Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-11-26
REPUBLICAN COMMITTEE MEETING.

The Republican City Central Committee
held meeting last Saturday evening. at
which all the members were present. The
following nominations were made of csndi-
dates for the school election, to be held on
Monday, December Sd: For Superintendent
of Schools, J. R. Lame; for School Direct
ors-First Ward, J. F. Slater; Second Ward.
w. d. Stalker; Third Ward, D. Johnston
short term), Richmond Davis (long term) /;
Fourth Ward, Frank Avery.
THE SPRING ELECTION.
After the business connected with the
school election had been disposed of. the
subject of the next March city election was
discussed, and as a preliminary step to the
committees programme for that campaign
the following preamble and resolutions. Of
fered by w. j. Davis, were unanimously
adopted:
Address to the Republican Voters of Sacramento
City We desire to invite your thoughtful attention
to the matter Of the relation Of the holders OF the
bonds OF this city to municipal politics In che early
history OF Sacramento city bonds to an immense
amount were recklessly and lavishly issued by It's
then officers 1t is stated that the creditors OF the
city charged fabulous prices for labor and material
furnished the city, and that bonds representing Tour
five times the amount of their claims were given
them IN satisfaction OF their demands. Ihese D0hus
have been at time, until within the last few years.
held at anything like par-in fact, they were re
garded, from all the circumstances connected with
their issuance and disposition, as next to vaueless
There Is reason to believe that within late years
sch me has been formed and prosecuted by capital
lists and financial assocations-some of whom are
citizens OF Slcramento-to gather up these compare
lively worthless evidences of Indebtedness and TO
enforce their payment by the present Inhabitants OF
this city to the very last dollar 1t is stated that
these bonds have been purchased by representatives
of capitalists and associations referred to at from 10
to Is cents on the dollar AS nearly as can De ascer
tanned the par value of the outstanding bonds is
81 $40 l0O of which $40 200 worth the property
of the city, having been purchased by the Funded
Debt Commissioners. These figures have no relation
to the accumulated interest The assessed value OF
the taxable property in Sacramento city IS about
81, 00O, 900. The face value Of the outstanding
bonds amounts to 10 per cent. OF the value OF the
taxable property.
While we are satisfied that the sentiment of our
people is opposed TO the reputation OF this ancient
city debt we feel that they demand Of these bond
holders fair deal. They willing to pay for
these bonds fair, yea, liberal advance on the
price foS which they have been purchased by their
present owners. They do not desire that any man
shall lose dollar on their paper, but they feel that
the corsummaton OF the present scheme amounts
to little less than downright robbery
Within the past few years it has been evident that
efforts have been made by the bondholders to secure
the election OF majority of the Board of City
Trustees in their interest that the people
may be betrayed. The highhanded acts of
bosssm and The disgraceful arbitrary exhibit
tons Of corrupt ward management and machine
politics which have characterized our elections with
the past few years be traced directly to this
source. We have reason to believe that an effort
will be made by this same element to control the
election in March next the end that person ia
vorable to that interest will be elected Mayor.
The question is the most important one that de-
mands the consideration OF our people. Any man
who owns one thouss dollars worth OF property
in this city will have to pay to these bondholders
over one hundred dollars if they succeed in their
designs.
1t is argued by the friends of the bondholders
that we are bound to be beaten in the suits now
for success in the Federal Courts and at any rate
can be no worse off at the end of the fight than we
are now, even should we be beaten.
In view of the above it is hereby resolved by the
Republican Central Committee of the city Of Sacra-
mentO
members OF the Republican party to this subject,
the most important question calling for their con-
sderation in municipal elections, for the consum-
nation OF the schemes Of the bondholders means
nothing but the saddng of a heavy mortgage upon
every piece of taxable property within the city
limits.
,. That we earnestly recommend that the person
Trustee at the coming spring election be absolutely
and explicitly pledged that if elected he will insist
on and vote for the vigorous defense of the suits
already brought, and those which may hereafter be
brought by the bondholders their agents against
this city any Of its officers and that if necessary
he will favor fighting the said suits through the
Court Of final resort; and that in the event of
compromise he will not vote to allow more than 80
cents on the dollar for the said bonds, and not one
cent for the outawed coupons.