Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-10-01

lenders drove hard bargain with US ; they
apeculated upon our necessities but 1t was
bargain, AID if there Is no lawful method
of avoiding it we must meet the matter
boldly. It may be that the creditors of the
city cannot collect from us with ease. 1t
is said the city cannot be sued or her prop
erty seized by execution on account OF
these obligations. Assuming that to be 30,
it must be remembered that the case under
notice is not suit against the city in
which there can be judgment on which
an execution can be based. 1t ia petition
for an order to compel the executive Off
GERS to do duty the Court says is incum-
benz on them. Should they refuse to obey
they would, we presume, be punished
for contempt. As we understand it
that is the status of this case. What
is injuring this city more than all else is
delay and uncertainty in all this matter of
our Indebtedness, for so long as there is
doubt it prevents that measure of invest
ment and improvement which would be
made if doubt were removed The storm
is always preferable to the ong-continued
threat. We believe it possible to settle
this whole matter of the city Indebtedness
on such basis as to rid the city of the in
cubus it now proves. The issues with the
bondholders are not all settled the delay
and uncertainty yet to follow render re-
funding still feasible. 1t will be the part
of business wisdom to bring this about.
If it is accomplished, it must be
done by the exercise of business
experience and business sense. Penthouse
fnanciering is not to be thought of now
we have had too much of that in the past.
While, therefore. the lawyers of the city
are pushing all the legal points to final
Judgment, the business sense of the city
ahould be exercised by schemes to prevent
this debt from checking the growth of the
town, and to bring about such possible
adjustment as will relieve the people of
both fear and heavy burden. This course
we advised last spring, when, we believe
an adjustment could have been effected
more easily than at any other time. But
no settlement was had, and we have trusted
to the uncertainties of the law, and may
have to for some time to come In the
meantime this people must not refuse to
look the facts relative to this debt squarely
in the face. They must not delude them.
selves with vain hopes, nor imagine that
there is any special virtue in indulging in
vituperation against bond holders, or i'm.
agining that any one who does not fall in
with plans of litigation is therefore an en-
envy of the city Still we may now well
resist to the last in such direction .as the
law permits, but in the meantime sincere
friends of the city win consider and weigh
well such schemes of adjustment as are
possible, consistent with business prudence,
for that we shall wholly escape the re-
demption of our bonds no sensible person
or expects. We do not hesitate
to say that on basis similar to that con-
5truoted by the Mayor last spring we can
refund our Indebtedness at ) per cent. for |
,lgenty gears, SAFE the 50 per cent. on mater
rates, licenses, Aarbor dues, court fines and
he gsqsraJ titnd, and Keep all taratiOn Nth
n [ per cent, or figure ge'y close
o 1t, and our estimates FULLY justify |
his conclusion. In conclusion, there is
9ne measure which we have frequently
urged upon public attention that it ia in
point TO again press for consideration-.h
of water rates to the cost of
and extension. Even the
most rapacious of the bond-bolders have !
never commended that by any law whatever
can we be compelled to lay on water rates
SO as to produce surplus to swell the in
terest fund as ia now done. In that respect
we have some small means Immediately |
at hand for honorable elf-protection.