Arizona republican., 1891-07-24
THE FUNDING BILL.
cents c dozen.

Gov. Irwin arrived in New York on the 18th of July, and, as we understand 1t, to attend to placing our Territor- ial bonds. Of course we have our own ideas as to the effect of our criticism. Since receiving telegraphic inform ation of the Governors proceeding actively and apparently earnestly in his en- deavors to place our bonds, we have suspended our judgment and our crit cism and will use our best endeavors to strengthen his hands and to aid him to successful completion of his work. Our present outstanding indebtedness is in round numbers $3.500, ,000, includ- ing county, city and school district debt. Of this at least $2,000,000 is bearing ID per cent interest, und the remainder runs from 6 to s per cent. The saving to our Territory will, therefore, be 5 per cent on $3,5O0,0O0, or over $100,0OO annually. A large portion of our debt, however, consists of bonds that are not yet redeemable and will not be for sev- eral years to come. The floating debt is that which bears the highest interest and amounts to fully $1,500,000 ttat can be at once redeemed. As this p,,rt of the debt bears 10 per cent interest there will be an immediate saving oi 5 per cent on $l,500,000 or $75,tO0 annually. If we have been more imIa- tient than others on this subject it is because we more fully realize the ben efts to be derived from the proper ex- ecution of the law. Then we knew that but one actual bid had ever been re- ceived for our bonds, and we feared that should that bid be neglected too long, that we might never receive another. It being well-known fact that after any bonds have been offered their chance of being sold diminishes as time passes, and ours were first of- fered nearly year ago, being in Sep tember last. In our judgment, there fore, it became an actual necessity to begin actually to attempt to dispose of them. If the present bid is found to be responsible one and the terms upon which it is offered are reasonable then there should be no delay in accept ing it. If, on the contrary, it is found to be an irresponsible bid it should be promptly rejected. The way to establish this important fact is to name reasonable collateral and require it to be put up. This the parties have agreed to do if called upon. Gov. IT, win arrived in New York on the l6th of this month. The parties are in New York waiting to have the required amount of collateral named. Gov. Ir- win has been fully authorized by the Funding Board to take such action as in his judgment he deems proper within certain reasonable limits, and the terms offered by the New York parties come within the reasonable limits within which the Governor is authorized to act.
 If then the Governor names the amount of collateral to be put up, and the New York parties comply, our bonds may be said to be already sold. We anticipate early and favorable ad- vices from Gov. Irwin, both parties be- ing ready, yes anxious. There cssn be and should be no delay.
 Even at the high rate of interest now being paid none of our bonds have gone delinquent on interest. This being true, our bonds at per cent interest ought to be held in good standing, for having, for years past, shown our abil-