Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-10-02
a common level in this matter. II we can
not reach them all now, we shall be at the
least no worse off than now.

not reach them all now, we email DC al Ine
least no worse off than now.
In whatever light we view it, then, set
Element and refunding at a lower rate OF
interest would seem to be the dictate OF
common business sense. We have seen
that litigation is pro6tless. We have not
advanced single step by it on the con-
trary, the bond holders have won sub-
stantial victory, and from which there IL
no appeal to other Courts. No man can
insure the city that she will not lose in
the end all her suits, for such as have been
decided in her favor, it must be remem-
bered, refer only to methods, and do not
touch the matter of our final liability. All
the twaddle to the contrary is delusive,
and in the interest of those who live by
lawsuits. By refunding we shall clear the
city of debt and put her on a new path of
progress and prosperity. To continue as
we are doing, in litigation and uncertainty,
is TO keep cloud of doubt suspended over
the best interests of this people. 1t would
be desirable, OF course, to refund at lower
figure than Cpl cents, if the creditors can
be brought to it. They should be glad to
refund with us st 40 or so cents. They will
then receive ample compensation for their
investment paid much less for their
bonds, and they have surrendered them in
the past for less. But all that is matter
II
of negotiation. If we cannot settle at as
low rate as we wish, let US get the best
terms we may, since it is evident that set
Element is cheaper and better than contest.
We are told that consideration of offers to
settle is cowardice. On the contrary, it
requires unusual courage TO confess defeat,
and bravery to face facts that will not be put
aside. It will not change the situation a
particle to abuse the RECORD UNION, or
impugn It's motives in suggesting escape
from the meshes of legal entanglepent and
financial laundering. 1t will be wiser to
demonstrate its estimates to be erroneous,
and its allegations baseless. Bit no at.
tack will swerve it from its clearly defined
duty in advancing the interests of this peo-
pie, aiding this city TO attain thu highest
degree of prosperity.
We have considered in this Article the
proposition submitted by Mayor. Brown
last spring. That basis serves to illustrate
the wisdom of that which we desire to i'm.
press upon the public mind-the desirable
ity of getting out of the lawyers hands
and the Courts just as speedily as possible,
and Of settling with our creditors on the
basis of an extension with lower interest,
and the security of regular annual pay
ments. 1t must be expected that, as in
the past we have failed to pay according to
contract, the bond holders will new require
contract in which there shall be no am
biguity, and no honest man will object to
expressing our agreement clearly in black
and white" 1t must be expected that this,
and all other similar advice to free this city
of burden that is clog to her progress,
and drives capital from her midst, will, as
in the past, be denounced in som quarters
as in the interest of the bondhoders. So
far as this journal is concerned any such
ntimations are false, and UNANIMOUSLY
go. We propose to speak the truth con.
corning this matter. Our city finances
have been mismanaged through misappre-
hension of the law, lack of financial ca
pacity, and by the rejection of the advice
of able city counsel and business wisdom.
The proposition now is to shake off lawyers
and lawsuits, and all the costs attaching,
cease specializing in either. and settle on
the best terms procurable. The time was
when we could have refunded at very
low figure. Ii we are forced to higher
one now it is because by litigation we have
appreciated the price of bonds instead of
depreciating them, as was promised in the
fulluess of political buncombe. If this cit
liens of Sacramento are wise they will
take advice from neither newspapers nor
interested lawy ers except so far as it com.
ports with that practical business wisdom
which the successful business man exer-
cises in the management of mis- own affairs.