Arizona republican., 1900-08-06
IA PLAN SUGGESTED
A Way of Protecting the County
 in a Bond Issue
Remarks of an Old Settler Who Fa- vors the Bonds and Is Not Afraid of Being Buncoed-It Will Be a Profitable Investment.

An old settler in this valley who from
 the necessity of his own interests mas
 made something of a study of the water
 question has brought. to this office a
 communication in which he sets forth
 his idea of how the county could be | properly safeguarded in the matter of a bond issue for the purpose of secur- ing water storage. It is as follows: f'I do not want to have my name ap- pear in this matter, but I want to help 1t along so far as I can. I have read the numerous statements that have ap- peared in your paper, since you com menced the agitation of the question of the county voting to issue bonds to aid in the construction of a reservoir. to impOund the vast quantity of flood water, for the use of the valley. at a ] time when it is needed, that now an- nually runs away to the ocean unused. ] The average value of this water per an- i mum for the past thirty years, comput- ! ed at ten cents per acre inch Ca fair i price for the consumer to pay), is more l than one million dollars per annum. Conceding this, ought we not to do all that we can do (anything in reason) to l aid in the construction of a catchment l basin to hold this water, for the use of l the cultivators of the land at the time 1 and in the quantities they require for. l Ihe successful cultivation of their crops T am very much pleased to learn that l 90 many of the people speak favorably J of the proposition, and seem at least
 to realize that something must be done | by the people of the county to aid in se- 1 curing the desired result.
 l Tt occurs to me that it is about time
 10 begin to try to formulate some plan 1 to carry out the idea that seems to be
 SO generally entertained by our people. | The suggestion that some make, that
 it is a scheme on the part of a clique or ring for a big steal, at the ex-
 pense of the people of the county, l should be met by some statement or proposition, as to how the bonds would 1 be used and how the people of the 1 county would be protected if they vot- ed for the issuance of the bonds of the l county in aid of the construction of the
 dam. that would create this catchment
 basin, or reservoir, that w. all desire. Up to th7 present time nothing has been offered beyond a general state l
 must. be protected.
 | If it can be shown how the county
 or the people of the county (and the ! terms are synonymous) will be protect | ed, so that the bonds will not be wasted
 or misapplied and the people left with nothing to do but to pay the bonds with i the interest, without receiving any cor l responding benefit, then one of the most
 potent objections to voting for the
 bonds will b. removed.
 | As no definite proposition has been offered, in this direction, I should like
 to make few suggestions on this point | for the consideration of the people and the beneflciaries.
 II say beneficiaries because I suppose I that the parties who propose to con- | struC,t the dam consider that they will I be the recipients in part at least of
 any benefit that will be derived from | the issuance of the bonds in aid of their ] enterprise.
 l ''The capitalists, the people who have l large quantities of money to invest and ] who desire to make safe investments
 have been solicited to put their money
 in here to construct this dam to create
 this immense catchment basin to inn pound this flood water for the people, and before they agree to invest they want the people who are to be bene- | fitted to show th5ir faith, by agreeing
 to share in the risk eff risk there be) to | the extent of $500, ,000
 There are several ways. perhaps, by which the people could do this. and
 the proposition of issuing county bonds | is at present under discussion. Now we will suppose that a majority l of the people are in favor of this plan | if it can be carried out with safety to
 the county.
 We must have an act of congress to | enable us to do it. This is easy and we get it. with proper and fair condi- | tions to protect the people, and under ! those conditions the people vote the | bond proposition, and the board of su- | pervisors issue the bonds. The disposi- l tion of the bonds must depend upon | the proper conditions embraced in the
 act of congress.
 Now, I want to suggest that those | provisional safeguards for the people should be. among other things, that the bonds should be placed in the hands of a reliable trust company in New York or some other city, together with an equal amount of preferred stock of
 the company proposing to build the dam, with the order and direction that the bonds were not to be delivered to the company until it had secured by the sale of bonds or otherwise the amount of money which, with the $500,-
 900 in county bonds. would be sufficient
 to construct the dam.
 ''The condition for the redemption of
 the preferred stock should be that it
 should be taken up by the first net
 proceeds of the company, together with
 interest corresponding to the interest
 on the bonds of the county.
 By this method the people are show
 ing their faith in the proposition by
 risking their half million dollars. If
 the enterprise does not pay the people
 will be out the half million dollars. On
 the other hand, if it does pay the peo-
 ,oI, hoa aly int