Weekly Chillicothe crisis., 1880-04-22

syz.,.r.1,..'=1,zyc
4 per cent. bonds the money which
he will receive In q few days in f.
nal settlement for the New York
Central railroad stock sold TO the
syndicate. The increasing popular
ty Of this class of bonds is shown
iby the fact that large number of
hem are being received daily by
the register Of the treasury from
small holders for transfer. 1t is
said that if Vanderbilt should sell
all his Central stock he could become
the owner ofSl00,O00OOO of govern
ment bonds, or about one fourteenth
of all there are in existence. AS 1t
Is, he owns more than one man
ever held against this government ,
and amounts TO as much rs the en-
tire annual expense OF the govern
ment somo years before tho war.
The checks for interest which he
will receive tor interest every ninety
days will amount to over 100000,
or over $4,000 day.
TIE CITY ELECTION.
At a regular meeting of the
GrccnGack party IN and for the city
Of ChillIcothc, No., All advisory
committee WAS appointed, and at a
called meeting of said committee it
was arranged to make a statement
III defence against the article pub
lished in the Constitution of April
s, 1880, which article Is understood
to be Mandatory of our city fusion.
lists and an attack against the Green.
back party. After careful invrsti-
cation Of the matter we make the
following as our
STATEMENT.
The GreenbacS party stands re-
spOnsible for its own acts, including
the acts Of It's city officials, but for
no other.
The fusion party IS not citizens
party, for it WAS formed by the Of
fetal acts OF the two old parties du-
ly assembled, separately, in conven,
ton, in whlch the two parties, eac h
for itself, re. olvcd to unite with the
other to defeat the Grecnbacl par
ty. They are, therefore, not only
responsible for their acts as fusion.
Isis, but for the management Of our
city finances, also, before the Green.
back administration was inaugura
ted.
CITY FINANCES.
Under that policy, which has
long been tenet of Republican am
Democratic principles, our city had
the misfortune to be loaded with
heavy railroad bonded debt, and in
contrast with such a policy w
point to that principle of th,
Greenback party which declare
that no bonds shall ever be issuet
for any purpose.
The Republican party issued thes
bonds, Shortly after this the Dem
ocratic party funded the debt mt
new bonds and, in so doing, com
G mittod the double and unpardona
t bic blundor OF increasing the deb
from $4,000 to $4,000 an,
q the rate OF interest from s pc
cent TO 10 per cent,
This act, utterly lndefcnsble an
C damaging us II has been, was n
c dorsed 10y the tusonlsts, for the,
t have placed in prominent oilicia
:. position at least one of the me
q who were instrumental in accom-
+ fishing this most notorious fundln
scheme.
Just prior 10 the Grccnback cour
Gil the old council passed Il resolu
s ton rcpudiaiing these bonds, i
l. consequence Of which our Green
' back administration soon found i
D self involved In heavy lawsuit an
/ no appropriate money In the trea
c ury to defend the suit or to pay oil
t of it.
!, With all these difficulties hove
/ ing around and bankruptcy imm
c nent, our party showed It's goo
@ judgment in adopting n new an
: wise policy. 1t resolved to max
II the best fight it could in the court
d against the bonds and at the san
y time accept any favorable compr'
t mise. This policy belongs who'll
T. to the Greenback party of our Gil
n and its wisdom Is proved by IL
>. fact that Sl4, l29 of the debt WI
It settled by the Greenback admins
q tratlon at about 81 IL cents on Il
f dollar, saving to our city over 81
! 23O.
- As the interest on these bone
falls due on Jan. |, the city fnar
= clal statement is made on May Is
i and the new council takes posse
sion between 1st and 10th of MAJ