Evening journal., 1913-06-12
THURsDAY. JUNE. II. Iele.
krNr Nd rrs nErAI-Lr.

~T>HE strength political criticism rests upon its
i own fairness Realization OF that fact mpels
10 say that we do not think It fair for an attack to
he made upon the credit and fair financial fame Of
Kent county. n which Of al political parties
Interested acutely in order 10 score a point against
Levy Court. matter whether that Levy Court be
Republican or Democratic. The credit Of county
should every man who lives within its bor-
dcrs 1t is his duty to uphold it on every occasion
VIXEN &c should and can be upheld.
Within the last week the has been sent broad
cast the world that fAent county has defanlted
bonds that iell due on IN last Publication OF that
tac made to give pont'to criticism Of the bus-
capacity OF the Democratic Levy Court Little
teniion paid thezharmfu effect Of such pubca-
ton upon the credit OF the county, particularly at
time when Kent is endeayoring to float bond issue
OF $4,000.
Technically and, may be said, actually. Kent
ty has deiauted on $4,000 OF bonds which fell due on
May l. 1t also has failed to pay $4,000 Of certificates
OF Indebtedness which are overdue In connection with
the default should be said in fairness Kent county
and It's people. regardless political aflaton that
there have been mitigating circumstances that should
be taken into account We say that because we take Il
that Kent countian. Republican Democrat wishes
to the credit Of his county destroyed
iousy impaired
Tho last Legislature authorized the Kc- county
Levy Court then as now, Democratic. to issue bonds
in the amount Of $4,000 The money derived from the
sale those bonds be used TO pay of the s4O-
600 OF bonds falling due on May I last ana also s45-
600 Of certificates Of indebtedness outstanding ana over
due.
Republican and Democratic Levy Courts had done
what they could in the past keep the county debt on
four cont basis They had succeeded fairly we'll
In pursuance Of that bipartisan policy. the present
democratic Levy Court quite properly decided to try
TO hoat the $4,000 wenty-year rcfundng loan at
cent II advertised the bonds for sale at that rate
Not bid received. After due doberaton Il was
decided 10 increase the rate to 4 - per cent in the
hope it would prove attractive TO capital That was
done. Again there not bid The next oner Of
The bonds probably will be made at per cent
Much time lost in those two fruitlcss offerings
May came and went and the Levy Court which had
depended the money received from the bond sale
to of the 100000 of bonds and the $4,000 of GER
t6cates of Indebtedness found Itself in helpless po-
sition. Anticipating difficulty in floating the refund
ing loan it had made provision to get the SS5ooo
from any other source default was inevitable and
il came. Il brought about by the Levy Court en-
deaeorng to keep the county debt on a four per cent
basis which, if successful would have resulted in a saw
ing Of $4,000 in the twenty years Of the life Of the
loan The mistake the Levy Court made was in thul-
ing there was plenty Of and 4 l-2 per cent money
in the market
For the credit Of Kent county and its people we
think it proper TO say that the midland county never
has failed to meet its obligations will it fail to
do so IN this instance only 70 the extent deerrng
payment until it can sell the bonds get the sS5.OOo
to meet its immediate obligations Kent is perfectly
solvent there would have OF the present
trouble had ii not been for tho misplaced confidence
the Levy Court in the libcray Of the money market
Tho future welfare Of Kent county no matter whether
its political affairs be dominated by Republicans or
Democrats demands hst'its good credit be maintained
and that TIE bonds be sold quickly as possible that
the existing default may be cured. We doubt that
she holders Of the bonds and the certificates Of ndebt-
cdncss are Worrying much about esmatter. They
have received their interest they are sure to get
their principal just as the refunding bones
have been hoated.