Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1890-10-17
HOW THE TOWN WAS BONDED.

Memphis Appeal.
HOW THE TOWN WAS BONDED.
"Well, Uncle Ben," said Frank, Al
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 a long distance from tho
railroad; and the country hereabouts
being chilly, 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 proposition was made
that we should bond the town for S143,-
900 for the purpose of taking stock in
the road, it was received with a good
deal of favor. One OF our leading farm
ers, Mr.. A, tho brother OF great
western hog killer, was particularly
earnest in tho matter. He described in
glowing terms the benefit a 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 tho bonds IL not to
paw handsome profit. In ono
way and another, enough property
owners were induced to think well of
the scheme to carry It. through. and so
tho town was dulv bonded.
"Well the road was built. and land
sold his farm for somethino like so0o an
acre, and moved away to Kansas CITY to
taLc cbaroe ~ his brothar.s businosa
there. while tho rest of us. like fools.
STAYED here. But it was soon evident that
the road couldn't nav. and its affairs rot
worse and worse. until finally IT was mt
into the hands OF n 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 l wrote to the receiver
about it. I was told that there was no
longer any railroad company-the COM
pany was bankrupt.
SIT was even so! The road was sold
on mortgage foreclosure. and the stock
which the town had received in OK
change for its bonds was no longer of
any value. So now we are paving in.
terest on those bonds. and sb all soon he
compelled to pay the principal"
But" said Frank, 1.-The road ia paw.
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 somo
legal way that Just about equals repudi-
alton"
"Well, then, why don't the town can.
eel its bonds in the Same way il thew
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 nav 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 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 paw debt YOU never
incurred. Really, uncle, that looks TIC
me like pure and simple conflscation
You ought to join our united labor party
We don't believe in any such thieving
principle as that All we claim il tho