The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-08-26
500 suits boys clothing at 4oeb's.
What will They Do With the Money

70 the Editors OF The Argus:
1t appears that our city council has OF
dered tax of $1,000 to be collected from
the people to lay by as a sinking fund to pa,
water bonds which, think, will fall du'
in seven years. And suppose it is in
tended or hoped, by the managers Of thu
water works, that similar sum will b
collected from the people every year fo
the same purpose
Also, it appears that the council has or
dered to be collected $1,000 to be iaic
away to form fund with which to build q
city hall, for city Offices, and city prison
and work house for city prisoners. And il
is probably hoped that future city councils
will collect and lay away like sum, until
enough money is laid up to build these
| For one wish TO enter my protest against
this policy
We need and ought to have fine city
hail in Uuon square, for council room !;
J mayors Office; police courts; night sta
ton for persons awaiting trial collector $
office, aud all the other city Offices Also
ample rooms for the public library aud
reading room. We also need aud ought to
have city prison and work house and
yard, on the ground owned by the city, at
the junction of East and West Eagle
streets.
But the best way to obtain these build
ings would be to borrow the money on 10
to 20 years time, providing in the bonds
Tor a small payment, besides the interest,
.ah tnta t,I
principal at each payment, while the abili-
ty of the city to pay would be increasing
yearly,
As to this matter, and the sinking fund
for water bonds, it seems to me that the
council is pursuing wrong policy and
playing into the hands of few men who
will handle this money. What is to be
done with the money? The 5000 order
ed to be collected this year for water bonds
cannot be applied to the payment for sew
en- years. Who is TO keep the money
The city treasurer, or the twin banks that
manage the city funds? Are they to pay
any interest on it? Aud if the people
place it in their hands will it be ready for
use in seven years from this time? These
are questions which the present city ad- |
minstration would do well to answer.
a small clique managed to issue bonds, |
raise money and build water works without
the people They told us that
the works would be self-sustaining, but
they are not. They issued bonds 10 their
own way, without consulting the people
These bonds ought to have been SO word
ed that We could pay before due if We wish
ed TO do So In that case money, when col /
ected, could be applied at once and no risk
run in regard to keeping it seven years
lexpect to pay my share of the bonds,
but L am not willing to place my money in
he hands of other people to keep seven
'ears for me and run the risk of losing it
md be liable to be taxed again when the
,onds fall due. can get ten per cent for
Ill the money have no use for-and |
eckOn other people can do the same But I
here seems to be a scheme for collecting :
rom all the people of this city consider p
Ible sum of money annually, and it looks G
Is though it was for the benefitof the same I
ew who now manage our city finances aud =
water woaks. | am opposed to collecting 4
money :rOm the people for the benefit of r
ny man OF set of men and before it is n
Tanted for use. | prefer to handle my a
WI money until it is necessary to apply it n
irectiy u pay debts OF make improve /,
rents. SQUARE DEAL &