Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1880-06-19
SINKING FUND AND BOND
ED INDEBTEDNESS OF
BERKELEY COILNTY.

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The fiscal term of the County
Court was held on Monday, and the
most interesting part of the proceed
ings was the clear and satisfactory
explanation made before the court
by the Hon. e. Boyd Faulkner, of
our bonded Indebtedness. Until we
heard his explanation we had not
before SO clear an understanding of
this important matter. We will not
undertake TO give even a synopsis of
his remorks, but dotted down some
facts and figures which he presented
which we will endeavor to give to
our readers in as plain a manner
as possible. Mr.. +. commenced by
stating that the county of Berkeley
had on the 2nd of January, 1871, is
sued in aid of the construction Of
the Martinsburg and Potomac rail.
road $4,000 per centum bonds,
non taxable, which were not payable
or demandable of the county until
1890, but there was an express reser-
walton permitting the county to pay
them off and discharge them in ten
years from their issue, or on the End
day of January, 1881. The interest
and commission alone were costing
the county annually not less than
$10,080, and the financial condition
of the county was very different
from what it had been when these
bonds were issued. 1t was neces-
sary to devise some fair and honest
plan to release the taxpayers of this
drain upon them, and to preserve
the high credit Of the county from
being effected when the bonds would
mature. Our County Court, not
deferred from performing their duty,
although every interest in the county
was greatly depressed and partial
reputation was an every day occur
renee, promptly acceeded to every
proposition looking to an honorable
discharge of the bonded obligation
upon the county. 1t was impossible
by taxation to raise the necessary
amount In so short time. Conse-
quently they res0rted to that plan
which would insure success and not
be too burthensome to the citizens.
They obtained from the legislature
two laws: 1st, in 1877, authority to
create "sinking fund.-" and every
dollar paid into it was to be applied
to the payment of the aforesaid bonds
and could not be diverted from that
purpose; and I'd, in 1879, the county
was authorized to issue $105,000 of
taxable 6 per centum bonds, the pro-
ceeds from which can only be APP
piled to paying off the aforesaid
bonds or exchange for them.
Under the arrangement thus made
by the court, and through the legis-
lature obtained by Mr.. Faulkner, by
the I'd of January, 1881, every one
of the per centum bonds will have
been paid off or exchanged, and the
county will be relieved of an annual
drain upon it for interest and COM
mission alone of about So ,465, besides
having these bonds bearing their
just proportion of the taxes which
weigh so heavily upon all of us.
Whatever may be said of the County
Court, or their administration, they
certainly deserve great credit for the
manly, honorable and far-seeing
course they have pursued in regard
to the county bonds, and if their
scepter should pass into other hands
through the voice of the people in
October next, we can only hope that
in 1891 their successors will be as
wide awake to the interests of the
county, and our credit then be first
class as it is to-day.
HISTORICAL SOCIETY OF