Arizona republican., 1898-01-19
WHY IT WAS DONE.

In an eQ1JOr1aI crlLlclSiuS lue f0- publican for it's use of the word ''re- pudiation" in connection with the Yav- apai railroad bonds, the Gazette says: '.If these railroad bonds of Yavapai | county were valid and issued in con- formity with law and equity, why, we ask, was it necessary for Cakes Mur phy to secure the passage of a con- gressional law making them valid or negotiable?'
 It is like thrashing old straw to dis cuss this matter, but for the benefit of the obtuse Gazette we will give the reason again. Under power given it by special act of the terri torial legislature, Yavapai county, in 1885, issued those bonds, and upon conditions stated in the act, donated them to Bullock at the rate of $4000 per mile, in order to enable him to con- struct the F. & A. C. railroad
 On November 2S, 1885, in order to enable Bullock to negotiate those bonds, citizens of Yavapai signed and delivered to him a paper in which they stated that they would purchase from him, at their face value, the amount of bonds set opposite their re spective names, to the extent of $75,- GOO; that they would in no way di- rectly or indirectly oppose or obstruct the issue of the bonds; that they would
 at all times use their good offices to
 secure their prompt issue; that they
 would, by their moral suasion and personal influence, at all times uphold and maintain the said bonds issued
 under said act and the legality there of, and of their issue, and of the right
 of the railroad company to have and
 receive the same"
 This paper was signed by many of the conservative taxpaying citizens of the county. Attached to that paper furnished to Bullock was an affidavit from it's signers to the effect that they owned and were assessed for property aggregating over $70O,000. There was added also a letter f.om i the governor of the territory declar- ] ing that the bonds were issued as di
 rected by law and subsequently ap- | proved by congress.
 With that document in his pos
 session, MT. Bullock had no difficulty in negotiating the bonds and build railroad. The interest on the boads was paid regularly until three years | ago. A democratic treasurer, with the ! public money and the knowledge and acquiescence of his official associates, called in and paid about S27 000 of the principal of those bonds. In due course
 the officials of the territory took up and funded without question or ad-
 verse comment s40,000 of those bonds. About this time the repudiation cry was first heard It had it's effect in 1 stopping the payment of interest and
 in calling the validity off the bonds into question. As a result of this at tempt to throw a cloud on these se- curities the congress of the United States, at the request of the Arizona legislature, based upon a petition from the taxpayers of Yavapai, passed the act or WHICH Iue ddZeIlS COlH HpidluS,
 validating and putting beyond ques- tion, as it had the power to do, the legality of these obligations. It is convenient for the Gazette to forget l that two district attorneys of Yavapai
 county, one of them MT John c. Hern-
 don, democrat, officially said that the
 bonds were valid obligations of Yava- pal county. Two boards of super i visors, at intervals of about three
 years, each said by official resolution
 that the bonds were valid, and recom- mended that they be funded.
 We think we have answered the Ga
 zette's question to the satisfaction of
 unprejudiced readers. But for the
 attempted repudiation of the bonds,
 congress would not have been asked
 in 1896 to validate them. In view of
 the efforts of the repudiationists it
 was eminently proper that congress
 should be asked to take action in the
 matter.
 In calling these bonds fraudulent the
 Gazette does not appear to realize that
 it is striking a blow at many good
 demo crats of Yavapai county, who are
 on record in support of the validity ot
 the bonds.