Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-02-23
cry rrNAEoEs.
EXPLANATION Of the Bond Question by *
Iavor Turner

{ ia
Explanation Of the Bond Question By *
Mayor Turner.
/ 1t with good deal of reluctance that I
make any public expression en- this question
/ : his particular time. I viii not say /. Is
with difidence, for never fear TO speak my
mind OF anything claim to understand,
should occasion demand. The Bee, in it,
/ lugubricus editorials on Bonds and Bond
holders" has very frequently coupled my
name with Josiah Johnson's as having made
bargain with said bondholders. detri.
mental to the interests Of the city. Il did
once ring in the name Of the late Jerome Da-
Wis, and classed us az "Aabby Trustees; +"
that, no doubt, was thought by the writer to
be the very acme Of refined and incisive sar-
casm. In me it only excited a smile of pity
Il cannot conscientiously say contempt.
With the muddy aud confused statements OF
facts or no facts, and the Illogical tumble of
words which it would be bitter irony TO call
argument, shall trouble myself but little. /
merely wish to recite the history Of the bar.
gain which has been such poignant sting
for the Bee.
In January, 1881, large number of past
due coupons were presented by various par
ties, either owners or agents, demanding inn
mediate payment. This was due in great
part to the fact that there was doubt as to
whether the statute of limitations could be
pleaded successfully against this form of in
debtedness. No lawyer we consulted could
give anything like decisive answer. The
weight Of opinion, however, was clearly
against the proposition. At that time there
was no money to pay anyway, and the owners
or their agents told US they would commence
suit in order that no coupons would lapse.
At this juncture Judge Beatty, as President
Of the b 1ard Of Bond Commissioners, called
meeting of the principal business men Of
the city TO consider the situation. And here
I wish 90 say q few words about the Bond
Commission, and especially its President. It
lie well known, to all who know anything
about il, that it originated with him.
That he lsbored long and hard to secure its
establishment, and ever since has been at its
head, working without reward. or the hope OF
reward, save only that he might live to see
the " city debt liquidated. And for al he
has devoted valuable time, energy, thought,
and even money Of his own, to the accom-
plishment Of this object, his motives have
often been mAliciously impugned sometimes
downright, bat ofsenes5 by eowardly insinua-
ton: but he has he'd on the even tenor of
his way, I have no doubt, fully satisfied that
time will 60 him justice. l hope he may live
to see this tangled skein at least in fair
way to be unraveled satisfactorily to all con-
cerned. l do not wish it to be understood
that those who have been associated with him
have lacked interest in the matter. They all
deserve the gratitude Of this community.
And now to the meeting referred TO above.
The Trustees had no share in the calling OF
it, but were invited 10 attend. It was GER
tainly eminently representative of the ma
telial interests of the city, on which all others
depend. And be it remembered that all
municipal corporations are in the nature of
an unlimited copsrtnership, so that those who
oiea the most oWe the most, and it becomes
them to look well into these things. At this
meeting, besides what are known as business
men, there were number of able lawyers,
as also the manager of the RECORD UNIoN
and the senior proprietor of the Bee. The
law of 1858, under which these bonds were
Issued, the charter of 1863 and all of its sub
seq1ent amendments were fully discussed.
and the question as to whether or not the
law of 1858 had been nullifed by these subse-
quent Acts. In fact everything bearing on the
subject was thoroughly oVerhauled One thing
seemed clear that 55 per cent. of per cent.
must go the sinking and interest fund, be-
sides harbor dues, Police Court fines and city
licenses, 90 per cent. of which always had
been so spportioned. This / say, seemed
clear, because the charter of 1868 SO directed.
This being done, it was held by most that no
matter how slew the process of redemption
might be, it was all the city could be forced
to do. AS to the water rates, t.4o law Of
1858 claimed 80 per cent. of than. Tho
charter of 1868 gave only SIS per cent. u
whatever might be left aftsF all expenses were
paid.
Now it is well known that, for seversl
years prior to this time. the water rates had
been paying the heavy debit on the Holly
pumps, and some $4,000 for the Stevens
pump, and had just got clear and had
small surplus on hand. The coupon holders
strongly urged their claim to 50 per cant. of
the net proceeds. and those of them who
held the largest amounts promised TO bring
no suits were their terms complied with.
1t was suggested that 271 per cent. Of the
surplus should be given them. Still the
Trustees hesitsted At an adjourned meeting
held the next day, these gentlemen drew
up q paper requesting the Trustees to offer
these terms, signing their names to the saTna.
We consented TO 90 apportion the revenue for
that year; further we could not go. The
third name on that list lcas James McClatctV.
Our duty in the premises must have been
quite clear to him. He had the full benefit
of the long debate, and must have been quite
familiar with all the facts in the case. It
cannot for one moment be supposed that he
was under any misapprehension. Ii one may
take his daily dictum he surely is no common
man-no common journalist, eveu-5ut
publicist and political economist of such in
telleotusl breadth and perspicuity as to be
able to solve all the knotty problems affecting
the industrial and social well-being of man
with one stroke of his mighty psn--problems
over which many a head, an. and many q
heart, too, has ached, and dying left unsolved
And yet on this question he was In hopeless
muddle. or why did be put his name to that
paper: ! think need cay no more. Let
that act ana the inane gasconading he has
written on the bargain stand side by side,
and Judgment will be entered by discrimi-
mating public accordingly. AS to the wisdom
or folly of the transaction itself time will tell.
JABKZ TURNER.