The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1873-10-02

iNHHlt "'"' WY ~ ''''J "'''''''''
the financial condition of Dallas NJ
possible, consequently ! will endeayoI
TO throw all the light possible on the
subject,
First--'rhe one hundred thousand
dollars of Pacific railroad bonds. Now
that IL not n debt of the city until said
company complete their road
and build local freight and passeIl
ger depot on the site named IN the
contract. When that h done, Dallas
must issue the one hundred thousand
dollars In bonds, and they will com
mence TO bear interest from that date,
and 1t IL safe to say that twelve months
will intervene before we will have n
cent Of interest to pay.
Second---Dallas and Wichita Rail-
road bonds of one hundred thousand
dollars. Now, Mr.. Editor, did the
city of Dallas subsidisc this road and
donate to them these bonds? Clearly
not. She said to this road, we will sub
scribe to your capital stock on certain
conditions one hundred thousand dol
lars, and pay ii in the bonds Of the
city. Now, what Is the difference IN
giving one hundred thousand dollars
in bonds to corporation or subscribing
to the capital stock Of same? The dil
ference, in n nutshell, il, that the city
receives In lieu of her bonds the stocl
Of said corporation, which it Is fair tt
presume are worth approximately th'
same as the bonds, and in all proba
bility will yield as great u revenue n
the interest on these same bonds. !
not, why docs the citizens Of Daila
encourage an enterprise that is Of bche
fit, for Il railroad that paid 40 revenue
would do so little business that ii Wouit
be extremely foolish for Dallas to wan
it. The facts warrant very diIltren
conclusion, and if ! am right in my
conclusions the Wichita bonds are n,
debt at ~, but simply an invesimeh
that will bring fair interest on TIN
outlay.
Last, hat lin "Water's' estimation
not least, are the bonds for the Dalla
waterworks placcdby him ut one hun
dred and twenty-five thousand dollars
which is u mistake, and | propose Il
throw the fullest light possible upol
this subject, The Dallas Wnterwork
Company organized with capital o
one hundred aud fifty thousand dollars
which is the extent of the stock, an'
can be no more. Said company askc'
by petition Ton file in the tity Secrc
tary's office, that the city of Dalla
subscribe thirty thousand dollars to tn
capital stock of this company and Civ
her bonds for the same, and to guar
antee the interest on the bonds of tn
company to the amount OF sevcnty-fiv
thousand dollars. The City Council
after deep and continuous delibcratiol
determined to take fifty thousand dol
lars stock instead Of thirty thousan
dollars, and to guarantee the interes
Oh the $50, 900 of the company's bond
The City Council looked upon it rs
good investment, and one likely {
yield fully as much interest rs sh
would have to pay out. Now, mar
you, Mr.. Editor, the guarantee Of tn
city on the bonds of the company don
commence until the works are con
plete and in operation, Which must L
at least twelve month hence. In add
ton to this she gets fifty hydrants di'
tributed through the city, Mt an annui
cost of one hundred and fifty do
lars each, which will give her
more efficient fire department tina
she could establish for one hundrc
thousand dollars in cash, to say notl
ing of the annual cost of keeping it NJ
Now, Mr.. Editor, we have propose
y fire department by this company,
an annual cost of $1,000 which I'll
city could not organize for ten tim,
that amount, but that is not all; tn
same water rental Is by the terms (
the contract left in the hands of I'll
city to pay the interest guara!
tced on the company's bonds. No
your correspondent ("Water") entircl
ignores the fact that Dallas must hay
n good and efficient fire department
Now, as II citizen of this city woul
like for "Water' or some other opp,
DeBt Of the watcrworks to give |
through your columns, some plan (
fire protection onc.half as efficient ,
this at double the cost, and don't 10,
sight of this fact: That the Dallas W;
terworks company have never aske
the city of Dallas to donate to thcl
one cent, but simply to pay for an ell
cient fire department the small sum {
$500 andto become n stock holder
the amount of 10000, but your Cit
Coppejl thought it better that 70
should be stockholders to the amour
of $4,000, giving to you Q one-thir
interest In said works, which couple
with the stock taken by the citizen
In their private capacity, could insur
the control of this enterprise to Dalla
and her citizens. Is there an unprejl
diced mind but what will say that tn
Beard of Aldermen of this city acte
wisely in determining to take on,
third of the stocks,