Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1884-09-20
THE CITY AND HER BONDED IEDEBT-
EDRESS.

Another batch Of Supreme Court de-
cisions against this city, in the bond suits,
has been handed down. One by one all
the cases involving the issues raised
between the city and her creditors are being
thrown against her.
Years ago an examination of the law. a
plain reading of its face, an analysis of its
purpose the Judgment of the best lawyers
of the city, the application of reason, the
dictates Of right, combined to convince this
journal that, when it came, the ultimate
decision would be adverse to the city rela-
five TO the levy of one per cent. for the gen
eral fund in order to place ffty-ive per
cent. thereof in the sinking and interest
fund. The decisions Of the Supreme Court
in the last few days as also all preceding de-
cisions by it, have affirmed the position of
this journal.
For years the city failed to preserve the
fund as by law required. We have uni
formly stated our belief that sooner or
later. the city would be punished by the
Courts for this derelicton, unless re-
adjustment of our bonded Indebtedness
could be made.
Fer this conscientious and independent
statement of opinion the REcoRD-UNIoN
was bounced upon and bitterly denounced
and stigmatized as the bondholders'
organ" Every prejudice was appealed to.
popular clamor was invoked and every act
awaited Of to turn public fury against the
paper. The false charges and slandcrous,
not TO say yiciouslv brutal assaults, were
iteraycd week in and week out, whenever
the slightest pretext could be made TO give
seeming excuse. These yenal attacks, we
have reason to believe, were prompted by
the gold of the bondholders or their agents.
Certainly these men, had they sought to
coniure up a scheme to appreciate their
bonds and enhance their value, could not
have more successfully attained their end
than has been done along the whole line of
the litigation prosecuted or defended in the
name of the city. In short, Sacramento
has played into the hands Of Mr.. Daniel
Never the chief of the bondholders, and
the bondhoIders' agents, until the values Of
their securities have gone mp to figures
nearly double those at which, by reiundiug
we might at one time have secured them.
The assaults and vilidcations referred 20.
and which have raincd upon the REcoEp-
UNroN all these years have most largely
cmanated from source of all others least
warranted by discretion in charging yenal-
ity. Ii IS true, however, that in the hue
and cry of Stop thief. the culprit himself
often shouts the loudest.
We have repeatedly expressed our belief
and stated rs a fact that some considerable
portion of the city bonds were fraudu-
lent in conception birth and holding, and
have urged that such steps be taken as
would cause official inquiry to be made
and in which evidences Of the fact might be
Iegitimately brought forward
We have repeatedly urged inquiry into the
charge made that the bondholders' agents
have corruptly controlled public influences
to advance the interests Of their principals,
and have besought the authorities to so act
in the premises as to bring inquiry into a
forum where the facts might be developed,
and the evidences of the truth Of the charge
be presented.
We have repeatedly urged that inquiry
bc made into the question whether the
bonds held by Mr.. Daniel Meyer and his
colleague bondholders have ever been
listed fer taxation, or made 10 contribute
as de other values, to the support Of the
government.
IS q remarkable fact TIA. not me Of Hese
<.,scs.s, Or c1at7el.'y PrI.tT daRaads, haze