The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1893-11-09
THE LITTLE FALLS AND DAKOTA
BONDS.

THE LITTLE FALLS AND DAKOTA
BONDS: IL. .
A little more than thirteen years sCo
the township of Sank Centre. part and
portion OF which then WAS the village.
now city. Of Sank Centre. issued bonds
in the sum of $4,000. st 8 per cent. in-
terest. IN aid Of the Little Pals and Da-
kota road. and these bonds were ieliv-
cred to the railroad company and by it
sold to Eastern parties. The presest
holder of these bo.ds Is Charles !. Ram.
sey of Ithaca, New York. The bonds
matured in 1890. aud the principal -
wholly unpaid, and interest - nov due
on SS, 900 since December 1892 and on
$4,000 since July 1892. Mr.. Ramsey
now brings salt through his attorneys,
Us. Washbxrn and L. 3. Iudsou, Tr. OF
Duluth to recover priaGpal asa interest.
The deiesdaRt naused n the complaint
is the township OF Sank Centre, and de-
scribed geographically - iaciudiuH all
OF the forty-two SECTIONS esnpri&sa the
town and sity OF Sank Centre. The
complaint has bsen filed with the clerk
OF the csurt in 1t. Cloud, and the Times
gives a synopsis Of It a.d comments as
follows:
The complaint of the bond holder sets
forth that the bonds were d.ly voted at
town meeting. held on New. :. 1879.
This meeting. it might, perhaps. fe Of
interest to state. was called ut the re-
quest ofN. H. Miner, L. L. West, ]. &.
Parker, F. E. Searle. L. T. Storey. A.
Barto, L. Kells, l.. Lamb, George Il.
White. ]. H. Sfnonton. James AeMas-
tiers, E. Oakferd and Is. Conner, all resi-
dents of what is now the city Of Sank
Centre. The bonds were delivered on
July oath. 1880, and draw interest from
that time.
A lew years afterwards the village Of
Sank Centre was Incorporated. The
town Ierni t d the village to be set
apart fl ON the township without MAX
ing any provisions for the bonds. TIL
village, while not compelled. under the
Law, to pay any thing more on the bonds
recognized its moral obligation and paid
its proportionate share OF the interest
for several years. Lately. however, it
has not done this. because. asit is under
stood here. it questioned the right to
levy a tax for that purpose. The bonds
are now due, and, as the town has re-
fused to pay them, the suit is the result.
People who are we'll acquaint ed with
Sank Centre affairs say that two thirds
of the residents of the city would vote
to aid the town. hut that the la y makes
no provision under which they can do So.
/: The injustice can be re ,dlly seen when it
il ted that at the time the bonds were
issued The assessed valuation of the
town of Sank Centre was $645, 900.
Since then the village has hem organized
and grown to a CITY and tire last assess
,nent shows that the town now has
only an assessed valuation OF S214, SO,
while that of the city is 1858 .6t4.
The Times makes trifjng error in the
statement that the city has thus far
questioned the right to levy a tax for
the payment Of its share of the inter st.
or that the town has refused" to pay
them. The city has always been willing
to pay its share OF the interest. but at
maturity the question of extending or
refunding the bonds presented difficulties
which the town and city attempted to
adjust, but failed to come TO any salts
factory arrangement. The bond holders
offered to accept au extension for q
number of years at 8 per cent. providing
new coupons were issued. The faoe Ct
the bonds recognizes only the township
of Sank Centre and the ity a1redi to
continue to pay its share 81 the interest
two-thirds ofthe amount-previding the
township officers would execute the
coupons. This they wers advised by
their attorney not to do. - there was a
serious doubt a. to thcir powers TO So
bind the township. The city then raisej
the point that, while it fat nerally and
equitably bound to ooptribste to the
payment OF the debt there was no war.
rant Of law that would permit it 10
issue its bonds to take up those of the
township. And % the mstesr hiss rested
since mid summer. The HBRALD rs sat
isfed that pubic opinion in the city
favors the recognition by the munic;-
pality of its proportionate sbhgatioa.
This suit will bring the matter to .
head, and the legal points in the case
will be settled-probably by the supreme
court beioreitis concluded. N. H Miner
the attorney for the township, has has
been empowered to employ such counsel
as he desires in the defense of the
suit. and he has written to d. T.
Calhoun of st. Cloud. The first step
will be on the part of the defense to
move that the city of Sank Centre be
made a party defendant. and the city
attorney will undoubtedly contest this
point.
The case promises to be a notable one
in the state. for there are number OF
fine points TO be settled before judgment
is reached. The question of liability OF
municipalities created from bounded
territority as to sharing in pre-existent
obligations will he adjudicated, and 1t
may strike, in this ease, much deeper
than that-even to the validity and
suficiency OF the corporation itself
The case cannot come to trial until next
spring-tbe complaint having been filed
too late to get it into the December
! term.
=. y = -
WAR is very expensive business. Sta.
tistics of some of the great wars of the
past are as follows: The crimean war
cost So, 600, 900. 900 and 100000 lives.
the,Italian war at of1s59, $500, 0o0. 900
: and As, 600 lives; the war ofthe rebellion