Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-12-12
SHALL YAxkron HAVE PROTECTION AGAINST
FIRE Z

Editors Press & Dakotaian According
to the proclamation of the mayor the above
question is to be submitted 10 the voters Of
this city on the 9th inst
The direct question 10 lie voted on is sim
ply whether the city council shall be au-
thorized to issue the bonds of the city to an
amount not exceeding ten thousand dollars
to run not exceeding twenty years at rate
OF interest not exceeding ten per cent 1t
viii be observed that this proposition only
prescribes certain limits beyond which tie
city council cannot go in issuing bonds in
eese Of an affirmative vote. OF course un-,
der such vote bonds may be issued for. .
less amount, for shorter time and less
rate Of interest.
For the information Of such of the voters
of the city as have not had an opportunity
to investigate the matter, it may be well to
state that it has been ascertained upon in
quiry that good apparatus for ex,inguish.
ing fires may be obtained for an outlay not
exceeding eight Thousand dollars, itemized
as follows:
One steam fire engine, first clats war
ranted..................." 81 900
800 feet of hose with nozzles attached 1850
Two hose reels or carts.................. 50U
Five cisterns-capacity 500 barrels
each ESTIMATED ..... .................. $50
Toto1 ro.t q, nnn
Leaving margin of one thousand dol
lara for engine house, fixtures, &c.
This is what may be done if considered
advisable. The writer is Of the opinion that
an apparatus of this kind, complete, in good
working order, will afford ample protection
to the city against FIRE f,r many years.
| HOW TO PAY THE BONDS.
The charter authorizes the city to estab
lish sinking fund, to pay off the bonded
Indebtedness Of the city. Suppose small
tax, say, one mill on the dollar valuation il
levied for sinking fund. The assessed
valuation of taxable property in the city i
in round numbers SS20,6CO A one mil
tax will give $500 GO. The interest o,
$1,000 at eight per cent is se40. This ia.
would pay the intereet on the entire cos
and leave surplus for sinking fund Q
$4,000, which surplus could be safel
loaned at ten per cent.
If we assume that the population of th
city will increase az fast in two years to com
as it has in the pact two years, and that th
assessed valuation will keep even pace vii,
the population, the taxable property OF tn
city at that time will reach one million dol
lars. Then our one mill tax will give u
one thousand dollars, which will pay tn
interest on our bonds and leave US surplu
of $4,000 for sinking fund. This fun,
will steadily increase with the growth of tn
city.
Another party has proposed 10 negotiate
these bonds for cash at six per cent interest
which would enable the city to procure tn,
apparatus cheaper and leave still large
surplus for sinking. Upon the whole,
seems to me not unsafe to assume that will
judicious manag .ment IN negotiating tn
bonds and careful investment Of the sink.
ing fund, and the interest thereon, with the
probable increase Of property valuation,
tax of one mill on the dollar will pay Of
these bonds in ten years.
Should the city vote the bonds, ampl
time will be afforded to put in the cisterns
while negotiations are going on with differ
ent parties for the engine, hose, &C., so tha
the cisserns can be ready by the time the en-
gine is here to fill them F.. G. w.
i Yankton, Dec 10th, 1878.
| fyou want anything in the grocery line
60 to Marshall & Co., aud you are sure t,
find what you want and We guarantee a
prices to the entire satisfaction of all.
MARKETS BY TElEGRAP