The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1902-06-21
Sni-a.Bar TovnshIn Bonds.

Sni-s-Bar Township Bonds.
The members OF our county court
met at Odessa, last Saturday, in order
10 confer with The citizens OF sni-
a-Bar township in regard 20 compro-
missing $1,000 Of bonds issued BY that
township in 1870, and now held by
Charles P. Wonderly. In 1855 a
compromise of the bonds OF the town
ship was effected, but these Won.
DERBY bonds were not presented and
were not included in the compromise.
These bonds we're issued in 1870
for a railroad that was never built,
aud the people feel that any amount
they may pay toward the redemption
is Just so much steal. The bonds
bore the outrageous rate of ten per
cent. interest, aud the %''innocent
purchaser could well afford to hold
the bonds for year after year, wen
when they had been called in for
compromise, well knowing that they
would be refunded at a much lower
rate OF interest.
A great part Of the debt of Sni-a-
Bar township was thrown into judy
ment about 1880, and when the
compromise was effected, in 1885, all
bonds in judgment were compro-
missed at 60 cents on the dollar, prin-
cipal and interest. The bonds not in
judgment were compromised at 81
cents on the dollar, principal and
interest. The Wonderly bonds are
to be classed among the 81 per cent
bonds.
These Wonderly bonds and interest
now have a face value Of $50, 299, but
Wonderly is willing to compromise
for s23, 900. The people Of the town
ship have instructed the county court
that they are willing to compromise
at the same rate at which the general
compromise was made in 1885. At
that time the bondholders were given
10 per cent interest on their bonds,
and 6 per cent interest on unpaid
coupons.
10 consideration of the fact that
Wonderly had not drawn any interest
on his bonds since the date of COM
promise, July l, 1885, the people and
the court agree to offer him six per
cent compound interest on his bonds
from date Of compromise, July l, 1885,
to August ], 1902. Taking the rate
at which other bonds were compro-
missed as a basis, and figuring 6 per
cent compound interest, the Won
bonds now amount to ST.
$50. II, making a difference of
50, 103.2 30 between the offer to give
and the offer to take.
Many years ago the county court
entered into a contract with Gen.
James M. Lewis, attorney OF st.
who agreed to defeat the bonds
for $4,000, and in case he failed TO
defeat them he was to receive moth
ing. Lewis has since died and Elijah
Robinson, of Kansas City, assumes the
contract. The attorneys now demand
81 500 for their services, and if the
ponds are compromised these attor-
icy fees, not exceeding 81, 500, will
lave to be paid by the township. If
Nonderly refuses to accept the COM
promise offered. the attorneys will
proceed in their efforts to defeat the
,onds.
We think the offer of the court is a
cry liberal one. Six per cent COM
,ouud interest for seventeen years is
big thing. Some of our bonds have
'een refunded at 3! per cent, and a
legitimate 81 per cent Snl-a- Bar
ownship bond would today sell at a
premium. We hope the matter will
Don be amicably settled, as the debt
S growing larger every day, and our
'eople cannot afford to have such a
Iebt hanging over them.
Patriotism.
A few DAYS aOo tho (y1han oonoraoe