Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1880-07-03


The fiscal term Of the County Court was
held on Monday, aud the most interesting part
of TIE proceedings was the clear aud satisfac-
tory explanation made before the Court by
Hoo. f. Boyd Faulkner, Of our bonded IN
debtelness. Until we heard Lis explanation
&C had not before so clear 80 understanding
Of thIs important matter. We will not under
take to give even q synopsis Of lis remarks,
but dotted down some facts aad figures which
he presented which we will endeavor to give
TO our readers 10 as plain manner as possible.
Mr. T. commenced by stating that tie county
Of Berkeley had on the 2Ed Of January, 1871,
Issued iu all Of tic construction Of the Mar
tiusburg ard Potomac railroad ) 40, goo 8 per
cen,um bonds, non taxable, which were not
nayalle bv or demarGable of, Tie county IN
iii 1880, but there was an express reservation
permitting tie county 70 pay them oii and
discharge them in ten years from their issue,
or on TIE 2nd day Of January, 1881. The 10
,eress aud commission alone we're costing the
county ANNUALLY not les than Sl0,0s0, and
,he Gnanc,al condition Of the county was very
different ffom what it had been wien these
bonds were Issued. 1t was necessary 70 de-
wise soge fair and h0rest plan to relieve the
az.paycrs OF this drain upon them, aud to pre-
serve the high credit Of tic county from being
effected when the bonds would mature. Our
C5unty Court. not deferred fton performing
,beir duty, although every lutefcss in The
coua.r7 was greatly depressed and partial re-
nuaiat;on was al every day occurrence,
promptly sccecdcl TO every proposition lcok-
inc TO an honorable discharge Of the bonded
Obligation upon the county. Il was imposSI-
BE by taxation to false the necessary amount
in 50 short time. Consequently they resort
ri 70 flat rlan which would insure succcss
and not he too burihensome 70 the clilzens.-
They obtained from tho Legislature two laws
lsi. In 1877, authority to create " sinking
fund" and every dollar paid iuio i, was TO be
applied 70 the payment Of tic bonds and could
MT be diverted from that purpose aud u, 10
1879. the county was authorized 70 issue SOB,
900 Of taxable 6 per ceutum bonds, the pro-
ceeds from which eau only be applied to pay
ine Of the aforesaid bonds or excbnused lor
them.
Under the arrangement thus made hy tie
court aud through the legislation obtaiLed by
Mr.. Faulkner. Iy the 2ud of janEary, 1881,
every one of tie s per ceutum bonds wiil have
been paid Of or exchanged, aud tie coenty
viii te relieved Of al aunual drain upon it for
interest and commission alone q about : .fC5,
besides having these bonds bearing iLeif just
rroror.icu of The taxes which weigh SO heayi-
iv urou all e Us. Whatever may be said Of
,fr Ceuutr Court, CT their administration, they
cc,tslnlr deserre great crodi, for the mahly,
and honorable aud faf-seeing courso they have
rnrsucl in regard 70 tie county bonds, end II
their sceptcr shoall pass into oihcr hands
through the voice Of the people IN ociobcr
next. we can ooly hope tiat in 1921 their
succ, ssors will be as wide awake 20 the
Interests Of TIE county, and our cfedit
,hcn be frst-class as i; Is to-day