The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1899-02-11
Our Comfy Ponds.

0AA SeuuAy HVuNbs
The following Is a private letter, writ
ten by Mr.. James Aull, Of st: Louis. to
County Treasurer J. G. Bledsoe. Asi 1t
relates to our county bonded indebted
ness, we lay 1t before our readers. Some
weeks ago the MTELLIeENcER took the
position that u county bonds would
have to be refunded, and the old bonds
at 8 per cent replaced by new bonds,
and that the new bonds ought not TO
bear more than 81 or four per cent. Mr..
Aull, a capitalist, agrees with us. Read
his letter.
SAINT Louis, January ., 1899.
J.C Bledsoe, ESQ Lexington, Mo.
DEAR SIR-Attention has been called
by the INTELLI0ENCER to the fact that
the county debt natures In two years.
There are certain county funding As
quoted hero on a basis Of 81 per cent
returns to the investor. u. s. new 3s al
present premium pay a little w . per
cent II they are called at expiration OF
ten years.
), Money Is cheaper than ever before in
the United States, Though a compare.
lively new country. II seems doubtful
that interest rates will he much lower
! in coming decade than In present year,
1899. City Of st. Louis eleven year SIS
{ sell at u considerable premium, just
T, issued.
Some investors or politicians may
4 have the conviction that the senate after
next March is apt to be republican for
Q six or eight years, and that some Roose-
ivelt OF Mckinley may be elected presi-
4. dent In November 1900, eyen though the
: house lack wcPking majority of re-
+. publicans, OF be democratic after that. in
1922. This does not seem very i'm
' probable.
The capltalistic skies are nov bright,
but foreign wars, short.crops or adverse
: trade balances might tend to advance
q somewhat interest rates, as well as any
considerable political unrest occurring
a How desirable II. would seem to refund
= If practicable now, at 81 per cent.
III Why should not the Missouri legisla.
ture pass an act providing that all fund,
"a ing or refnnding bonds in this state II
AZ issued at not over 81 per cent semi
Z. ANNUALLY interest be nOn-taxable and
, available for all trusts and trust fundsi
: INRalitN " otulO Uuhh uCDOoltns NtSs
ID just as United States or state bonds
10 and that the matured coupons bt
.. receivable for taxes and all payment:
:. due the corporations issuing same. Why
:. should not such bonds be largely held IL
Missouri, as well as by eastern saving
y banksp They might become so saleabl,
a, and so convertible that the holder woult
Id get some interest, and get his invest
nuant alprNat aNsttualaut 80 haxtnw thi
) cash itself subject to check. Over q l0nl
y. term Of years 81 per cent compounded
"a absolutely safe and net, surpasses man,
real estate and hazardous loans AMI
stock investments.
III practicable what q great feat |
% would be could You refund the Lafay
YES cite county debt at 81 per cent befor
ri the next presidential contest. All In
as debted cities and counties would rea
cd benefit on new issues and more OF thei
:, securities be held at home, especially II
cities Of this state. OF course tn
eli difficulty exists Of getting the nresen
he bondholders to accept payment befor
ire due, or to exchange their sh0rt-time 9
err, for longtime SIS, or : sell their preser
Al. bonds to those who would buy 81 pr
cent bonds. refundlng the preser
~ issues, and who would maintain a pr
ne MUM and convertibility for the ne
on Si's while the process of ~refunding, W;
lid going on. Everything should be dor
Iell to make the new Missouri issues
highest rank and safety, and they woul
be so regarded, ] have no doubt.
: This letter has no other motive tina
Ups to suggest to yourself In view of unpr
md cedented ease OF money and Il
ew approaching maturity Of bonds. Thong
Of probably the same line of thought h
on occurred to you already, :
Yours very respectfully,
JAMES AULL.