Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1889-12-27
EDITORIALS.
COUNTY BONDS.

There is at resentconsiderable talk
about issuing bonds on Jeranld county
to fund the floating Indebtedness. at
the annual settlement with the treas
urer in July, 1859, the commissioners
made the statement that the debt of
Jerauld county above taxes due and
not paid, and cash on hand. was
S15S6l5l. Since that time about Sl2O0
worth Of warrants have been issued
increasing the debt to S17O81.51 togeth-
or with the estimated expenses OF
$500 up to January LIST, 1890, which
will bring the present indebtedness to
about $1758l.5l. Deducting from that
amount $5345.54, the amount paid
since the July settlement, leaves total
Indebtedness of $l223597 on the gener-
al county fund.
The consolidated tax levy for 1880 is
S12292.49, due and collectible in the
year 1880. Yet of this consolidated
tax, but about S1O24l.O0 is available
for the purpose OF reducing the present
indebtedness, the remainder belongs to
the general school fund. This shows
that the tax levy of 1889 will lack
about $4,000 Of meeting tbs expenses
of that and previous years: or in other
words the tax due and collect ible in
1890 will lack about $4,000 of meeting
the expenses incurred atthe beginning
of 1890. Thus it will be seen that we
are over q year behind.
Owingto this our county warrants
are worth only 80 cents on the dollar,
which defrauds the holder unless he
can keep it until paid or pay his taxes
with it, and also leads to speculation,
There are men who have been buying
all the county warrants obtainable at
90cents and less and who ere in a po-
sition to turn them into the county
treasury on the payment of taxes
within few days afyer their purchase.
| While this is {. Legitimate business the
county is the sufferer from this condi-
ton of things. We are told that at the
recent tax sales, treasurer Wallace re-
celved about 100000 worth Of these
warrants IN payment for the land sold
for taxes. Now the plan proposed by
someis to borrow $4,000 or 100000;
! redeem all outstanding warrants and
have a constant fund on hand to meet
all obligations and pay all warrants,
when presented, at their face value.
By this means we could get all work
done for the county cheaper than now,
prevent speculation in county warrants
put our county on a solid cash basis
and thereby reduce the annual tax levy.
Another point that argues in favor
of the plan is the fact that the bonds
which are to replace the present in
debtedness will not be due for several
years. 1t is simply putting off the
payment of the present debt until the
people of Jerauld county are able to
pay lt-at a time when they will have
more people to helppay and more to
pay with. Besides the interest will be
no more on the Londs than on the war
rants, perhaps not SO mnch.
Still on the other hand are the objec-
lions that the bulk Of our taxes are
school taxes and would in no sense be
reduced by the sale Of bonds. and thus
| would afford but slight relief. Then
last but not least. is the fact that our
taxes must be kept at the same levy as
now to prevent getting behind again
and our warrants depreciating, unless
bonds were issued for much more than
! what we need at present, thus paying
interest on money lying idle, held in
reserve to meet tine running expenses
of the county during the next few
years.
This is the greatest and real objection
to the bonds, ard we are not in favor OF
the issue unless it can be shown that it
is a positive advantage. There is no
advantage in funding the present debt
with bonds unless it would reduce the
yearly taxes. That would be cone
only to the extent that our credit would
be improved and the possible difference
between the interest on the bonds and
warrants. Let us have a discussion OF
thesubject.
The Omaha & South Dakota r. f.
The people of N'ater nrN are taking
hold Of the railroad projecf in earnest