Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1890-09-27
HOW THE TOWN WAS BONDED.

"Well, Uncle Ben," said Frank, ~
hope you haven't forgotten your prom
Use to tell me about the bonding of your
town to aid in building the railroad"
mo, indeed; and guess this is about
as good as any.
"You know before the Midland was
built we were long distance from the
railroad; and the country hereabouts
being SO ohilly 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 the town for Sl43,
900 for the purpose of taking stock in
the road, it was received with n good
deal OF favor One of our leading farm
ers, Mr.. A, the brother of great
western hog killer, was particularly
earnest in the matter. He described in
glowing terms the benefit n railroad
would be to our town, and showed how,
within very few years, the stock of
the railroad company would return us
sufficient in dividends to meet the inter-
est on the bonds, if not to
~
way and another enough property
owners were induced to think we'll of
the scheme to carry it through, and so
the town was duly bonded.
"Well, the road was built, and land
values doomed for time. Mr.. A
sold his farm for something like 5000 an
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 its affairs got
worse and worse, until finally it was put
into the hands of a 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. 1 myself lost three valuable
cows, and when / wrote TO the receiver
about IL, was told that there was no
longer any railroad company-the COM
pany was bankrupt.
ut was even so! 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 principal"
But" said Frank, 1.-The road is pay
ing we'll enough now, isn't it?"
"Yes, indeed" answered Uncle Ben:
1.-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 cam
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 thatwer 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 Il 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?'
"No, indeed! And Ieven voted against
issuing them
"And so your farm-your land and
house and barn and stocb-has actually
been mortgaged without your consent
and will be sold to pay n debt you never
incurred. Really, uncle, that looks to
me like pure and simple confiscation.
! You ought to join ourunited labor party
We don't believe in any such thieving
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
ue 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 for
a while, then he said:
''Well, it does look as IL somehow or
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
be better il the whole people owned the
railroads and operated them, just as
they do the post-oiiice?"
"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 mako their profits
out of, and don't see why we haven't
a right to say how they shall be rum.
s. Hammond.
THIS question is broader than party
lines. 1t is more vital than mere form
al political organizations and more es-
sential than the dominance OF any par
ticular set of politicians, for it touches
our life and is indissolubly interviewer
with our existence.