Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1885-03-28
THE TOWNSHIP BOND QUESTION

- h'h
ing, and an editorial article upon The
township bond compromise which APP
peared in these columns some weeks
ago, both by request.
In the editorial article VIZ show what
the township debts will amount to II
compromised, and the tax that will be
necessary to pay the interest. 1t Will
be observed that the debts are com
puted by simple interest only, whereas
as a matter of fact they bear compound
interest; but this is about counter
balanced by the bonds which have been
compromised. In Lexington town.
ship this cause may reduce the
debt a little below what we figure 1t,
but in Washington and Sni- a-Bar town
ships it will not do SO; and the sum OF
20 cents on the hundred dollars, as
taxation on township bonds, will bare
" nswer as it will not supply a sink
ing fund for the extinguishment OF the
| debt such as the people would desire
were they to undertake to pay 1t on
according to Mr.. Skinker's present de-
mands.
Ever since Mr.. Skinker's proposition
we have approached this question with
great caution, for there are arguments
10 be made upon both sides. We see
these, and we appreciate theiI force.
We have weighed carefully all that has
been said upon the bondholders' side
| of the questionable decisions OF the
courts the expense of litigation; the in
~noeence of the holders of many of the
bonds; the fact that o of them paid
up in the eighties for their bonds;
| and above all, the desirability of a final
| settlement of o vexed and troublesome
question.
But Oh the other hand we consider
the uncertainties of courts and the ten
thousand times ten thousand quirks
and bubbles of the law as more favor
able to the people than to the bondhol-
ders-this is proven by the fact that up
to this time not q single bond has been
collected by coercion. The "innocent"
feature of the argument is fully answer
ed by the reminder that the innocent
taxpayer has rights as WELL as the in
nocent bondholder. The expense OF
litigation is something, of course; some
thing that we should like to see avoid
ed; but it is, as the matter has been
conducted by our court and prosecut-
ing attorney, a mere bagatelle as COM
pared with the immense sums involved,
a sum not to be seriously considered
for o moment as a conclusive argument
for compromise. In evidence on this
point we place the report of receipts
and expenditures for 1884. And last,
but not least, the d%esirability of q set
Element of the question. This is the
strongest argument. The equities of
the Ease are all with the county. On
equitable grounds the bondholders
would have been out of court long ago.
There is no question about that. The
debts were not voted by the people.
Assertions to the contrary belle the
facts and the record. A few noisy
mems words are no answer to the cold
logic of the figures. The plain letter
of the law, the English of it as under
stood by anyone who will read it,
shows the bonds to have been uncon-
stitutionally issued. We have the state
| supreme courts solemn declaration that
| this is the law and the fact. We have
Judge Krekel's just as solemn declara-
ton, crystalized into a formal decision,
that the Lexington & st. Joseph bonds
were illegally issued. The peoples
opinion, therefore, is reinforced and
strengthened by the recorded opinions
| of learned %jurists. And it is unde-
| niable that the fundamental basis of
contracts is lacking in this case, in that
| the people have received no considera-
ton for the money that is demanded at
their hands.
So much tor the equities! Now for
the advantages of q settlement. Every.
body would hail a disposition of this
question as a blessing. 1t is e source
of trouble and irritation; no n ques-
tons that; but there is a way whereby
that irritation may be very much in
creased, and that is, for persons who
have selfish ends to subserve to make
it a political question. The less of that
the better. 1t is no such question for
Us. 1t is a grave matter, which affects
all citizens alike, aud neil of all politi-
cal parties may either agree OR differ
upon it. The question is not there, but
it is here-is 1t better to insist upon the
compromise of 1882, to which a ma
jority of the representatives of the
bondholders agree, and continue our
township taxation at, 40 cents; or to
make q new compromise which will
necessitate a tax of so cents? If there
were no other debt this might not be so
serious a question; but when there is
an immense county debt beside, it be-
comes a burning n e.
Gentlemen tell US that business will
improve, lands sell, and prosperity re-
turn upon the final adjustment of our
county debt. No n appreciates more
the blessings to flow from a cessation
of turmoil on this question than we.
The writer, with Col. McClelland,
stumped the county by ne%ighborhoods
for the county compromise Of 1s75,and
spoke in various places for the COM
promise of 1882; aud the Intelligencer
advocated both compromises with all
Of its energy and whatever Of ability
it possessed, but ont of those compro.
misses burdens as we'll as benefits have
arisen, and the business man and farm.
says, "This thing has gone about far
enough"
1t is the last feather that breaks the
camers back; and it is to the last feath-
er that we object. The polite and
u.bane gentlemen who desire to get
their pound of flesh, and in many i'll
stances two or three pounds for one,
say, cit is nothing! See how little il
is! Why it weighs nothing for such
an elegant, powerful, able .pack ami.
malin No doubt it seems little ia