Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1898-05-13

Supreme Court as they were
obliged to and have delivered
said warrants. This sum is
quite large and at the rate of in
terest we are obliged to pay
Blaine County the interest al
ready accrued amounts to the
enormous sum of $50, o73.7I and
the annual interest will amount
to SIC, o9I. "a until the principal
is paid.
1t is patent OH its face that we
cannot raise revenue enough to
pay the necessary running ex-
penses of this county annually
and i'll addition to pay our por-
ton of the State taxes and the
annual interest on these warrants
now delivered to Blaine County,
nor can we pay the principal
when it is due, which, by the
terms of the Legislative act is
only five years from now.
This debt was left to us as
legacy from the earlier settlers
of Alturas County. We must
leave it as legacy for a future
generation. 1t will be all we
can do to keep up the interest,
and that must be at a lower rate
than seven per cent, so it is cas-
lily seen that it is our duty to
ourselves that we bond this debt
for twenty or thirty years at a
lesser rate Of interest. We can
sell our bonds, payable in thirty
years, at rate of interest that
will save us thousands of dollars
annually. We can bond it at
five per cent interest for thirty
years and then the generation
doing business here at that date,
viz: the year 2o28, will be called
upon to meet the principal debt, or
rebond, as is generally the case.
Just follow us i'll the figures
we are about to make and YOU
will readily see the Importance
of bonding this debt.
The interest we are now re-
quired to pao on these warrants
to Blaine County each year at
seven per cent. is $40, 6qI.22.
But if we bond at five per cent.
the annual interest will be only
1922. 81, making a difference
i'll the amount Of money we will
be obliged to raise each year by
taxation to be 81, COS 81 for that
interest And that is not all.
We will have thirty years to pre-
pare to meet the principal sums.
Whereas as it now stands we
must pay the seven per cent. and
then pay the principal in five
years whiclIewe cannot do as any
man can readily see. So there
is no alternative but to bond this
debt and it can only be done by
a vote of the voters of this
county and we are Of the opinion
that when the voters of this
county become familiar with the
facts and become to understand
this matter none will vote
against bonds. "
1t is proper that YOU shou d
all study this question, becon
with the facts, tax
with each other and do in this
matter of public affairs as you
would in your private affairs.
Surely if one of you owed one
thousand dollars and was paying
ten per cent interest on it, which
would be one hundred dollars
each year, and YOU found where
YOU could borrow the thousand
dollars at six per cent interest
you surely would borrow the six
per cent money and pay off the
old note and thereby save forty
dollars a year interest. This is
no fancy sketch, it is a stern re-
atty and must be met bravely
by us as sensible men and
women and the only relief is to
bond the debt and place the f.
lancial payment away off i'll the
distant future and to that end an
election is ordered to vote on
his proposition and the result
If the vote in the several pre-
,incts of the county will deter
nine whether we pay each year
5I6, 60I.24 in interest or $II,-
,22. 81 i'll interest and whether
We must pay S238.446 in five
ears or whether we postpone