The St. Johns herald., 1886-07-01

them are still missing, although 1t is impossible to tell exactly how many or what sums they represent. We give elsewhere the nearest ap- proximate estimate that can be given at present, to the county debt, up to January, 1886. and should We place it at $1OO,0OO we believe the figures will closely ap- proach accuracy.
 However, be this as it may, We do know with absolute certainty that the county is indebted in such a sum, that the prospect to pay it, under the present regime is well nigh impossible. Taxation is al- ready so burdensome that to in- crease the rate, seems to threaten confscation, and county scrip is so depreciated that the county must needs add two dollars to its debt for every dollarof value it receives. It cannot make purchases upon any other basis, and in every transac- tion terms must be submitted to at such figures as are demanded The county credit is languishing, and its paper without any fixed market value, must be given out at ruin ous rates in order to provide the necessaries of its existence. Mat ters arc daily becoming worse ; county warrants are now worth fifty cents on the dollar, with slow sales and the tendency downward. Ten thousand dollars or more is being added every year to the vol um of debt in way of interest, and with our depreciated scrip, current expenses are annually between thir- ty and forty thousand dollars, or just double the amount required, If warrants commanded a par value. We are going behind every year, with no prospect of keeping pace with the rapidly accommodating debt and it is not only urgent, but ab- solutely necessary, that immediate steps be taken to curtail expenses arrest the increase of debt, and make safest, most economical pro- visions for its payment. We cannot we'll stand heavier taxation, our revenues are inadequate to meet these enormous demands, and what are we going to do? A large mum Der of our creditors are non-resi- dents of the county, and they are not going to wait and suffer their claims to be barred by the statute of limitation. Therefore, if We fail or refuse to make provision fOl payment. numberless suits will bt the result, and expensive lawsuits added to the other burdens we are bearing. Judgments against tho county would not only swell the amount of indebtedness by the ad dition of enormous cost bills, bu increase the difficulties of adjust
 ment, because the enforcement O.
 payment would leave us no recours, but to pursue the policy we now ad
 wise, ,and the county securities would be thrown upon the market undej a cloud, and as the surrendered as sets of a reluctant and bankrup debtor. We urge this funding scheme because We believe il to b, the only possible extrication iron impending troubles. It cannot b, contended that the county has any available means with which to sat isfy it's creditors, and we canno
 submit to taxation necessary fol payment, within the time which oul creditors are willing to wait. Al least $2O,OOO per annum will b, saved the county in the matter O
 interest and depreciation of it's pa
 per. A few malcontents are agita ting the suggestion that the county indebtedness is lodged in the hands of a few resident citizens, and tht