The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-28
"RoNDs, xEs.a
TO the EDITOR Of The Herald.


Farmers Ward, Salt Lake county, Feb.
26. 1895.
gir-Reing a reader Of The Herald
and believing that you are generally in
the right when the best interests of the
people are concerned, still l beg to
d f,la with you now when you advise
the taxpayers to vote yes" on the
proposition to vote bonds to fund the
county Indebtedness to the amount of
SSl5,VOO, My reasons are:
flrgt-If bonds are issued they will
be bought by outside parties and the
interest money, amounting to s97S,000
IN twenty Years. 20 out of the country.
For experience shows that the bonds
VIII not be paid before maturity, if
then, only by a new loan.
Seu0nd-If bonds are issued it will
clear the way for the present county
court to use the revenues of the county
Tor other purposes than paying. debts
Third-A fuH treasury begets eX-
traya5ance. And desire to reward
party friends as witness the number of
people who are cldGnoring for Office in
the gift of the court
believe What would be good policy
In an individual woufa be good policy
N county court Having expended
more last year than the income of the
county. spend less this year. and next
year, etc, until the expenditures will
come within the revenues, thereby in
about four years the county would be
out OF debt, having saved to the tax
payers about 100000 in interest alone
which would benefit none but the
moneyed class. The present holders OF
warrants are not suffering, they get
eight per cent on their investment and
are satisfied.
There are at present no public I'M
provements which are especially
needed. even State street, upon which
1 4
nave done without, In fact the I'M
proYement was not desired by the Deo-
pie who knew the condition of the
finances but was made to crafty the
ambition OF the former county court
| to do something to which it could point
with pride, which road, by the way,
is a fat failure.
In conclusion I will say that I have
voted for bonds in the past but my
knowledge of the present and e7-
perfence of the past. teaches me to, in
the future, vote "bonds no."
JOHN GABROTT.
We give prominence to the foregoing,
| because there are two sides TO the
I bonding question and because the
| writer expresses the views OF many
estimable people. The disposition to
| plunge into heavy liabilities which has
placed this territory, this city and this
| county IN heavy debt, is a common de-
| velopnent in modern times Il must
be checked or universal bankruptcy
Will be the consequence
If it we're q question of contracting
a debt and issuing bonds to meet it,
The Herald might be found on the side
Of the opponents Of the project as it
has been in the past. But the debt is
| already contracted and will have to be
| paid, and the question now is what is
I the easiest and best way to meet the
! obligations incurred. It is not whether
we shall jump into hole, but how we
are to get out of a hole, that we have
! to determine.
Is It better to issue bonds drawing
Eve per cent, than to pay eight per
cent on warrants? Reputation of just
debts is out of the question, Every
legitimate obligation of the county
must be met, honestly and fairly
Where is the money to come from tc
! pay the debt of $685., 929.5S which the
courts have determined is IesitimateIS
owing by the county?
Our correspondent says the bonds
will be taken up by outside parties
Perhaps 50. It is not foregone con
clusion, though. There is nothing tc
! prevent their being taken UP by inside
! parties, IL they choose. But The inter
est is not big enough to attract them
perhaps, What follows? Why, thai
we will have s975, 600 of eastern capita
invested In Utah at a low rate Of in
terest. That is not such a frightfu
consideration as it is made to appear
/ The bonds proposed may be made
redeenaable in ten years, although they
mature at twenty; that viii cut off thu
interest computed by our correspond
emit, very largely. The full treasury
danger Will not materialize. Tn,
county owes nearly ali the none,
which the bonds Will bring, and none,
must be had for needful current e4
penses, The "sood policy" our frien,
advises is not practical, in view of thu
conditions that confront the county
and, if it were, the bonding is tn
cheaper method for the reasons w
have pointed out,
The Herald VIII be pleased to publish
reasons against as well as for tn
bonds, but up to date has seen nothin,
to change its opinion that the time ha
come when it Will be necessary an,
prudent for the taxpayers to chang
their attitude and vote 'Bonds, Yes"