The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1881-06-16
OUGHT no De DONE.

There are two things that oughtto be |
done in regard To our railroad bond in |
debtedness, in our judgment. The first is,
that the county commissioners ought
to be authorized by the vote of the people
To sell our stock In the Missouri Pacific
railroad. The stock market is now at an
excited and inflated pitch. At last quota
tions, June 0, this stock was rated at
from 504 to 5156. 1t may go little
higher, and it may go good deal lower.
The commissioners ought to be in shape
10 take advantage OF the highest rate
they can get, on short notice, or to sell
Immediately if the price begins TO de-
cline. 1t seems TO us the proposition 10
authorize the sale of this stock might
be so drawn as To protect
the interests of the people of
the county. The only motive we have
in this matter is TO see another hundred
thousand dollars Of our county debt
wiped out while the opportunity is Of
fered. We should all feel that n terrible
mistake had been made If the chance
should go by with nothing done. The
commissioners took the initiatOry in
this matter ON the 18th of April, since
which time we have heard nothing in
regard tO il. We recall the fact, and
wish to impress il on the attention Of
the commissioners and the public, that
in the year 1870 Il proposition was made
by both our roads To surrender half our
bonds, issued TO them, for our stock.
The commissioners then failed to avail
themselves of the opportunity TO wipe
out one-half our railroad indebted
ness. That was eleven years ago,
and since that offer was
made, and it ought TO have been
accepted, the people of the county have
paid in interest on the 100000 that
could then have been paid. $154, 900 in
hard earned cash. II seems to us
that it will hardly pay TO let another OPP
poitunity go to sell our NJ. p. stock
for 80 cents on the dollar. OF course we
want more than 80 cents on tue dollar if
VIC can get il. But we want all 10 re.
member if the 100000 which can now
be paid is permitted 10 run another ten
years, it will cost us $4,000 in interest.
Another thing we think might be done.
and if it can it ought TO be done
Immediately, and that is, our present out
standing bonds ought to be replaced with
those bearing n smaller rate of interest.
We are now paying per cent. on $249,
900 of railroad bonds, or $17,430 per
year. We believe Lyon county bonds
can be readily sold with per cent. in
tercst-certainly with 5 per cent. Irthc
present bonds were taken up and five
per cent. bonds issued the county would
save the snug little sum of $4,000 per
year. If the Missouri Pacific stock
could now be sold, and our
bonds replaced at per cent, both
of which can be done, the annual saw
ing TO the people would be $11,9S0
We think this is matter worthy the
serious attention of the commissioners.
They are all reported to be men who
carry on their own affairs with good
business judgment, and were it an indi.
vidual matter they would not allow q
moments delay in putting the matter
in good business shape. The people OF
the county would undoubtedly endorse
any action on their part which would SC
materially reduce the annual expenses Of
the county.