The St. Johns herald., 1886-08-12
Funding the County Debt.

EDITOR HERALD-Expressing the views of many taxpayers. we wish to add our encouragement to your proposed plan oi having our county debt funded meas ure which we think would have no op- position, if its benefit could be fully un- derstood and as we understand it. The only argument thus far advanced by those opposed to it, is, that some one may be benefited by It. This certain ly is very short-sighted policy. The real facts to be considered are, what are the benefits to be derived if the debt is 1 funded.
 1st. It would place us upon a cash basis, and our warrants would command par.
 2d. It would be saving of nearly 50 per cent of our expenditures, and we would not have to issue two dollars for one of value received.
 Sd. By funding the debt at seven per cent it would be a saving of one-third of the interest, or nearly $3,5OO an- nually.
 4th. It would throw the burden of ex- penses of our pioneer government on those who will come hereafter to reap the benefits of our labors
 5th It would re-establish the credit and good name of our county, which is now held up to ridicuIe.
 9th. We could wipe our past irregu- larities and start anew.
 7tiI. While it would add a light per cent to our taxes, we would get it back ten-fold in the increased value of our resources.
 Sth. The Railroad Company would have to pay two-thifds of the tax
 9th. We could avoid d discount on our bonds by providing that they be taken i'll exchange for warrants at par.
 10th. Funding must take place sooner or later, and the longer it is deferred the more disastrous it is to the county.
 llth. It would involve us to such an extent. that we would soon be plunged into endless litigation by the holders of warrants.
 12th The warrants cannot he repu- diated, and will remain binding obli- gation against the county until they are paid.
 18th. It would be saving of at least $20, 1000 year over and above the inter- est we would pay.
 14th. Just so sure as the debt is not funded at the next meeting of the Leg islature, just so sure will our warrants drop to p cents on the dollar-mark the prediction.
 In view of all these advantages, and even more, 10 be derived from having the debt funded, should We consider at all that the few parties who have pur- chased our securities in good faith, should be benefited. And if it were not for those few who have invested in warrants, would they not be drag on the market to-day at D cents on the dollar?
 Let us all unite and say that our debt shall be funded; that our representa- tives in the Legislature shall be instruct ed to have such bill passed; that like honest business men we will say to the world, WIG acknowledge this debt, it is due and must be paid. The moment we say this our warrants will advance to nearly par. If capital could be assured of this, We will undertake to guarantee that the price of warrants will advance to 95 cents on the dollar But so long as We even hint at population, or talk of deferred payments of our just debts, just so fast are we hastening to bank ruptcy.
 Another thing, the debt should be funded before Congress takes acton limiting indebtedness, as it seems in cllned to do. If funded before, we could sail through nicely; if neglected and such a bill passes, our county affairs would be in deplorable condition-as we could not issue any more warrants, and with a bankrupt credit, We would be powerless to pay our county ex- penses. X