Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-10-17
A LOWER INTEREST
THE CONTRACTS HAVE urn
SIGNED, nut THE EXCHANGE
HAS NOT BEEN MADE,
Judge Armstrong Thinks II Hest
sustain the county's Credit 4.
Favor OF the People.

The county Is preparing to funi n
least a part OF Its outstanding Iud,A
edness. Che plan has been talked n
for some time, but Judge Arms,r,a
says that he Is now very sure that N
scheme viii go through. though Ii,
order will have TO be made before a
money Is paid for the warrants Al,
new bonds. Since Mayor Paddocks Al
turn from the East I've and Mr.. B.,
bridge have assured the commIsst
ers that they have the money reaal
to exchange for the oouniy's se..s
tiles. The necessity for this funda
OF a part OF the county's debt Is 10 N
traced to the failure Of the city nj
tional bank last April, aud since ur
date the county has been hard pfeas
for ready money with which 10 al
current expenses.
This resulted from having lad M
sum OF 100000 ON deposit In that u
stltuti1n, and which has since. "A
course not been available for nse
When 1t was known that MI
county's credit was in danger the SRI
Worth National batk agreed With NJ
representatives of the uounty's iinltI
cill interests to cash county warart
at par and charge for the service 81
the rate OF per cent. per annum mo
the date the warrants were issual
The county commissioners c1nsds.a
that 1t was much better for the couihI
to lose this interest than flr NJ
ccunty's warrants to be llawksd ebcsl
the streets ana her credit thus l1l
paired. Besides. this would save III
citizens OF the county from the MOS
sltv Of discounting their warrants
This arrangement was at least 0.
best that could be made at the tia
Since that date, however. another 81
what has seemed n better pfoposl...::
has come To the commissioners
Messrs, Paddock and Burbrldse m
posed to let the county have vix
money was needed at the rate u |
per cent, per annum. on the strenga
I OF this offer the commissioner cols
on the 9Th day of August passed VI
following order:
Special term. August r, lsg5--li n
ordered by the court that the coarqI
Judge and the county clerk Ne al
they are hereby Instructed. aullHI
lied and empowered to enter into 4
contract with Messrs. Paddock Az
Burbridge TO issue TO them or ihi
assigns county warrants In the aggisl
gate sum of 100000 in such denonlH
lions as they may elect upon ~
render Of a like amount OF varrals
OF this county now outstanding. "a
to contract and pay the said Padlea
ana Burbrldge for their services IN WI
curing the money on said warraau |
sum equal to six per cent. rer annl
on the amount of warrants 80 hh-
and delivered. and that said Interest N
computed from the day Of issuing VI
the day of payment of said warranh
In addition 10 this loan at Sx II
cent. Messrs. Paddock and Hurbrar
agreed to take up 100000 OF counu
bonds and refund same amount BUY Y
a lower rate OF interest. The eophs|
has now outstanding 81 600 " lgss
bearing six per cent. Interest. and NJ
900 of bonds bearing i've per cent II
terest. II Is proposed by Messr. ~
dock and Burbrldge to take in psce n
these S2l, 800 Of bonds bearing ~ ri
cent, and $4,000 Of bonds bearing VI
per cent. This arrany enient' ~
Judge Armstrong. II carried out y.
save to the county about sJOO vi
which Is certainly not n small yen
Judge Armstrong in discussing VI
financial condition OF the county, VI
that had 1t not been for tue nIap.,|
ton OF the Fort Worth National n,s|
they could not at that time hafe =.
money for current eXpenses, w.
other bank would lend the co'''|
| money on those terms,