Arizona weekly journal-miner., 1897-10-06
AYERS TALKS BONDS !
ArizOna's Secretary Defends His Ac- tiOnS as L)sn Commissioner in Manly But Convincing
 Manner.
He is Not Ashamed of What He Has Done Because He Believes it Right, Hence Has No
 Apologies,

day morning for q visit of a few days among his many friends in this city. In conversation with a JoUR NAL-MINER reporter oyer the funding of the F. & i. C. Subsidy bonds by the Loan Commission, NIT. Akers said:
 "The conclusion r. aehed by the Loan Commission, of which ] have the honor to be member, whereby the Yavapai County Subsidy bonds, issued for the purpose of encourag- ing the construction of the P. & 4. c. R. R., were funded, were reached after a thorough investigation Of all facts pertaining to the issue and validity of said bonds, and 1 have t. apology to make for the part l nook in the transaction.
 ''The purpose for which the Yava- pal County Subsidy bonds were issued, is we'll understood by most citizens of Yagapai county. It is well known that the law auth0riz- ing the county to issue said bonds met with the hearty approval of a large majority of the tax payers of the county, and that so far as the citizens of Prescott were concerned, they were unanimous in favor of voting the suLs idly.
 "No one will claim but that the road was built as contemplated in the act; that the supervisors of he 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 5000 per mile, holding in reserve S1,0G0 per mile, until the final com i pletion of the road to Prescott. After which the entire road was in- spected and accepted by the super visors of the county, and the bonds that were held in reserve for the faithful performance of the contract on the part of those building the road, were finally 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 difference in interest. Hon. J. c. Herndun, then acting district attor- ney for the county, advised them to do so. Some of the bonds were presented and lueded. Those own ing most of the bonds, however, de clned 10 accept five per cent bond for a seven per cent bond, claiming that the county had -not-thn rl9hl to force or compel an exchange.
 "The board of supervisors think ing that by declining to levy to pay the interest on the Louds, they coulc force the exchange. did refuse tc levy tax to meet the interest," never for moment contending ol claiming that the bonds were not perfectly valid, having obtained value received therefor, as contem plated.
 While waiting the result of thi: first step towards repudiation, 5 democratic county treasurer paiC out of the county funds many thou sand dollars in redeeming soms O these very county bonds.
 "About this time the construction of the s. F. r. x P. Ky. was under taken, with results apparent tc every one in the territory.
 "It cannot be shown,nor is it true that the owners of the Yavapa County Subsidy bonds contributet to the failure and final abandon ment of the ?. &5 l. C. R. R. anC , just how and one can contend, II face of the facts, that Yavapai coun ty is not morally and legally bound to redeem obligations put out il good faith, is beyond my compre hension.
 , ''It Is true that owing to e dec:s ion rendered in connection witt , bonds issued in Pima county for tn purpose of constructing a road tth
 circumstances of which, however 3 were in no sense paralieD 1t wa , held that the territorial legislatur l did not have right 10 authctiz
 the issue, by counties, of bonds i
 aid of he construction of railroad in the territory. This decision ful nished the opportunity desired b | those ready to dodge respons - bility, to-as they hoped-sneak ou e of just debt. l am confident how
 ever, after consultation with abl
 attorneys, that even if congress ha
 not intertered, they would hay : failed in their efforts; but be tha s as it may, congress did act.
 |. "The citizens of Prescott tha
 petltiOned the legislature to memol
 ialize congress praying for congress ' ional action that the good nam 0 and credit of the county might
 preserved, did well, and It is to th
 credit or the legislature that the C did unanimously memoralize coi q gress as requested. The citizeI Il of the territOry,an Navapai count
 uparticular, are to be congratulate
 upon the fact that in June, 189
 congress did take action that save Il the county from the disgrace thi 'e would naturally follow a seriol 1T effort to repudiate just obligation @ through technicality of the law.
 Ut is true that the Hon. R. Q Morrison, prlor to the act of co ,, gress, of June 1896, did undertal b on behalf of the county, to deie A the payment of the bonds. It h
 never been claimed however, tn
 he did so from the fact that he q - not feel that there was a mor ef obligation resting upon the coGn 'i to pay the debt, The action talk,
 by him (as 1 understand iO " T. purely result of technical co es struction of the law, and as tI county's attorney he had hoped
 defeat the payment of the bono ne After the act of congress of Ju of 1896, Mir. Morrison furnish, a. an opinion to the supervisors on Yavapai county (while acting
 their authorized legal adviser) li- the effect that the bonds were val it. and must be paid.
 "It certainly cannot be consider