Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-07-27
TIM cry ooUNou ASU LAWFUL
MONIy.

IhI NlAh NbhN'Ab RHfn - 80
MONIy.
ny . decifvc vote iho Ciiy Council
last evening. after due delibamilan ana
an animated debate. piHfsd r6s1lu-
ton that the h1nds ~ tho municipality
% bc refunded sh,ll De- payable. pr.n.
cipil aud Interest. IN lawful m.nDy'
Of the United siatuH. The discus .Hu
was marked by clnsplculus ability at
gmcs. showing something ~ q study
AMI knowledge 81 the Intricate subject
OF finance. and while the concluH'u
reached may not b. acceptable o. all.
none can aay that j, was either sprung
upon ihs Council or hurried al1ns 90
a nnai vote.
ny ms terms " ihc f.sliuiln mo
bonds arr payable ln amy Hrd ~
money which stands oH ierIi tender
az the option " the ~ aaur0r NJ course.
Standard silver dollars ard paper ia-
rucd by or under the authority II Con-
rrun and txprusy made such are
lawful money iho same az sold coin.
aud tho scope of the resolution takes
In alli s1 that. a b1udhllier present
lng his bond 10 the treasurer Tor the
purpose NJ receiving The principal or
Interest due would. " the aggregate
sum were very iatee. stand good
chance ~ getting a reucrni raprcscntt-
tion NJ an our different lines " cur-
rency: while n Il were not iargo ne
might 81 % all In either kind. ThT
SHOULD b. nothing very diHcuurlglng
about this. unirss tho holder had q
matter N 500 lr ~ coming 90 him pnd
the piyor handed % an out ln silvyr
dollars. even that would nos dhcuur-
arr some Of ua. but then We don't nll
loan money as bu'Iucas-lr Dihgr-
wise.
n the Council overlooked any salient
feature NJ tho prpp0alil0n u was un'
douht,dly unlntcntilnaL Thoro o. uu'
Instance. however In which ihoy seem
90 have lat sight, temporarily. ~ a
factor In the tran.wtlon. 4 noted
angler once made the statement that
there could be no twn opinions regard
ina me matches pleasure impaired by
landing a two-pound trout "oh. yca.
thre can be- AMI there are" replied
q ffleud 'whoso can the other one b.,
priyg" was asked ernie nsh'H." was
the responsc ~ iu this ease. There
are OF may be- twl op.nilus regarding
she contingency ~ having % receive
silver in payment N au obligation,
that ~ the Council 10 llr1iy IKE
pressed. the other ls that ~ thr lender
There D. no law 20 compel a man or
woman who has money On hand q"
lond u ai AN. un matter what Induce
mcnta may b. offered tu that end. ~
IN hla or hers and can b. kgpt ur lrt
80 ON such terms aH he ur rhr rrrs nt
10 Impose. Occupying "a position an i'm.
porlai. 10 absolute, 70 is not at ill tinic-
% at any time The part NJ wisdom COS
those who want such money 90 up.
proach the owner ~ u with terms uf hIa
own already made out unlDm such
terms happen GO De- tho identical ones
that alone are known 90 he acceptable
20 the owner otherwise lhcr Will De-
refusal. n nothing more Irritating Co the
feelings. Yet tho city Council has app
parcntly seen nt % overlook thia homeil
yet fundamental principle la the law
of finance and virtually asks 90 borrow
money on terms which ltHsf preacrihcs
ana which. unlike the ease cited, aru
known tjNhc Objectionable 60 those who
have the money 10 Put out The money
must be- had at once, because 10000
must shortly 90 into tho sinking funi.
besides tho many other liabilities, aud
the bonds outstanding which 10 d. proc
posed 90 refund are drawing i've per
cent iutrrH while tho reissue would
oary hu, four per cent a total save
Ing per snnum un 100000 Go bc called 10
and put ONT asain uf 5000. both Inn.
portaut considerations.
There II another detrImoul tina, has
been apparently overlooked or mo-, given
uuncirnt attention. 10 is shown that
$4,000 state bonds with % similar proc
ylso 60 that provided for boz tha CDun-
chs resolution were recently taken ur
at three and q hllf per cent ana o. "a
claimed that therefore there should hr
no trouble 100 nu,tiug $4,000 hy ihr cIty
az half cont moro. The ihlug that On
not made promiuput enough Ia Che fact
that state bonds are exempt from any
forms OF taxation, while those % the
city are only exempt from city taxa
ton. leaving them SIN liable 20 au
ass samcnt of two per cent,
thus reducing the Interest 10 Doe drawn
by the bondhnlder 20 only two per cent,
or one and half por cent leH than
II received on the states obligations.
Again. thc city must soon mlkf lu
issue OF yslO0o new bonds 1n inn
pcratlyc oue-und % politics cog auy
thing else than "a duo ryAh fHr tnr
municipal welfare, hlHel upon aud dI-
r,gt,l hy % disposition Go m1l. yey
edge vut, sl 90 Hpy1k, shall prevail, we
are likcly Gao nud our credit Impaired
ana the bids l1r our securities as cone
sequence waning 40 "a disastrous Dxtept.
In aU this there H DO tIfp0Huop tu
cuuclsr, certainly none 60 INA fault
with what the city solouH hayc done.
but merely 90 mako Huagostlnai flr
their ana others confederation. o. Or
"a matter In which we are all concerned
one way or another The high stand.
ms Of the municipality should be main.