Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1899-02-22
Shall the Town of Westminster Issue
Bonds to Pay Its Indebtedness?

One OF the questions to come before the
legal voters OF the town of Westminster,
at the next town meeting, is whether the
town shall vote to issue bonds to pay, and
cancel, its outstanding indebtedness. The
auditors find, upon examination OF the
books of the town officials, that the total
outstanding debt Of the town at the end
of this fiscal year is in round numbers
about $4,000.
Waving tor the present all discussion
which will arise as to why and how this
debt was incurred, and whether or not
town officials have always been careful
enough in administering town affairs, the
main question at issue now, and the one
question propose to discuss, is the impor-
tant fact that the debt exists, that it is
lust debt, and that it has been legally
contracted, and must and will be paid IN
full.
The only question at issue is how are the
taxpayers OF the town of Westminster
going to decide by their votes which method
to adopt that will eventually wipe out this
debt against the town. Here we find men
with various opinions and OF opposite
views. There are some, am told, who
favor raising heavy town tax tor few
wears, and in that way paying oil and
clearing up the debt; but my impression
| !, that these men, while public-spirised and
willing to put their hands in their own
pockets, and pay their share OF the debt,
and be done with it, are very largely in the
minority. / believe that the great major
lity of the taxpayers OF this town are pay
ing now about all the tax they are able 10
pay, and that to vote tax large enough
to pay the indebtedness of the town IN
a few wears would force many farmers to
borrow money individually to pay their
taxes. This would seem to be poor policy,
at least for the individual, and the tax
payer could hardly be expected to vote SO
directly against his own interest.
| Others favor the policy, which Is at pres
emit pursued, that is the town treasurer, by
and with the authority OF the town. bor-
rows what money is necessary from time to
time to float the debt and for which money
THE town pays five per cent annual interest.
Those who favor the present method claim
that this money is largely borrowed from
taxpayers in the town who are thereby
benefited by finding secure home market
for their surplus money, and that II all TIL!
money is taxed in the town, the town would
derive a benefit in taxation which would
offset a lower rate of interest than five per
cent, possibly making it less than four PEI
cent actual cost to the town. theoretically
this seems good, but the fact is that all o
, this money has never yet been taxed In the
town and probably the net results have
fallen far short OF what its advocates clam
} for it, and would continue to do so. Nov
the statutes have provided for towns In ou
5 condition. Section 3111 Vermont statutes
read. as follows: "a town which has out
4 standing and unpaid orders, notes, bond
or coupons, lawfully issued, may is'u'
other negotiable notes or bonds to pay o
retire the same And sections 3ll2
, S1I3. 3114 and 3115 provide the method
l to be pursued in doing so. Space forbid
4 me here to give the sections mentioned
+ but TO be brief it can be done by vote 0
; the town authorizing its selectmen an
!, treasurer to issue the bonds and there is n
question in the minds Of the best legs
: ability in the state but what the bonds .
|. Issued would be legally issued and secur
/; and safe to the purchasers