Arizona republican., 1897-10-05
THE YAVAPAI BONDS.
MT. Akess Goes Into the History of the Indebtedness.

Urday SG11IoiIH0u Iue ICAlo WiiE5 SooCe- ment by Secretary Akers concerning the action of the territorial loan com mission in funding the Yavapai sub sidy bonds:
 Charles H. Akers, secretary of Ari- zo1la, arrived in Prescott yesterday morning for a visit of a few days among his many friends in this city. In conversation with a Journal-Mi- ner reporter over the funding of the P. & A. c. subsidy bonds by the loan commission, MT. Akers said:
 s'The conclusion reached by the loan commission, of which I have the honor to be member, whereby the Yavapai county subsidy bonds, issued for the purpose of encouraging the construction of the P. & A. C.. railroad, were funded, was reached after a thorough Investigation of all facts pertaining to the issue and val idity of said bonds, and I have no apology to make for the part I took in the transaction.
 "The purpose for which the Yavapai county subsidy bonds were issued, Is we'll understood by most citizens of Yavapai county It is we'll known that the law authorizing the county to Issue said bonds met with the hearty approval of large majority of the taxpayers of the county, and that so far as the citizens of Prescott were concerned, they were unanimous in favor of voting the subsidy.
 tNo one will claim but that the I,,s1 {,, the act; that the supervisors of the county inspected and accepted each ten mile section of the road as con- structed, and Issued to the builders thereof bonds to the amount of S3,- 900 per mile, holding in reserve S1,- 900 per mile, until the final compile tion of the road to Prescott. After which the entire road was inspected and accepted by the supervisors of the county, and the bonds that were held in reserve for the faithful per formance of the contract on the part of those building the road, were in- ally delivered.
 Interest was paid on the bonds for years- The supervisors of the county recommended the funding of the bonds in order to save the diff J. don, then acting district attorney, advised them to do so. Some of the bonds were presented and funded. These owning most of the bonds, however, declined to accept a 5 per cent bond for a per cent bond, claiming that the county had not the right to force or compel an exchange.
 "The board of supervisors, think ing that by declining to levy to pay the interest on the bonds, they could force the exchange, did refuse to levy a tax to meet the interest for a moment contemding or claiming that the bonds were not perfectly val i'd, having obtained value received therefor, as contemplated.
 While awaiting the result of this first step towards repuatatior. a der-- ocratic courfy treasurer paid out of the county ffunds many thousand dol lars in red4euning some of these very county bonds.
 About this time the construction of the s. F. F. & P. railway was un- deGtaken, with results apparent Ito every one in the territory
 "It cannot be shown, nor is it true. that the owners of the Yavapai coun- ty subsidy bonds contributed to the failure and the final abandonment of the P. & A. c. railroad and just how any one can contend, in face of the facts, that Yavapai county Is not mor- ally and legally bound to- redeem ob- legations put out in good faith, is be- yond my comprehension.
 "It is true that owing to a decis- ion rendered i'm connection with bonds issued in Pima county for the purpose of constructing a road (the circumstances of which, however, were in no sense paralleD it was held that the territorial legislature did not have right to authorize the issue, by counties, of bonds in aid of the construction of railroads in the ter ritOry. This decision furnished the opportunity desired by those ready to dodge responsibility, to-as they hoped-sneak out of a just debt. I am confident, however, after consul tation with able attorneys, that even if congress had not interfered, they would have failed in their efforts; but be that as it may, congress did act
 'NThe citizens of Prescott that pe- titioned the legislature to memorial ize congress praying for congression- al action that the good name and credit of the county might be pre- served, did we'll, and it is to the 6 credit of the legislature that they did unanimously memouialize congress as requested. The citizens of the terri tory, and Yavapai county in partic- ular, are to be congratulated upon the fact that in June, 1896, congress did take action that saved the county from the disgrace that would natur- ally follow a serious effort to repudi- ate just obligations through a tech nicality of the law.
 ''It is true that the Hon. R. E. Morrison, prior to the act of congress of June, 1896, did undertake on behalf of the county, to defeat the payment of the bonds. It has never been claimed, however, that he did so from the fact that he did not feel that there was moral obligation resting upon fu fn Ioh