Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1901-07-19
REFUNDING BONDS.

The first bonds refunded by commissioners of
Anderson county for some time were refunded
when Ranse Harrington, T.W. Parrot and ]. ].
Anderson were doing business for the county.
This was batch of fifty thousand dollars OF
| Missouri Pacific bonds, and were refunded at a Il
per cent These $50, 900 in bonds as refunded
will come due in 1914, 1919 and 1929. After
these bonds had been refunded, and Mr.. Herring
ton succeeded on the board by Mr.. McAdam,
| one D. H. Martini of Topeka, met with the
commissioners of Anderson county, and wanted
an option, as it were, to refund the old L., L.
| & G.. bonds which would mature in 1906 and Y.
After consideration CT the bond proposition of
Mr. Martin by the commissioners, the said
Martin entered into all agreement to refund $780,,
900 of such bonds, provided he could get in
such bonds on or before January, 1901 Mr..
Martin was to refund $4,000 in bonds on short
time at "a per cent, and $4,000 long time, at
az per cent. Mr. Martin failed to come TO an
agreement with the holders of the bonds by
January l. 1901, at which time his contract
with the commissioners expired, and, as maj
ter of fact, he did not refund the $4,000.
Then, the first week in January, 1907, Mr..
Martin appeared before the board of county
commissioners and asked for an extension of
time, or a new agreement by which he could
have more time i'll which to negotiate for the
bonds, he believing that he could get the bonds
if more time were given him.
This wa during j. J. Anderson's last week
OH the boatd, and he suggested TO the board
that if they were going to enter into deal
with Mr.. Martin, they meet Martin the next
week, when Mr.. Henning would be on the
| board as commissioner SO that those who
| commenced this deal would all be on the board
when the deal was ended. This suggestion
was accepted, and Mr.. Martin appeared before
| the board in the second week i'll January, 1901,
after the reorganization of the board by the
election of r. w. Parrot as chairman. Then
and there the new board itered into all agree
with Mr.. Martin to refund $50, 900 of bonds at
per cent, which agreement was carried out
| and bonds refunded. Their there remained
500, 900 in bonds not retunded-these the COM
missioners voted to refund, at meeting in June,
at per cent.
In Mr.. Martins first agreement, there was a
proviso that the commissioners should have the
privilege to pay not to exceed ten thousand dol
lars in bonds when such bonds were brought i'll
| by Mr.. Martin to r,fund. In the second agree
ment, the commissioners failed to put this pro-
visio in their agreement; consequently, the
county has on hand about ST. 900 with which
to pay bonds but the Ionds are not forthcom-
ing, as the holders of such bonds would prefer
holding the bonds and drawing the interest to
having them paid off,
Why the commissioners in 1901 could not
make as good bond deal as the commissioners
of 1903 and 1000 made is somewhat of query
to many of the tax payers. The rate of interest
is lower now than it was one, two or three years
ago. Many of The tax payers of Anderson
county think the 500, 900 in bonds should have
been promptly paid in 1906, when they come
due, and not refunded at all If Anderson
county's bonds were arranged that $4,000
would fall due every year, the people would
soon pay them off and be done with bonds
But, as these bonds are now shaped, boys
will be old and gray before they are paid. We
think this is bad 6nanciering, whether it be
done by Republicans, Democrats or Popuists.
We cannot any business in this deal, unless
it is business on the side of the bond holder, so
that he will draw interest for years to come off
the people of this county. Such hnanciering
as this would ruin individual, and is GER
tainy NORWOOD and gall to the people of An
| derson county.
Had the commissioners of Anderson county
done their duty, we would pay off the last of
our county bonds in 1907. Instead Of this, we
are Just now giving the holders of these bonds
another thirty years lease on our people.
| We do not believe in the theory of some peo-
pie, that our children and children's children
should be afflicted by the debts of their prede
cessors, but we do think that every generation
should pay its own obligations, These bonds
could and should have been paid b, fore this
time. No person would have felt the payment
to any appreciable extent. Thirty-fve cents
tax on the 500 will bring in over $4,000