The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1892-05-06
THE D, 4 W.
Will the Bonds Be Delivered---T The
Committee Confer With Mr.. coad
Today and Offer to Place for $4,000
Under Certain Guarantees.
Complexion of the Road Must BE Assured.

Completion of tile Road Must BE Assured. +.
From Tuesdays Daily:
In connection with the report of Mayor
Woods success i'll selling water bonds, we
called attention last evening to the vast differ
ence between the figure obtained and the
amount expected from the $4,000 in railroad
bonds. Since yesterdays issue we have been
informed that the sale of the $4,000 bonds
was not contemplated at the figures named
but that they were simply to be used as col
lateral on which to raise all possible to
tide the road over certain point. From
conversation with different parties it seems
there is considerable difference of opinion on
this question, but it matters little OF one
thing the people may rest assured, if the
bonds are once placed, it will be equivalent to
sale. There seems also to be difference of
opinion as to the distribution of the funds.
The instructions to the committee was to see
that the funds obtained from the sale of bonds
was actually employed in the further con-
structon Of the road. Just how the commit
tee are going to lie able to direct the cxpend-
in OF funds for a company in which they hold
no interest ia a point we have not heard ex-
planned, The Coad people claim that in the
dispatch offering to deliver bonds Oh the de-
post Of $1,000 There was nothing said
implying as to how Or for what the funds
should be expended and they feel that they
might be diverted to some other road or pur-
majority of our people want the ID. & W.
road, want both roads, and would sec active
work begin at once and the UNION desires it
above all things and would not lay straw in
the way, but the anxiety Of the people should
not so blind them as to allow annother dollar
of bonds be issued unless matters are in such
shape as to guarantee their expenditure in
such work upon the d. & w. road as will in
sure its completion.
We believe the ma jority Of the committee
on whose shoulders this responsibility has
over ofthis $4,000 does not necessarily insure
the road. even though it be honestly expended
on the road. 1t might be used in payment of
present obligations and the road stand as it is.
1t might be spread thinly over the whole line
as the work in the past has been and ,hc road
be no nearer completion than at present. The
people of the city started into this work with
their eyes open, 100000 in bonds were
voted for this ID. & w. road. Every cent
possible should be realized from the bonds
and the money expended in completing as
many miles as possible of this end Of the
route to enable the company to obtain the
balance needed on mortgage. 1t seems that
the company have fallen back on these bonds
as last resource. Now if. us many no
doubt desire, the proceeds Of the bonds are
applied to present Indebtedness while it will
relieve the lew, the many must suffer- for IT,
today. Many arc, no doubt ready to say,
ooh, you just trust the committee. They
realize all this They are good men," Or,
"rhis is just what Coad wants to do All
true, no doubt, but IN their personal business
relations these same people would not trust
human nature so far. They would exact
security for the fufllment Of such promises.
Why show poor business methods when
handling public funds? At the citizens meet
ing, when the committee were instructed to
turn $685. over to Mr.. Coad, it was ex-
pressly stipulated and agreed to by Mr. Coad
that first mortgage should be given as Sc
curity for this S25,ooo and that nothing fur
ther should be asked until there was a certain
number Of miles graded and ironed. Has the
city any security for that $4,000? Not a
scratch of pen. Now let the people de-
mand that before this $4,000 is placed,
something more than promises be given that
it will accomplish the end desired