The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-09-03
THAT BOND BUSINESS,
1hey Were Bought for About S.. 900 and Sold
for Nearly SIOO, 0OO-Their History.


for Nearly 500, 000-Their History.
A very plain looking man of nearly
three score and ten emerged from the din
ing room of the Carey hotel last night as a
reporter for the EAGLE dropped in in
search of stray item. He was a very.
very plain little old man, and yet there
was something about him that at
tracted attention. He was James Hill
of Madison, Indiana and he is
reputed to DE worth a cool million although
his looks wouldn't warrant any stranger
in taking his check for $50 Mr. Hill is
the holder of those so-caIled fraudulent
bonds" that have been the subject OF so
much controversy in Harper county. He
was then on his way home from Anthony
where he had successfully effected a COM
promise with the county commissioner
and from now on it will not be necessary
for the Alliance to do any more kidnap-
ping to avoid making tax
levy for the payment of the said bonds.
The history of the case is long and in
teresting one did space permit TO print it
| IN full In 1874 the county of Harper was
organized by the people residing there,
and about $40 900 in bonds were issued for
various purposes, The bonds were sold
and the money went to the dogs, or
somewhere else. The purchaser was
firm at Brooklyn, n. Y, but
after awhile they went into the
hands of a banker at Madison, Ind.
The banker, it appears, had son who
was industriously sowing wild oats at the
time, through which means the bank
broke and the banker threw himself into
lake and crossed over to the shores OF
eternity. In due course of time the assets
of the bank were disposed of, among which
were the Harper county bonds. AS early
as this time the bonds were declared
fraudulent on the grounds that they were
issued by county organization that
was not legitlmately constituted,
for the reason that there were not
the number of people in the county re-
quired by law before organization could be !
effected Owing to this cloud upon the
value of the bonds they were considered
almost worthless property but Mr.. Hill |
had a son who was a venturesome financial |
Spectator and he bought the bonds at the !
rate of twelve cents on the dollar. Some |
time after he WAS little tired of holding /
them under the uncertainty and he put |
them on the market for sale. They |
were soon sold and when the son |
delivered them il turned out that
his father was the purchaser. The old |
gentleman held the bonds without being
in the least worried until they were due
when he demanded payment The de-
maud was refused on the ground that they
were fraudulent. The courts were ap-
piled to, and in every case the state courts
held that Mr.. Hill was al Innocent pur-
chaser aGd was entitled to his money.
The case was appealed to the supreme
court, and there Mr.. Hill was also success
full There an order was passed compelling
the county commissioners TO make levy
for the payment of the bonds and. as here /
.ofore published in the EAGLE, one of the
was kidnapped so as to
avoid action In response to the demand of
he supreme court. Then Mr.. Hill ap-
peared on the scene and negotiations end.
ng in the present compromise followed
The compromise means the payment
If about ei&hty-fve cents on
very dollar of the claim which
includes principal, interest and costs
which now amounts 10 about S1I000J.
Yesterday new bonds. based Oh the COM
was issued bearing per cent
interest. and will be recorded today in the
,flice of the secretary of state at Topeka.
Thus ends the fraudulent bond" case
which has been a continual topic for dis
,uSsIou among the tax payers OF Harper
county for eighteen long Years.