Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1890-10-02
NITED STATES OF AMERICA
State OF Kansas,
CITY OF ABILENE,
Dickinson County,

| Dickinson county,
REFUNDING BONDS.
For value received, the city Of Abb
lene an Incorporated city of the second
class, in Dickinson county, Kansas,
promises to pay Ii. G. Speer, or bearer,
on the first day of July. A. D.. 1898 at
the fiscal agency of the state of Kan
sas, in New York, five hundred dollars,
| interest with thereon at the rate of six
per cent. per annum, from the first day
of July, 1888, pay able semi-annually
on the first days of January and July,
at the said fiscal agency, on Iresenta-
ton and surrender of the coupons for
such interest hereto attach ed, as they
respectively fall due.
This bond is one of series OF like
| tenor, date and amount, issued to re-
fund outstanding legal Indebtedness of
said city of Abilene, duly surrendered
and cancelled in conformity to and full
compliance with the provisions of
| Chapter No. so, laws of 1879, entitled
AN act to enable counties, municipal
corporations, the boards of education
of any city and school districts to Te-
| fund their Indebtedness"
1t is hereby certified and recited,
that all acts, conditions and things re-
quired to be done precedent 10 and IN
the issuing of said bonds, have been
properly done, happened and performed
| i'm regular and cue form as required by
law; and that the total Indebtedness,
| inclusive, is within the statutory limit.
In testimony whereof, this bond
has been signed by the mayor and
countersigned by the clerk of said city
of Abilene, under its corporate seal this
second day of July. A. D., 1888, and
duly issued. - -, Mayor,
Countersigned, --
Clerk.
We understand that it is now the
purpose of your city to repudiate por-
ton of this issue on the ground of the
illegality of portion Of the original
Indebtedness which these bonds were
issued to refund. In the purchase OF
bonds of this class, it has never been
our custom to look into or examine the
legality of the original Indebtedness so
long as the refundiDg bonds are regu-
iarly issued according to law, and this
is shown by the record. There can be
no hope for your city finally avoiding
payment OF these bonds, as their lille
llity in the hands of innocent holders
for value cannot be established success
fully in the courts, to say nothing of
the injury to your city that will inevi-
tably result from such an attempt. In
this connection we would call your at
tention to clipping lately appearing
in the papers at Evansville, Indiana,
which unsuccessfully tried to repudiate
its bonds, which reads as follows:
What is the result of our refusal to
pay interest on our bonds? BY slow
degrees property has deprecated in
value until from S21 900 ,0G0 it has de-
clined to 5000, 900, representing an
actual loss to our community of more
than twice the amount of our entire
debt. Nor las it stopped here. A tor
Dor has overshadowed the realty mar
ket until it has become difficult to sell
property at any price. Our credit has
become ruined and the stigma of dis
grace been placed upon our name.
AS citizen interested in the fair
name and good repute of your city, we
shall be glad to have you consider this
question of reputation in the light OF
the matter above set forth, and also
consult with your fellow townsmen in
this connection, and we think after so
doing, you will readily conclude that it
will be useless 1--WE were about to add
disgraceful,) for the city to attempt the
reputation of its just obligations, thus
impairing its good name and that of
your state, as well as withholding
money which is justly due from it to
one of the most noted benevolent insti-
tutions of the country.
We trust that you will lend your
voice and influence to the maintenance
of your city's good name and especial
ly so, as in this instance, it cannot
avail anything in its attempting to
avoid its just obligations.
Yours truly,
n. w. HARRIS s. Co.
|