The Republican journal., 1881-09-15
The Refundlng Controversy.


vocated the proposed refundng of the
bonded Indebtedness of this city in bonds
bearing lower rate of interest than those
now outstanding. Indeed, this is propo-
sition which must commend itself to every
tax payer, and to every citizen who has
the welfare of the community at heart
AS the rate of interest on the present city
bonds is greater than that on government
securities and higher than capital com
mands in like investments elsewhere,
there is reason to believe that the holders
of these bonds would assent to the pro
posed retunding, if properly approached.
To seek to compel their consent by threats
OF Reputation would be a suicidal policy,
and one which the Journal can neither
countenance nor support The evils
which would inevitably result from re
pudiation movement on the part of any
number OF our citizens must be apparent
to every sensible and fair minded person.
1t would not only destroy even the posi-
bility of refunding at this time but would
impair the credit of the city and tarnish
its reputation for years to come. More
than that, it must impair individual
State would naturally conclude that Il
community which favored reputation in
one direction could hardly be trusted in
others.
We have advocated this retunding
scheme in the interest of the tax payers
and with an eye to the future prosperity
of our city. But arepudiation movement,
while it must be unsuccessful, 50 far as
practically repudiating the Indebtedness
of the city is concerned, would certainly
increase the burden of taxation, and Oh
that ground alone, aside from the ques-
ton of morality involved, should be earn
estly opposed, one result would be the
withdrawal of two large estates, now tax
ed here, and probably of others, thus
making a deficiency in tax receipts which
must be made up from the property re-
manning. Another, that with its credit
thus destroyed the city could only nego
tiate a loan at ruinOuS rates of interest or
discount, and it would also have to foot
the bills for the litigation which will in
evitably ensue if an attempt is made to
defraud the bondholders. Suppose that
in the coming municipal election a city
government should be chosen pledged to
reputation and that they should refuse
to appropriate money to meet the interest
on the bonds. The bondholders would
then attach the city's preferred railroad
stock and they would be sustained by the
courts beyond a doubt. The decision of
the nited States Supreme Court in the
Memphis bond case was not intended,
and cannot be applied here, t. legalize
reputation.
We should not have devoted 50 much
space to this subject at this time had it
not attained publicity elsewhere The
Portland Advertiser Of Saturday last, in
a special report on "Repudiatlon in
Maine" says
Belfast has been playing with matches, bat has
as vet lighted no fire. She has voted to pay her
interest this year, though there Is III the town a
restless and bad element.
This reflection upon our city is we
tlust. untounded. We are equally 10th
to credit the limitations Of "Far Play"
that this retundng scheme is to be made
the foot ball of a clique who hope TO gain
office through demagogical attacks upon
men and institutions, without whose aid
retunding cannot be successfully accom-
plished. We will simply say here that
pendent have been misinformed. We
prefer to believe, and shall believe, until
the facts warrant a different conclusion,
that all parties concerned in this contro-
versy are DESTROYS of honestly and hon
orably refunding the city debt, and alike
have the interest of the city at heart. In
this spirit the Journal is giving all par
ties to this controversy hearing.
The dish described in the following
paragraph from the London World is
nothing more than the beet green's 50 ia
miliar and so welcome in early summer
in most New England households. Our
readers Will naturally smile at the Eng
lishman's bewilderment and at the out
landsh names bestowed upon 50 humble
dish
Wanderers IN the Low Countries at this season
are at once pleased and puzzled by strange Vege
table of an agreeaby acid favour TO some it APP
pears to be young red cabbage shred finely and
stewed in butter like the Rothekraut of Germany
An Irish friend assured when met it at
Scheveningen that it was the green part OF a red
beet" q popular vegetable in the United States
where the young beets pulled up and cooked
whole 1t has recently been described sort
OF cactus On the bill of fare at the Orange and
hotels of similar cabre it appears pourpers, the
French equivalent for the Dutch porselein and the
German Portuak Its botanical name is portuaca
oleracea, in English pursuance" bat it is never
guess, for it would assuredy be relished by sub
acld-lovng generation
The returns from the election in the
second Congressional district on Monday
last show that in the withdrawal of Mr..
Reed the Democrats lost everything, in
Guiding honor The sale made by the