The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1922-05-31
ANOTHER LETTER
FROM MR.. MARTIN

EdlCOf Star: see you are taking
about delay in building roads and loss
of the work that has been done. You
don't say anything about the validity
of the bond sale or about the opinion
of one circuit Judge on the subject.
| You do not say a word about the de-
| lay in building roads since Aug. 5,
I 1921, when the bonds were sold. Who
| is responsible for this?
Now here are my figures showing
| Marion county's loss on account of
this illegal transaction:
Loss by 10 per cent. discount on
$56O,OOO amounts to $4,000. The coun-
ty was promised $5O4,OOO for the
bonds by the banks. This has not
been paid.
The interest on this to date at the
rate of four per cent. amounts to
S20,160 The interest accrued or paid
on the bonds since July 1, 1921,
amounts to $4,000. The result is an
actual loss to date of S104, ,160.
No road has been built in nearly
years time. The banks have had the
bonds since Aug. 5, 1921. The banks
have also kept all the money, paying
no interest.
Are you proud of this record? Are
you "true friend of the people" in
taking the position you advocate?
John R. Martin.
| We think we have already pretty
we'll covered Mr. Martins argument.
The county commissioners tried to
hold the bonds until they could be sold
to the best advantage. They were
compelled last year to abandon this
policy by certain patriotic gentlemen,
all we'll able to pay taxes, who broke
up the tax levy of 1920 in order to
save themselves a few hundred dol
lars apiece. The county commission
ers had to sell the bonds last year
on a falling market, before they could
make another tax levy Or before they
could obtain promised aid from the
state. The state was very slow in
giving its aid. AS Mr.. Martin very
we'll knows, work was delayed for
months, and it was only few weeks
ago that it came to the point where
the county could spend the money in
the banks.
Why didn't Mr.. Martin and his
friends turn in last August and buy
some of the bonds to help the county
out? How many of them bought
bonds If they knew any better way
to sell bonds, why didn't they come
forward at the psychological moment
We have said the bonds were valid
and the sale legal, and future events
will show whether we are right or
wrong.
It's regrettable, as we have afore-
said, that the bonds had to be sold at
, discount, but men who have money
don't have to buy bonds at par unless
) they want to, and never want to buy
. at par unless they can sell at prem
ium Very few state, county or mu-
: nicipaI bonds ever sell at premium.
MI MaEtIn Is IHiStdhSh aoode the
money for the bonds not having been
paid. 1t was paid as soon as the
} banks took the bonds. Of course the
/ money remains in the banks. Where
else should it be put Should it be
drawn out and put in other banks? On
buried in hole in the ground? The
commissioners can get every dollar OF
' it tomorrow if they want it.
No interest has been paid on the
money because there was no agree
'ment to pay interest. If the commits
n sioners had demanded interest, they
/ couldn't have sold the bonds. Mr.
e Martin does not seem to be aware tha
American banks are now bulging will