Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1884-09-20

those lDh0 hare been most Gltge1K IN charging
that the RECORD UNION has been prompted By
the bondholders.
Conscious of its own rectitude, the
RECORD UNION awaited the judgment OF
time and verify When at last the hour
struck, it crushed the infamous libels,
shamed its accusers, and choked the SLAM
ders in the throat of utterance. The whole
range of assaults were simply the outcome
Of hot intolerance on the one hand and
venality and cunning on the other It not
infrequently happens that a community is
led to consider as its enemy the friend who
advises it well, when the counsel given
runs counter to its prejudices. But in this
respect we have the consolation of knowing
that the soundest legal advice and the best
financial and business judgment in the city
has uniformly been in accord with that
of the REcoRD-UNIoN.
Committee after committee Of citizens
has been appointed by this people to look
into the whole bond question, and to inves-
tigate it to the bedrock. Every one of these
has gone to pieces upon the same reef
arriving at the conclusisn that must be
found by every honest and unbiased
investigator The very last of these
committees was composed of an es-
peeiaIly large number of representa-
tive citizens of financial expert
ence and unquestioned integrity, whose
entire interests are bound up with the in
terests of this city. 1t met week after
week and labored most diligently The
result was that the conviction forced itself
upon that body to which we have referred,
and without venturing TO even make a re-
port to the people, the organization melted
away.
The city has not, in short, made soil
tary step in advance. Not single bond has
been deprecated nor the payment of a
solitary coupon successfully resisted; she
has not evaded the tribute she is forced to
pay to the sinking and interest fund, but,
on the contrary, has, by litigation, piled up
new burdens.
There remains one resort-the Supreme
Court of the United States. to which we
may possibly carry up some Of these bond
cases. In the name of all that is dear to
the city, let them be taken up and speedily
decided. This long delay is a cloud to our
prosperity and a drag to the feet of pro-
gress. If the city is at the mere mercy OF
Tho bCDdb nj daru t1,a eoc,,or ,ba foot =
placed beyond remotest possibility OF
doubt the better. We have not the faintest
shadow of sympathy with the bondholders
we have iterated our hope and wish for
their defeat under the law. In common
with all citizens who entertain sentiments
Of justice, we desire the right to prevail, nc
matter what the result He who asks for
more is extortionate and he who demands
less is dishonest.
1t behooves citizens to LOOK these matters
squarely in the face; to consider them as they
would business interests of grave import
to be neither deceived by popular clamoI
nor cowed by the stigma Of bondholder's
agent that the irrational apply to all who
advise the application of ordinary business
wisdom to the administration of city af
fairs. The combatiye disposition, con-
rolled by reason, is desirable i'll every com
munity and it may be very populai tojoin
in the cry, g. Fight to the last" but the arts
Of peace are not unworthy of consideration
even in the effort to adjust the bonded in
debtedness of the city. That we must come
to a refunding sooner or later we are con
vinced but we would not precedent tc
that have a single right Of the city under
the law neglected, or a solitary remedy
abandoned. Whatever legal resort the city
has, let it be availed of She is in for liti-
cation now, and had.as well follow it to the
end. That she will be advised TO do Sc
there is and will be no question, so long as
a lawyer stands in shoe-leather or the hope
of fee remains. But in the meantime
the people may well look about them, and
discover il they can what the future is to
be. The interests of the city are too great
the promise for her commercial Importance
is too fattering for the one to be crippled
or the other destroyed by debt even az
gregating so much as does ours.
Sacramento never had brighter prospects.
With the upbuilding of northern Califor-
MIA and the full development Of its re-
sources, this city will enlarge her trade, in
crease her population and enhance her val
ues Such a spirit of local pride, and such a
disposition to make this the most desirable
Of places for residence, animates our people
at this time. as to warrant the forecast that
in the early future we shall reap rich re-
wards The debt and the bond-holder;
must be swept out Of the way; they must
not hinder our progress we have no time
for further ordinations; we must be {
united people, with an eye single to the
prosperity and commercial Importance 0.
the second city of the State. There is
nothing in our present situation to caus,
dependency. Obstacles will Use before