The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-05


bilities referred to. am ready to assume and
bear my full part
During the campaign ending in your selection
70 represent the city in this chamber both polit-
ical parties declared in favor of refunding our
municipal Indebtedness at q lower rate of inter-
est. I will here give the amount of our public
debt, with the dates of maturity and rate of in
terest. which is payable semi-annnally:
Amount due.
January I. 1899, drawing per cent?. $4,000
january L. 1890, drawing per cent?. $4,000
April 1. 1893, drawing 8 per cent ....... u 600
July 1, 1893. drawing 73 per cent. 600 000
July l. 1894, drawing 2. s per cent?. 100000
July 1. 1895. drawing g per cent. GOT 900
5ssiy sss ss ss.s ssaTss cent
Total 81 ,4O5 500
The bonds issued by the city to aid in the con-
etruction OF the Belt railroad. amounting to
the OF $780, 600. due Jan. l, 1897, are not in
cluded in the above, for the reason that the city
is supposed to be fully protected against paying
any part Of that obligation, It will be seen from
the above table that the annual interest on our
debt amounts to the enormous sum of 500, 668 so.
the average rate being q fraction over z per
cent This Is almost double what we ought to
DO paying. The interest charge amounts to one
ffth of our entire revenues. There is no option
in any Of the bonds. allowing the city to take
could not do So Indeed, we can only hope to
make provision for the payment Of a
small part, even, by the time it falls
due Knowing, therefore, that the greater
part thereof must be refunded, it behooves
,Ils to begin this work at once. provided we can
reduce the rate of interest By offering long
time bonds have no doubt we can secure an ex-
change Of considerable portion now at a ma
.terial reduction in the rate. think this ought
80 be done as to the whole outstanding debt if
possible. I commend this matter to the finance
committee. and urge that immediate steps be
taken to ascertain what can DO done on the line
of policy here indicated. will always be glad
to meet with the committee and aid them In any
way can in this or any other matter coming
before them.
In q line with this question of reducing the
rate Of interest our bonded debt, comes
another question that was also approved by both
political parties sending representatives to this
Council. viz: The question of economy in the
administration of municipal affairs. To the
members who have served here before. I need
hardly say that in order to live within our rev
enue, we must practice the strictest economy.
The former Council greatly extended our sewer
age system, and gave us hospital which is q
credit to the city. We are all glad that these
improvements were made but securing them
has caused larger temporary loans to be made
during the past two years than would have other
wise been required BY strict economy we must
restore the old order of things. You will not
only be embarrassed in making provision to pay
the 800. 900 temporary loan OF last year, which
falls due before the county treasurer will give MS
any money. but l fear, will also be further
embarrassed by the workings of other features
of the new law providing for the collection Of
city taxes While hope for the best, grave
doubts are expressed by those whose experience
in municipal affairs qualify them to speak, as to
the wisdom of many Of the provisions Of that
law.
The tax duplicates for 1885, under the assess
ments made by the city assessor, have been com
pleted and turned over to the county treasurer,
as provided by the new law. From those dupli-
Gates and careful estimates as to receipts from
other sources, / will here give my own estimate
OF the revenues for the year now beginning:
Ctys part Of taxes shown duplicate. 81, GOT 90
City part of delinquency carried over
from prior years. 4O,9S5. 90
ing. ...--,--.,--....-.-. s,2525O
ceipts from all sources ....... 100000
Total. ...--...-.--.............$6 1922. 144 SO
from this deduct estimated delinquency
for year, $4,000
And estimated amount Of
the $52 special saloon tax 1900 $6S, 600. 90
Leaving total amount of revenue for
general purposes. 1904, 144. 80
estimate the delinquency higher than last
year, because the act Of 1885, abolshing the
Office OF city treasurer and transferring the
duties heretofore performed by that officer to
the county treasurer, provides that the latter
officer shall receive no percentage for collecting
city delinquent taxes. It is not reasonable to
suppose, therofcre, that the same effort will be
made by the county treasurer to collect the citys
delinquent taxes that has heretofore been made
by the city treasurer. who received percentage
on all such collections
i cannot give you the present condition of the
treasury. the outgoing city treasurer not having
get completed his report You will, no doubt, re-
oeive his full and final report at this your next
meeting.
Hereafter, city taxes will be based on the
values fixed by the township assessor. His ap-
prnisements have usually been lower than the
city assessors While the township assessments
are no doubt high enough, vet the effect will be
TO reduce the city's revenues. With no power to
exceed a levy OF 80 cents on the $780, it is ap-
parent that no extensive public improvements
can be made in the near future out of the general
funds of the city. In order to do so at ALL we
would necessarily have to lower the standard of
efficiency in the police and fire departments.
Over the former we have no direct control. As
80 the latter. feel sure the taxpayers would
prefer that its efficiency should not be impaired,
even though other. departments may have
70 suffer In order to keep il up to
its present standard The contract with the
Indianapolis Water Company has nearly one
gear yet to run. Considering the excellent quail
5ty Of water now being furnished to our citizens,
you will, while procuring the best contract pos
sibe for the city, hardly feel like crippling the
company by refusing to enter into a fair con-
tract when the present one terminates, for the
future city supply.
The present contract Of the Indianapolis Gas
light and Coke Company runs beyond our term.
It would appear. therefore. that the only de-
partment where large expenditures are required,
in which we can even hope to make any mate
rial reduction in the near future, Is
in the street department. In this
4 inGlude the building of sewers. ALSO While re-
greet exceedingly that our sewerage system could
not have been further extended and completed
without delay, and while 1t Is always desirable
20 have good streets. feel certain that all OK
bsasivs improvements in this direction must