Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1883-02-10

The bill by which it is proposed to
issue new bonds with which to fund the
railroad Indebtedness of Yankton coun-
ty. had an extended hearing in the coun.
oil committee Of the whole, yesterday
afternoon. and was reported favorably
by the committee to the council. This
is measure of the utmost importance
to the property owners of Yankton coun.
ty. For the past two years we have rest.
ed under cloud of reputation, and the
uncertainty of the future brought busi-
ness depression and general deprecia-
ton in values. The county must extri.
cate itself from the predicament and the
means now offered are contained within
the refunding act before the legislature.
1t has some provisions we would prefer
to see obliterated, but if this can not be
accomplished the people must take it as
1T is. The clause calling for special
election to ratify the action OF the legis-
lature involves an entirely unnecessary
expense upon the county. The
debt was created years ago by vote of the
people and the bill under discussion only
provides means for meeting an old obi
CATION. The supreme court of the United
States has held the Indebtedness to be .
valid one, and there is now no lawful es.
cape from payment. Under these cir
cumstances it does not strike us as an
act of justice for the legislature to add to
the burden by compelling the county to
undergo the cost Of an election to de.
eide whether or not the people will pay
that which the highest tribunal of the
land says they must pay. Under the
provisions of ordinary bonding acts new
debts are created. and it is right that the
people who pay the taxes should vote
upon such propositions. But in this
case there is no alternative-we have al
ready incurred the obligation. We would
like also to have the county as strongly
protected as possible against summary
action on the part of the bondholders,
pending the issue of new bonds and a
contamination of the settlement. For
Six or seven years the county was en-.
joined by the courts from paying the in.
tersst on the original debt and in the
course of these years the interest had
accumulated to large sum. Finally
when the United States supreme court
reversed the ruling of the courts below
and declared that the debt must be paid
the money due had reached so large q
sum that. the county could not we'll pay
it in one installment. Pending just
such a settlement as is now provided for
under the bill, protective legislation
was sought and obtained. This has pre-.
vented the bondholders from taking ad-
vantage of the judgment of the court
and making levy upon property for the
whole amount. The bill now before the
Legislature places this overdue interest
and the principal into new bonds and sur.
rounds them with legislation which will
enforce the payment OF the obligation
when due. But until the final result
Is reached the county should be fully
protected against the bondholders. It If
the solemn duty OF every property-owne,
in 1ankton county to urge the passage
of such bond measure as will enablt
us to arrange with our creditors for ar
amicable settlement of old differences
The bill now on its passage is satisfacto
ry iu most particulars, the exception,
noted being only ones which occur to us
Even these could be endured, and VI
would prefer to see the measure ge
through as it is rather than have tn.
legislature fail to pass any act for tht
relief of the county and it's creditors
The situation has become desperate
one and it requires heroic treatment
Let the legislature do the best it can by
Yankton county in this emergency.