The river press. [volume] (Fort Benton, Mont.) 1880-current, 1880-10-27

5GZ o2
county was known to have an Indebtedness
OF only about eight thousand dollars, and
when the assessed valuation was one million
dollars and the taxes sixteen mills. county
warrants were sold for ninety cents on the
dollar. Now, when the Indebtedness of the
county is known to be over forty thousand
dollars, with 9 comparatively small increase
IN the assessed valuation, county warrants
can be sold at public auction for one and one
tenth per cent. above their par value. Il is
are purchased by shrewd men, who are ur-
doubtedly cognizant Of their real value; we
know that those who purchased the warrants
one year ago, at te1 FER cent. discount, are
men of shrewd business Qualities, money
lenders Of experience. Fi+h7r Warra1tr are
now being bought at prices sway beyond
their real worth, or they were sold one year
ago at figures ridiculously below their mar
ketable value. It may not make much diff
ference just now which is the case, but when
the fact is especially referred to that the pur-
clasers Of our warrants to-day are shrewd
and practical business men, who are well
posted as to the value Of county indebt-
edness of every description, it may lead peos
pie to infer that those who purchased our
warrants one year ago were preferred pur-
chasers, or that those who had the selling of
the warrants were incompetent to Judge the
proper value OF the paper they were Issuing.
A ,,J oc TIM poaoaoJ rr,as, "a, - ,.l..- .x
the standard of value Of warrants is governed
by the efficiency Of the Sheriff, we must &C.
knowledge that it proves Mr.. Healy to be
lacking in efficiency as financial gauger of the
county. But, ignoring altogether all queg-
tons relative 10 the disposal OF warrants one
year ago, why were the warrants, sold q few
days ago, disposed Of in that manner? Is it
about time TO cut down the interest &C.
Evidence of public indebtedness in
other parts Of the Territory are freely pur-
sat their face value, and even at o
premium, at a rate Of interest nearly one-half
of hat carried by the warrants of this coun-
ty. Has not the efficiency Of the sheriff ar
rived at that point where q saving Of money
to the taxpayers of the county would be the
result Certainly not, nor never will the
efficiency of the Sheriff has about as much
to do in indicating the financial prosperity
of Choteau county, or in directing the man
ner of disposing Of its warrants, as the Vane
on the military flag staff has in controlling
the direction of a gale of wind.
But it is to the second lesson on finance
that we wish to call attention. Casting aside
the well tried but safe rule of spay as
You CO." ignoring the propriety of the crea-
ton of Indebtedness for the purpose of fos-
tering the industries Of the county and en-
HANGING its revenue by q more judicious in
vestment of borrowed capital than Of paying
interest, it announces the startling theory that
the more we are in debt the richer we are,
that so long as WE can sell one dollar
warrants for one dollar and one and one
tenth of a cent, the fact of carrying such a
thing as q burdensome debt upon cur shout
deIs is a matter of complete indifference.
And that as the indebtedness of the county
is nearly forty thousand dollars mofe than 1t
one year or SO ago it is that much richer,
has gained the SUM Of four hundred and
en- dollars by the increase, by the way Of
Why, any unsophisticated
youth would jump at such a scheme as this,
he would make four thousand dollars
an investment of four hundred dollars.
How very asfute the editors of the Heeord are
% make this discovery in political economy
for the benefit of the public, and how CRATE
full the Sheriff must feel for the credit given
him OF being the fact and factor of the exc
cution Of this balloon financial theory. One
Illustration will suffice: We sell a warrant Of
one hundred dollars, for which we get one
and one dollars cash this is a gain
IF one dollar, but the interest upon this same
is ten dollars, so that the actual in
crease of Indebtedness upon that one hum
lred dollars in g year would be nine dollars,
he second year it would be nineteen dollars,
bird year twenty-nine dollars, and SO on url-
il it was redeemed, which, according to the
'ule laid down for us by these political econ
would be-never.
It behooYes every citizen Of this town and
county to distinctly r~ecollect that they are
with q pretty stiff Indebtedness, and
hat it is their duty to demand Of the incona-
ng officials, whoever they may be, 8 strict
account Of the manner il which they intend
o act IN regard to this debt, whether thew
will endeavor to reduce It, by economical
or plunge Cnoteau county into al