“There is only one thing I notice about your system which I cannot
approve,” said he. “Your Association has pursued a course calculated to
destroy the value of all the public bonds in Idaho except those of the
state. There are Boise City municipal bonds, for instance, which have no
value in the market because you have constructed a magnificent
co-operative city outside the territory affected by them. I do not see
how you can escape the charge of immorality in refusing to pay them.”
These remarks were made by the white saint with such apparent sincerity
that I did not at that time doubt they sprang from an honest heart. I
met him many times after and he never referred to that subject again. He
remained in Co-opolis three months, during which time he was a constant
attendant upon church and I observed that he was often to be seen in the
company of the members of the ministry. Just before he departed he
called upon the Legislative Council, then in session, and asked to make
a statement to that body. The request was granted and he spoke briefly.
He said he understood that the Legislative Council was considering plans
for the construction of a transcontinental railroad, that he understood
the Association was not then prepared to build the road, but would be
obliged to defer the completion of it until its finances permitted; that
he was acquainted with numerous philanthropic gentlemen in England who
were much interested in Co-opolitan success; that he was able to procure
from these gentlemen a loan of one million pounds sterling for the
Association, at the nominal rate of three per cent interest per annum,
the bonds to run for twenty years; that he would use his best endeavors
to accomplish this purpose, providing the Association would agree to
purchase at the end of that time the outstanding municipal bonds of the
various cities for fifty cents on the dollar. He said he had no
knowledge as to who might be the owners of such bonds, but for the good
name of the Association he desired to urge that this course be pursued.
The Legislative Council paid very little attention to this proposal, at
that time, ascribing it to the gentleman’s ignorance of our system.
Mr. Hickman had not been gone a week before I made a discovery which
startled me. I found that a petition was being circulated, under our
Association law, asking the President of the Association to submit three
laws, which were attached to the petition, to the people, to be voted
upon at the next October election. What appalled me most was that they
were being circulated by the clergy, who went from house to house for
the purpose.
Public-domain text, read in full here on John Shaqi.
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