Arizona republican., 1891-07-12
Ph9nix, A. T.

years, the bonds are thus virtually fifty year bonds, which adds greatly to their desirability.
 The clause making principal and in- terest payable in gold is another feature which adds to their value. am now able to say that can place $l ,0OO, 900 of your bonds at - per cent commission il my offer is accepted by telegraph on re. ceipt of this. It is special chance which must pe accepted at once, as my parties will not hold the offer open longer than the requisite time to hear from you. The money will be ready on delivery of the bonds. Respectfully.
 About month after this Governor Irwin sent special request to Governor Wolhey to call, and at that meeting said that if Mir. H. would renew his bid he would see that it was accepted. Gov ernor WolHey declined to take any further action, saving that he had caused two bids to be made and that neither of them had received the slightest atten- ton, and that he had advised Mir. II. that he would take no further part in the matter.
 However, upon Governor Irwin's mak- ing it a personal request, and saying that he would see that his bid should be accepted if Mir. II. would renew it. ] Governor Wofley wrote to Mir. H., but before sending it submitted his letter to Governor Irwin, who fully approved it, This letter called for a telegraphic an swer, and in reply came a telegram that MT. II. "would take the entire issue Of our bonds at par and on - per cent commission (this commission was higher than the April, but only little over half of the December rate) and would put up collateral"
 The action of the board in this affair was unique, and entities its members to a front seat on the benches of the worlds fnanciers (ior cha-ity's sake we do not say which front), instead of de- mandIng of Mir. II. to put up a reasona- ble collateral, as per his offer. They write to our late financier, Dane Tender son (Anglo-C California Bank, which is on Arizona matters, the same as writing Dane,) and to other banks, all of whom are known to be direct enemies of the sale of our bonds eff our honorable board does not know it they ought to- to knOW uhether Afr. 1T. can put up the money Co take our bonds. They also take detective means to trace Mir. II. from childhood up. We submit that this was the worst of im mbecility or "there was method in their madness" and done that Dane Henderson and other ens- mics of our bonds might be able to break Mir. H. down in his bid. Of course each and every one answered "No." "Mr. II. or no other man can get money as proposed by Mir. h."
 This all occurred nearly three months ago, and to this day Mir. II. has never been called on to put up his collateral, nor has his bid been accepted, though It is a conceded fact that this offer is exceedingly liberal, and the commission asked is considerably below what the board has authorized the Governor to accept. Under such existing facts the most charitable construction of their acts is to say that they have been derelict in their duty, but when to screen themselves they encourage personal abuse of Gov- .rnor Wolfley and talk about his mis- management of public affairs, they car- not blame others If far more serious charges are made against their board. Jealousy of Governor WolBey's success ful exertions as, heretofore mentioned, or even that they are acting in the in terest of Dane Henderson or the other banks, who, they. in disregard of all that is honest or honorable in business of this character, put on to Mir. II. and his offer.
 By the neglect of Mir. Ills April bid the Funding Board has, we believe, caused a loss of fully s50,OO0 to our Territory, and for which they are dl- rectly responsible. By their delay in acting on his latter bid, they are seri- ously endangering the chances of our floating our per cent bonds, and that too with full knowledge, as all their banking friends have advised them that onr per cent bonds cannot be funded.
 Governor Irwin has been gone over a month, and, it is said, at the expense of this Territory, and on this bond busi- ness, and has not yet reached New York or any other monied center. This is a plain, unvarnished statement of facts, that if anything has too long been withheld from the public, as thers IS nothing like public opinion to spur officers to do their duty. It is now made, because we have deep interest in the welfare of the Territory, and we know of no way in which greater bene- fits can come to us than by immediately funding the debt of the Territory, counties, cities and school districts a. provided for under the Wolhey Funding Act. It is safe to say that it will at once turn loose into the channels ot daily business at least $1 ,500 900, which cannot come too soon for our business needs, besides cause saving of per cent interest per annum on that amount, that bning estimated to be the amount of floating debt bearing 10 per cent interest.
 If, in our statement of facts, we have | sl. L..