were forced to call upon our
neighboring counties and states for assistance.
Many farms of our county were mortgaged to
raise money to purchase the necessaries of life.
Iu this condition of affairs We found ourselves.
IN 1875. totally unable to meet the demands
against our county ami our people. A large
amount of interest had accumulated on the
already heavy debt-a debt that had been created
when the most OF our people were disiranchIscd
1t is not extravagant to say that $500, 600, fairly
expended, would have realized more advantages
to the county than was ever obtained for the
whole amount spent. In this condition of affairs
y number OF our creditors were brought TO realize
our true condition., and offered their bonds at
40 and 80 cents on the dollar. Our county court
thought it best, and used what money the county
had, in buying up bonds ut the price above
mentioned, in order to get our means out of the
reach of the creditors who were suing us. This
was the condition of Lafayette county at the
time Of the agitation of the compromise.
Now let US see what Was done to settle the
financial troubles Of the county, and ii the same
was fair and equitable to all concerned, both To
the debtor and the creditor alike. In the early
part OF 1878 various means we've suggested, ana u
number OF our creditors were consulted and en-
couraged q compromise OF the debt. A dele
gated convention, composed of prominent men
from each municipal tewDship. was called to
meet ut the courthouse. and after adjourning
from day to day, finally did, on the 29th Of No.
vember. 1875, petition the county court to sub
nit to u vote of the people, u proposition to fund
the entire bonded debt of the county ut 20 cent:
ON the dollar for accrued interest and prlncIpa
Of six per cent. bonds, and 81 cents on the dol
lar for accrued interest and principal on ten pei
cent. bonds; January l, 1876, to be the time o
settlement; the payment to be made In SIX pei
cent bonds. running % years; our good iaitl
being pledged to u faithful performance of oul
r part of the contract. AS has been stated, tn,
vote was had, and carried almost
AS soon as our terms were made known, imam,
and nearly all of our creditors who had brOugh
suit came IN and funded their bonds. Such me,
as Judge James j. Lindley, C.. ID. BLOSSOM 1
Co, Thos. Hunton Esq. E. e.. Lakeland 4 Co.
s j. W. Ow,ngs. Chas. Virgins. Donaldson 1
> Fraley, Dond. Brown & Co., Donnell & Law
son. p. F. Keleher i Co.. j. Il. Moulton, JAS
H. Rollins, Zebulon Rudd Union National Bank
st. Louis, ashington University, Auil Saving
Bank, A. E. Asbury, Butchers and Drovers
Bank. Mathew Berry, Z. H. BranscOmb, Hew
> cit Bedell, w. c.. Boone, VIM. Bcllainy, Ewin
> u Pope, u, S. Brown, First National Bank
Madison, Ind, John d. Clayton, Franklin
{ Savings Institute. F. A. Crook, Joseph Flagel
CENTRAL National Bank, b oonvllle, G. X. Camp
n bell. T.. B. Campbell, Fleming & Sears, WiliiaI
Corse. First National Bank. Lltchtield, Conn
rhos. Corrigan, c.. j. Gerger Isaac Dubois,
Glris' Industrial Fund. w. IL. Edwards, NJ. 1
+ Gray. 4. f. England, j. r.. Eckle, "A. l.. Hay
den, N. j. Powell, H.. Il Hamilton, NJ. A. Ray
f. W. Holmes, A. Rosenfeld, John d. Hagel
q. H. ROuntree. j. U. Hockaday. E. X. Shae
FER. Thomas c. jenkins. David ID. Stewart, Mr.
q n. NJ. Jones, Samuel Smith, st. Louis. Charl'
Re Kincaid, J. L. Sears, W. Il. Knott. C. r.. Tyler
Eimore A. Kent, R. 8. Todd H. Lepp, Jno. v
~ W 49, ASbAAA A~Np Oo"" - 100 . sSh''
e ton Savings Bank. Nimrod Long Union Nation
Bank, st. Louis. Geo. NJ. Marsh, Waiver
Bank, II. c.. Moore. Upton Wilson, Mucey
Id sweeney, Morrison Bank, Lexin
ton, Maverick National Bank, Texas, W.
Mason, Mathews Il Whitaker, Philip McKe
10 National Bank, Sedalia. j.. Il. Neal. Geor
70 Osborne. Dean Pray, Prichard Institute n
" many other of the best business men In the cou
try whom l might mention. Our old bonds ha
" all been compromised, save and except the 81
Ut of Sic. 400. We now have IN new 8 per Gel
Vi bonds. $50, 800. 1t will thus be seen that a lai
u majority of our credi tors have accepted the We
liberal compromise Ofiered-mOre liberal. l
eh iievs. than any other county in the state. sin
IT, larly situated. has offered. Our new bonds ha
IL the Endorsement of the people. Unlike OIL
>. counties, our citizens voted on the terms of col
promise. and are determined to pay every dt
%. lar of what has become i debt of honor. L
nc they will not pay any part of the old bonds Il
A. less compelled to do so; nor will they give
on holders any better terms tran have been Civ
he to those who have accepted our offer. 1t wOl
be plain injustice to the majority OF our cree
o. tors to make any determination, ami if any
ias made, it should be in favor of those who hs
e. shown II disposition to help us out Of our di
l" cult.es, and who have met us in a spirit of ia
e-
OF the people. and our county court feels that it
u no right TO change or alter the terms US SO vo
Ivy by the taxpayers. In order to show the sc
10 faith of our people, nnd u determination to |
es up to the terms Of the compromise, the strict
or economy has been used in conducting the ALA
OF our county. Our roads and bridges were,
EEK u while. almost left TO care for themselves.
.siI an evidence Of the determination of the peO
Se' of Lafayette county. 1t may be necessary here
state that it cost tor the year 1873 S2O, S57 to l
liz the ordinary expenses Of the county, for Is
$50. OIL; for ls17, Sis. 9GS; for ISIS, Sl9. $40;
Ms 1873, S2l. 49,; against $40, 600 for lS14 and Is
ne and SGT. 7l6 for 1872. Oar taxes for 1876. cou
Il and state. We're 81 on the 800 valuation;
UT ISL. 81 80; for 1875, 81 80; Tor 1879, 81 20. 7
Nv levy for 1873 is more than three times the amO
levied for the past year, 1873. Then Is it
!" wonder that we are now able to pay our BON
u" Aud to whom is it due ? Alike, l say, 10
county and her accommodating creditors.
VI" have no floating debt now. our warrants
a' cash; our new compromise bonds sell Tor 10
lT2 cent. on the dollar.
''' AS Il rule of business II majority OF credit
i nearly always control in the settlement or CT
'"e promise with the debtor.
"' have attempted to show why We had 10 f
ut the bonds of Lafayette county. That we In
and intend still to keep our llith with those v