The record-union., 1892-02-01
How to Figure Bonds.

How TO Figure Bonds.
EDS. RECORD-UNIo IN the Bees re-
view of my paper read before the Free
holders Committee on Bonds particular
stress is laid on the fact that l assume
that the Funded Commission is bond
holder, and that the market values OF
bonds and coupons are higher than the
valuations found or assumed by me. The
main review of the paper is very fair, but
on these points there is an implied argu-
ment which is emphasized, SO far rs the
vaiues are concerned, by calling attention
10 the fact in the headlines. will plead
guilty to assuming that the commission
Is bondholder, and viii say that every
one who has an intelligent idea OF the
subject assumes ii also before gong into
any reliable cill laulations. The only dll-
terence is that the commission Is bond
hotder, buying and keeping bonus N
tlt>t Tor the city.
1t is the iucapacity of some re pie to
appreciate this point chat has caused
much confusion on tine subject of values
ol bonds. 1t is aS simple as All axiom,
and axionlS cannot b5 deuOnStrd. ed.
When they cannot be comprchenicd
without the aid OF a demonstration they
are simply not to be conpr e.4andeG. he
isttt iiaI llic -
IS not lIi,e All xiom, but is SD se!I-eNl-
dsllS that one who caifhot see II at 4
glance :hOEld wait Tor restoration O!
sight before attempting 10 lead ;hc pco-
pie on so in0mcntuuS question as th1t Of
oar lunded oeLt. Sacramento has hiit
enough OF the bind leatiiig tie ullId.
he original idea IN forming Tie GEM
mission was 20 provide Il way for buying
in oar bonds at i discount and 10 do tlat
a npndho.Uer hal 20 be provided 10 dea! n
ihp bo, dS ior the benefit Ct the city. h1t
DottlAoller is the commission.
rs 10 undcrvaluatiOn, my paper itself
ex plains this fully. The estimated value
OF tie commission is 50 c0usSrNatlNo that
1 have ignored the liability Of tne bond
holders forming Il combine IN bidding,
which alone wou d add over $4,000 TO
the value, and more than offset n prem
ium Of ~ 800, which have shown might
be added To lny estimates.
Ny figures are based on The situation
in BecUmaer OF 1891. The bond OF 'oS
wa then naked, that of '9i bur9 CIo cou-
ponS Ia { OF '9S bore seven coupons, ard
tiat Of 1903 bore twelve coupons. My
Ii lures there ore assume that q tond Of
% is worth 81 cents, that of '93 with its
coupons, - cents, that Of - with itS COu
pous 81 03l that OF lAUj with lis coupons,
81 is. 1t would be hard to persuade some
OF IthoSe that oppose the views / am sup
porting that the valuations OF the long
ponds are not OUC1'-e estimates. However,
they are not. l Will add that the COM
mission is refusing TO buy coupons Of
So at 50 cents, while | have figured them
at 81. understand from members o, the
commission that my estimates on past
due coupons are mostly higher than they
have been paying. u, y. LtNDLET.
Tuberculosis-Ho Bred and Nurtured.
EDS. RECORD UNION: With your kind
permission L would like to make a few
remarks on the subject Of the relation
ship existing between human and bovine
tuberculosis, commonly cal ed consump-
ton or phthisis. For years men of un
doubted scientific ability have been pro-
claiming to the world the still hardly
recognized fact that baciilary phthisis is
contagious, but the human family take
little heed. Furthermore, the individual
sorely afflicted, beyond human aid and
shortly to die, is not convinced OF the fact,
but, with the same strange fatality that
surrounds tie disease III all its phases,
the consumptive is still hopeful and i'm
agines he is getting better, even while he
Is dying.
This insidious and delusive diseaseis not
the result OF fciviliZation. as many suppose.
BarbariOuS and uncivi1ized races are if-
tiicted as severely as many of the most
advanced civilized races. Neither ge-
ographical position or climatic conditions
are factor in the distribution Of pull
monary phthSiS, notwithstanding our
best workers on the study Of the disease
attempt at times to account for its prev
alence in certain localities by reason Of
temperature and other climatic condi-
tions. Nevertheless, every known part
of the globe, with few isolated areas ex-
..ln * a halOIf1t N
After several years OF close study of the
affection, and consulting all accessible
statistics and the habits of the people
where the disease prevails, the only con-
stant associated factor is found. in my
opinion, in the inbred bovine species.
without any regard To the social position
of community, its geographical habita-
ton, terrestrial or atmospheric conditions.
If a community is closely associated with
inbred dairy catte tuberculosis prevails.
This position which | take is suscepti-
BILE of strong proof BY statistics it is
shown that in countries where the meat
and milk of cattle are not used as articles
of diet consumption is an unk nown dis
ease. Statistics also show that the preVa-
lence of consumption is regulated by the
ratio OF the bovine 10 the human race
Thus, in Ireland, where cattle number
4,570, ,0U0-nearly an equal proportion to
that of the nhabitants-consum is
by far the most fatal affection to which
the people of that country are subject.
Denmark, with about the same ratio of
cattle to inhabitants, sustains about the
same rate of tuberculosis. In Portugal
where there are six inhabitants to one
bovine animal, consumption attracts SO
little attention that few notices can be
found relating to this disease in that
country.
In central and upper Egypt, where the
ratio is one animal to nearly thirty in
habitants, the disease is decidedly uncom-
mon. The natives Of Great Kabylia enioy
an almost absolute immunity from phthi-
sis. According to the best authorities l
could consult as to the history of the peo-
pie, there is no evidence of the presence
of the dairy COW among them, but they
possess large fiocks of sheep and goats,
and each family has usually one buffalo
OK to do their plowing. As these are
peculiar people, with peculiar ideas and
habits, and not calculated to encourage
visits from European invalids, they re-
tain the immunity from phthisis to the
present day.
But not so with their neighbors, the
Algerians. This country, having been