The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1905-08-06
FOOD FOR THOUGHT.

of Pauls Valley over the loaning out
at certain raIe Of interest, the sink.
ing fund OF that city. Is a very fine
object lesson for every city in the
gndjan Territory. and the business
end Of the deal is so plainly stated
by the Pauls Valley Sentinel that we
here rcprojace It.
There is much dissatisfaction
among our people over the loaning
Of the sinking fund. They are glad
II Is put go earning something, but
object seriously 10 the business moth.
DDS followed in handling the same.
The history OF the transaction shows
tina THE sum. about $50 800, was loan.
cd. by e majority vote OF one In the
council, to J. r. Jones. for a period
Of five years, on personal security at
6 per cent per annum payable somi-
annually. that Mr. Jones gave on his
paper two Of our good citizens. John
Hill and p n. Kerr. who make the
note at this lime gilt edged TO be
sure. It further appears that Dick
Gibson had made written application
for the money, offering 10 pay per
cent per annum with good real estate
security. City Attorney Mcmillan had
prepared resolution for presenta-
tion TO the council providing that a
statement for the loan.ng Of the mon
ey should be published thoroughly, in
order TO give competition on bids and
thereby set as high rate OF interest
as possible. II further provided that
preference should be given to real es-
tate security and to any person who
would use the money in business
property looking to the Improvement
of Pauls Valley. sun. in the face of
all this. four of our city council vot-
ed TO mako the loan as above stated.
Why reel estate security at per
cent per annum ig not better than
personal security for five years at 6
per cent we are wholly unable to see.
why an the people should not have
been let into the secret that the loan
YVES to b" made We do not know, why
Mcmillan resolution died a-borning
We cannot tell. We can only inform
the public tlat these things have ta-
ken place The sinking fund belongs
to an the people, % should be handled
ass the most sacred trust. no fayorit-
ism should be shown no politics re-
ligion, street location. personal Iike
or dislike. 1r other thing should be
taken into consideration in disposing
of 20. if indeed uch has been. The
note given by Mr. Jones is a good one
now, and it may he even better in
five years, but suppose bankruptcy
should oyertake its sirners and their
fortunes Dee sw.pt away. as those of
many an honest man have been. what
would the paper be worth then? What
man on that note would be willing to
let ont any sum for 3 to > years on
personal security? Il Is against the
policy of all banking laws. and op-
posed TO the judgment of all lnan-
ciers. We are further informed that
a gentleman of the city offered to take
the loan on good real estate and bind
himself to put every dollar of It into
a brick business house on one of the
best corner lots of the town. This
would have helped us in two ways.
the money would have been earning
5 per cent and have been put right
back into taxable property. not to
speak of the benefit from the added
Improvement. Personally we do not
care who has the money. but It does
appear to us that those whom we
have entrusted with the care of pub
lie affairs have been careless in clos,
ing a bargain for the people"
n. a.