Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1891-09-16
AN HONEST LETTER

AN liONESI
Of course this was an honest letter, and
We all know that it was signed by honor
able men.
Mr.. Coler took the capitol bonds &C.
cordingly, and, upon the foregoing letter,
he sold the county bonds. The NUM-
cipal Trust company of London bought
one-half the county bonds, and that let
ter lies i'll its London safe (unless pur-
suant to cablegram, it has lately been
forwarded to me- a pledge of the honor
and good faith of many of our prominent
and most worthy citizens. For that
matter the signatures on the bonds them
selves ought to be guarantee of their
validity.
Now, Mr.. Coler knew nothing OF the
railroad business or the county business
in 1879. He had no concern with this
county until 1888. He was an innocent,
honorable stranger, who, as matter of
business, bought the bonds in 1883, and
later, upon the faith of their recitals; and
the present holders in London, New
York, New Jersey, Massachusetts and
Maine are also
ALL INNOCENT HOLDERS,
entitled to the greatest consideration.
The law, as expounded by the district
court and the supreme court, protects
these innocent purchasers. They had a
right to assume that we knew our own
business and would not permit our own
officials to gull non-residents, and they
had right to assume that the reCitals in
the bonds were true. Such is the law.
If anything was irregular in
the proceedings, any citizen might have
enjoined them twelve years ago. 1t is
too late now. Mr.. Coler was willing up
wards of two years ago, to fund bis claim
but he was misunderstood and misrepre-
sented. l brought his first suit, as pure
matter of form, in order to save any ques
ton as to the operation upon his oldest
coupons of the statute of limitations, and
upon his express injunction not to press
the county or incur any animOsities.
The second case, which embraces all
coupons up to July, 1889, was brought
with view to a compromise, and Mr..
Bernard Seligman, then county commits
sioner, we'll knows how much inclined he
and myself, to compromise by allowing
formal judgment and
EXTENDING THE TAX LEVY
for its payment over five or six years.
The public knows the rest; how political
passion usurped the functions of reason
how refusal to levy taxes has turned in
terest into principal and how our county
and many of our best citizens are discred-
tied abroad.
have used every effort to bring about
a compromise. | have consulted, not
only with Mr.. Coler, but with the bond
holders in England and in this country.
The best that l can offer in behalf of Mr..
Coler and the bondholders is to take
funding bonds for the entire debt at s. .
per cent interest, which would offer the
county saving of nearly, if not quite,
$4,000 year.
If the county prefers war to peace, and
does not dread the incubus of an accumu-
lating debtor even the dishonored
coupons bear per cent interest-it can
stay proceedings in the judgment by Civ
ing to Mr.. Coler sufficient supersedeas
bond; and past experience ought to sug-
gest to him that, in the present predica
ment, nothing could be more desirable
than the collateral afforded by responsible
individual names. Of course, no stay of
execution can be had without super
sedeas, the United States Revised Statutes
& 10000 providing: every justice or
judge signing citation on any writ of
error, shall, except in cases brought up
by the United States or by direction of
any department of the government, take
good and sufficient security that the plant.
if in error or the appellant shall prose-
cute his writ Of appeal to effect, and, if he
fail to make his plea good,
SHALL ANSWER ALL DAMAGES
and costs, where the writ is a supersedeas
and stays execution, or all costs only
where it is not supersedeas as afore-
said"
Neither the United States nor this terri
tory has ever exempted counties from the
necessity of giving security to stay pro-
ceedings upon writ of error, although, it
is true, that upon appeals in chancery to
the territorial supreme court, a county can
seCuIe d sIay vi proCeeulHsS WlInouI Sc
curity. This is result of recent
legislation.
Mr.. Coler's judgment is collectable by
immediate tax. The district court issued
a mandamus in September, 1889, for the
levy of such tax, but you will remember,
a writ of prohibition was afterwards
issued. Although that writ was subse-
quently dismissed, preferred not to urge
the levy until the conclusion OF the case
in our supreme court. But the manda-
mus still stands. The district court has re-
cnetly ordered the county commissioners
to convene and obey its command, and l
presume that the day of trifing with the
courts has gone, never to return.
The question of the hour is, whether
credit shall be redeemed. or discredit in