Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1899-02-22

There have been a great many special
acts of the legislature giving different
towns in the state authority to issue bonds
and some seem to think that an act would
be necessary in our case, but | am informed
by reliable legal authority, that such an act
Is not necessary, and that the issuing of
bonds (under the statutes) without an act
of the legislature would be as lawful ard
the bonds be as valid as though there had
been SPECIAL act enacted.
In the case of the town of Brattleboro
there was special act passed in 1896 CIV
ing the town authority to issue bonds to
the amount of sos 900; but am informed
by the legal counsel for the town OF Brat
tleboro, who looked after that matter, that
the Boston parties who bought the bonds,
required special act of the Legislature be-
fore they would take the bonds, for the
reason that there might be question
raised sometime as to the legality OF town
putting money into an opera house, and
part Of this money was for that purpose,
therefore the act of the legislature legal
lied the loan. You will notice that sec
ton Bill reads "notes, bonds or coupons
lawfully issued" The act of the legisla-
ton simply in our case would make our
outstanding obligations, lawfully issued,
but as there is no question about the legal
ity of our town debt, such an act would
not be necessary.
Now comes the plan that l advocate,
viz: Let the town vote authorizing its Sc
lectmen and town treasurer to issue or
July /, 1899, 1000 Of town bonds al
provided by law; let them be in denomina
tions of 800 each; have them registered
let them draw four per cent annual interes
and make the first ten expire July l, 1900
making $1,000, and ten more each succeed
ing year until they are all cancelled. Stat
ing in each bond the time when they be
come due. Then let the town treasure
advertise and offer them for sale to tn
highest bidders; and believe that ever
bond will be taken in this town, and at pa
or above.
NV reasons for such belief are these
The money is here, the investment woul
be safe and at home and they would b
exempt from taxation in the town, for unde
federal law, the town could not tax its ow
obligations and the supreme court OF tn
} United States has so decided. Therefor
four per cent interest bearing bonds nc
. subject TO udAdIlOu eACopupS III o'o'o 81
county taxes would be considered safe
conservative and fairly profitable invest
ment. In fact better than money IN say
g ings banks in this state, as far as interes
is concerned, and also absolutely secure
e My object in issuing the bonds in sma
/ denominations is that people who hav
} small savings can invest in them if the
E wish. This plan would reduce our intel
| est account 5000 the first year, and IL
/ creasipgly continue to reduce both the II
terest and the debt until both were wipe
out also so long as the debt is not paid
n stands as warning to us not to be extraN
$ agant but to be very careful about our al
t nual expenditures.
i / also believe that if we reduce this del
E $1,000 per year together with the interes
e | it will be as much as our taxpayers ca
: consistently hope to accomplish, and pa
:. in addition our annual running expenses
' which are somewhat burdensome, an
q should be reduced if possible.
Respectfully submitted to the voters
e Westminster,
EDWARD P WRIGHT,
d Westminster, VT, Feb. 20, '99.