Stevens County Hikes Interest Rates to Stave Off Financial Panic
Facing a national economic slump in 1909, commissioners move to protect county credit by raising interest on municipal warrants.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The board of county commissioners for Stevens County met in regular session Monday. In view of the present financial stringency existing in all parts of the country, and the consequent difficulty and in some instances total inability to sell or float municipal warrants and securities, the commissioners passed a resolution to restore the interest rate on county warrants to 8 percent. This action, effective immediately, is intended to provide a market for the warrants and maintain the standard of Stevens County credit until the financial market justifies a lesser rate.
“We deem it for the best interests of all to maintain the present standard of Stevens county credit.”
County governments often rely on short-term debt instruments like municipal warrants to fund daily operations. This 1909 decision highlights how local civic power is inextricably linked to national economic cycles—a precursor to modern municipal bond market volatility.
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