The Tucson citizen., 1902-03-31

commission, Some time ago the COM
missioners completed their draft OF an
enabling act authorizing Maricopa
County to vote bonds for the construc-
ton OF a storage reservoir, ana the
bill was forwarded to Judge Dlilon' OF
New York, as the most eminent couh-
sci in the United States on bona Ques-
tions. for correction in any particulars
which In his Judgment the measure
might require. 1t was wisely conslu-
cred that not only was the ADVICE vi
such a counsel needed In preparing
bill that would give origin TO Vallu
bond issue. but a bond issue which
would also be taken by investors.
Judge Dillon has returned ~" pl'i
with the amendments when ne con
siders it requires. The main aiteratioh
Is the insertion of a provision that ln
case the county defaults IN It's ooh-
cations the bond holders may iore-
close on the dam.
No one wnl question the ability OF
John +. Dillon as a lawyer anu II"
| one doubts his fidelity ia corporate
| interests. He resigned 4 seat on the
circuit bench of the United states 10
become the legal adviser ot the late
Law Gould. and since then his employ
ment has been the buttreosing anu
fortification of corporation ana trusts
He is a very astute and A very ao'e
man. an adviser OF cooperation lawyers
and the legal guardian and protector
OF bondholders.
There is no objection to Judge Dll-
lion in the discharge of his duties 10
The interests whose protection ne mas
made a life study. That an Instrument
/ that has received the approval OF MS
revision should be entirely satisfactory
| to the bondholoers need hardly De
subject of doubt But the people nave
not heep clients of Judge Dillon of late
wears, and IL he Is unahle to view q
question from their side Of it. IL neea
not be a matter of surprise,
/ II is conceded by every intelligent
person in Maricopa County that more
water is an absolute necessity to their
future prosperity, but how to get 1t
without sacrificing everything for 1t.
and then. perhaps, not b. able to own
or control 1t. is the problem that con-
fronts them.
The people whom the Republican Is
disposed TO deriue are MT opposed to
bonding Maricopa Count. .or two mil
lions and quarter of dollars 10 eHec'
a great and necessary pubic improve
ment. They seem to be favor Oh
any lust and reasonable measure tha'
will insure the stable prosperity OF the
people OF their county. But they are
opposed to mortgaging the people, ano
the children of the peope now living
without first absolutely safeguarding
their interests.
We do not believe NAT the people o.
Maricopa County should accept tne
section of the bill interpolated by
Judge Dillon 1t ls too drastic. 1t is tos
one sided 1t was written entirely ant
exclusively for The protection OF th'
bondhoIders without a care or consid
Grafton for the interests OF the people
of Maricopa County. This section o
the bill should be amended SO as tt
thoroughly safeguard the interests o
the people before they should Assem-
10 1t. even under the stress of in'
direst necessity.
II. would be four years at least from
the date of thu bond issue before an,
benefit could be realized from the ex
nenditure. In the meantime interes
to the amount Of $3.50, 900 would hav'
to be paid. Failure to pay interest fo'
ak months and under the Dillon sec
tfon OF the bono bill everything coult
be sacrificed. ana the people OF Mari
coma County pla ell at the absolute
mercy of 20 per cent of the bandh old
I ers.
Here is a contingency. possibility
that no pfu.irnt person Corid view
otherwise than with alarm. 1t is thu
function of wise craftsmanship to fore
see contingencies and provide agains
them. The Dillon section OF the bont
bill makes provision for the bono
= holders taking everything, If throug-
! the inability of nan or the act or Goo
wrought through pestiIence. storm o.
, famine. there should be failure II
2 live up to the letter of the drastic act
, The Phoenix Republican is plaini,
more interested in the bondholder'
than in the peopo OF ITS vicinity. Bu
Iif the people of Mar"opa County ar'
wise. they will ignor' the abuse ant
revlings OF the Republican a''as~tssssEI
oughly safeguard their oWn Il
The boudhol lers will care 70