Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1890-10-02
HOW THE TOWN WAS BONDED.

HOW THE TOWN WAS BONDED.
"WeI, Uncle Ben" said Frank, Il
hope you haven't forgotten your prom
Use to tell me about the bonding of your
town TO a;d in building The railroad"
No, indeed; and l guess this is about
as good as any.
''You know before the Midland was
built we were IL org distance from the
railroad: and the country hereabOuts
being SO billy, scarcely any one expected
ever to see railroad constructed any
nearer to US. So when the line of the pres
ent road was surveyed through here
nearly every one was anxious to have it
built, and when a proposition was made
that we should bond thu town for S143,-
COO for the purpose of taking stocl in
the road, it was received with \ good
deal of favor. One of oul leading farm
ers, Mr.. A. the brother of a great
western hog killer, was particularly
earnest in the matter. He described IN
glowing terms the benefit a railroad
would be to our town, and showed how,
within a very few years, the stock of
the railroad company wo5ld return MS
sufficient in dividends to mees the int r
est on the bonds, if not to
pay handsome profit. an one
way and another, enough property
owners were induced to think we'll of
the scheme to carry it through, and so
tho town was duly bonded.
well, the road was built, and land
values doomed for time. Mr.. A
sold his farm for something like $500 IN
acre, and moved away to Kansas City to
take charge of his brothers business
there, while the rest of US, like fools,
stayed here. But it was soon evident that
the road couldn't pay, and it's affairs got
worse and worse, until finally it was put
into the hands of receiver. The road
kept running down: the fences along
the line went to pieces, and our cattle
began to stray on to the track and get
killed. | myself lost three valuable
cows. and when ] wrote to the receiver
about it, I was told that there was no
longer any railroad company-the COM
pany was bankrupt
st was even SOL The road was sold
on mortgage foreclosure, and the stock
which the town had received in ex-
change for it's bonds was no longer of
any value. So now we are paying in
terest on those bonds, and shall soon be
compelled to pay the principally
but" said Frank, 1.-The road is pay.
ing we'll enough now, isn't it?''
Yes, indeed" answered Uncle Ben;
''the road is making money now; but
then the original stock is not worth any
thing. 1t has been Cancelled in some
legal way that just about equals repudi-
alton"
''Well, then, why don't the town can
eel it's bonds in the same way if they
have never received any value for
Them
.'Oh. you see we can't get through
the same loop hole by any means.
Some Of the other towns that were caught
in the same trap tried that, but fail
ed, and had to pay large sum
for costs into the bargain. You see the
bonds are mortgage on all the land OF
the town. and they can not be evaded."
Frank looked puzzled. "a mortgage
on all the land?' he said Did you
sign the bonds yourself?"
mo, indeed. And l even voted against
issuing Them
"And so your farm-your land and
house and barn and stock-has actually
been mortgaged without your consent,
and will be sold to pay debt you never
incurred. Really, uncle, that looks t.
me like pure and simple confiscation
You ought to join our united labor party
We don't believe in any such thievins
principle as that. All we claim is the
right to tax the value of the bare unim-
proved land without any improvements
at all, and that not above its rental val
ne as bare land; and whatever you can
make out of the land, or put on the land,
we say ought to be yours absolutely,
without tax or public burden of any
kind
Uncle Ben looked very thoughtful 70,
a while. then he said:
''Well. it does look as if somehow d
another our present laws allow these
monopoly fellows to steal about all we
work to make, and what they don't steal
outright they take in freight charges on
our crops"
"Well, uncle, don't you think it would
Re better if the whole people owned the
railroads and operated them, just as
they do the post-office?"
Don't know but it would" said
Uncle Ben; don't know but it
would We have to pay for
building the roads anyhow and find
all the money they make their profits
out of, and I don't see why we haven't
right to say how they shall be rum
S. Hammond.
SO He Is.
I-rop, tho New ENGLAND coaSt 40 tho