Republican news item. [volume] (Laport, Pa.) 1896-19??, 1903-01-08
The News Item has kept it before

debt of the county exceeds sixty
thousand dollars. We'have invited
suggestions from correspondents as
to the best manner of diminishing
this debt. A prudent and economi-
cal administration Of our county
affairs is everywhere recommended,
and we believe our present Com
missioners are inclined that way.
To this must be added well de-
fined policy to reduce the debt.
1t is certain that all of the loans,
since the first issue of bonds, have
been illegally contracted, and even
the legality of the first issue of bonds
may be questioned. The time has
passed however when these illegal
loans can be surcharged to the Com
missioners who contracted them, and
the obligations are mostly in the
hands of innocent holders. There is,
therefore, feeling among many
tax payers that it would be best not
to raise the legal objection to the
debt, but to pay it.
The News Item has taken no stand
on this point either way, and what
stand it may take depends on cir
cumstances. If the debt is ever paid
it must be funded in 4 per cent bonds,
and provisions made for the collec-
ton of an annual tax sufficient to
pay the interest and also the princi-
pal thereof within thirty years. This
can only be done with the assent of
the electors of the county at public
election in such manner as is pro-
vided by law.
Is this funding practicable? We
answer yes.
The bonded debt of the county is
now thirty-eight thousand dollars,
mostly in four per cent bonds. The
interest bearing orders and judg-
ments as shown in the last Auditors
Report are Il trif1e over twenty-five
thousand dollars, mostly at six per
cent interest.
Let it be submitted to the voters
of the county, at the February cleo
tion, whether or not they will assent
to an increase of twenty-five thous-
and dollars in bonds to bear four per-
cent interest, and payable in thirty
years, for the purpose of paying off
the interest bearing orders and
judgments outstanding. 1t could be
provided that the interest bearing
orders might be used in the purchase
of the bonds. The annual interest
on $4,000 at 4 per cent would be
$1,000; and $500 per year would ex-
ceed the amount required to pay the
principal within thirty years. A
special bond tax of $500 would
therefore have to be provided to pay
the interest and pay off the bonds
within thirty years.
Two mills on dollar of the adj
justed valuation of the county would
raise something more than the $500
needed to carry the new bonds.
The interest on the $33, 900 of the
old per cent bonds would be 1920
and the interest on the $4,000 old 5
per cent bonds would he $3.50, to-
gether making $3.50 annual interest
on the old bonds. This interest can
be paid out of the ordinary ten mill
tax and leave enough to pay the
running expenses Of the county.
We may add here that in funding
the interest bearing orders and judg-
ments into four per cent bonds, care
should be taken that the Treasurer
does not take three per cent for re-
ceiving and paying out the money.
If it cannot be arranged with the
Treasurer to do this business for one
per cent, it can easily be arranged to
do it through the agency of bank
lOr one per ceHC OT lcSS.
We are throwing out these sug-
gestions to the tax payers and voters
of the county, and our course here
after shall be guided by their opin-
ions.
The records of the Prothonotary s
office show that Patrick Daily entered
judgment against Sullivan County
for one thousand dollars on the %,
of August 1902, which was by virtue
of a confession signed by the late
Board Of Commissioners. Interest at
four per cent.
We suggest to the County Audi
tors, who are now in session, that
c. 4, .s,-s.,