The Republican journal., 1881-09-29
The Refundlng Question.

| is a fact the controlling influence" of the city
government whom Fair Play charges with repud
alton, drew the petition to the Legislature for
act authorizing the city to refund, and then drew
and introduced the order in the city government
meeting authorizing the appointment of the com
1nittee who made the report which was accepted
and adopted by the city government, which en-
braced the plan OF refunding our debt at four per
cent interest by placing the ciys interest in the
railroad in the hands Of trustees security for the
payment Of the new bonds This plan meets the
approval Of the mouied power with the single ex-
ception that they demand that the city shall put
itself under guardianship with the privilege Of Sc
lecting the guardian given to the bondholders.
have no doubt that Fair Play would have your
readers understand that the intention to wreck the
entire retundng scheme by adopting impracticable
methods, is the real aim Of the controlling power
of the city government who oppose the present
plan, whereby the non preferred stock is made to
pay all the interest and twice as much per share
OF the entire debt Of the railroad company the
preferred. IT, FAIR Play asserts the definite and
assured disposal OF a certain income, viz. the $50,
600 ntal controlled by parties whose interests
adverse to the interests Of the city, gives value
TO the security how much more valuable would
tie security be, by the definite and assured dlspo
sal of that income III the interest of the city.
Why should not the city retain the control of its
| stock in the railroad under any and all circum-
stances As well might it be said that the entire
management of the cltyS affairs be placed 10 the
| hands Of trustees whose interests adverse TO
the city AS that any part of ii should be so placed
| II this doctrine be true why not hange our form
Of government and place our municipal affairs il
| the hands OF three select men elected for forty
| years Far Pla- evidently is becoming lightened
At The poIitical asnprt which he i16agiEes This
! question is assuming he eyinces strange want OF
confidence in the ability Of the people to settle
this question as they deem best for their own in
/ - IL II, 49,.
tn tbn eorIa and Voc betde tbn citl. ,r6vernma9t
elected mon other issues that places the citys in
terests in the railroad beyond its control before the
citr hos JaI,arat ia fo.ire in thn Inattor II
wGn,d La an nnwarronted asslmn1ion If nower
tb,t Iro,,I5 ,1a,nr hn fnrcottaI nr foryiran Fslr
play ASKS which i the ,nnsf innarfanf to them
1,neani,,r tho tay raynrs, tit rafnndinc snccae1
| or tLat 7th, 1isnoaai o+ tLo rli,r0aI TantaI ha
| changed ~ ThI5 i mot the issne tbe one does
| not denend mon Inc other the lisDosaj of the
| rental is in no way connected with refuDdiug
| and has only been injected into this matter
| bv Fair PLAY TO cover up the real designs
| of tho jnd1viciual preferred stockholders The
! fax Dayers demand both tnat refundinp pro
| epad And succeed and that tbc DISPOSAL of thc
| railroad rental be changed so that the city of
Belfast shall receive ITS legal and e0uitabIe pr6por
| 6on tbareof Fair pIar sivs thai the amendment
Of The Ism bylaw of tfe railroad comDany neither
a,,argod Tho rirhta of t,o rrntnrred nor ahridgad
! those OF fna preferred stock holders If his
| is so il is not very readily perceived why this
| change made | nder the 18th by law as 1t
! orioinaiIv stood fhe city was entitled ia about
| 81 900 npr wear in dividends Under that bylaw
as amended tho city cannot and has not received
! but about SG00o Dcr wear Whether that amend
| ment ENLARGED he rights OF thc preferred stock
holders ar NOT il certainly ABRIDGED the rights of
the non Dreferrad stnrl, holders II 600 ner vear
! and this Foir pIH- raIIs nnthin, There seems to
he 4 n1Isronccrtion as t1 the ditferenre between
! tbc urpferrrd Ind non nreferred Stock in relation
| fo diridnnds When tLe nct earnings Of tbe road
ho,o haa,, l,,rI,inoJ no l-II ,7ro of,ron,,o +I,o
ceiyiner IFS share first 10 nm anolITt nof exceeding
| s,y DpT cent ner annjIm whom tbc non. .Drptarrei
stool, shall raceivp thn balance nm tn a i've sum
1t is not true that under the 18th bylaw, before
! amendment tho nronortion 0f the rental heIonr
in1, tIo -nra feTred couId he diverted to anv
other Durpose Han in navment Of dividends 10 the
nreferred Stock wiije the preferred Stock
was receiving dividend Vet under the present