Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-12-29
TO THE PUBLIC.
Card to the People of Sacramento from
Judge III. o. Beatty.

Card to the People of Sacramento from
Judge III. o. Beatty.
Having sent in my resignation as mem
Der of the Board OF Funded Debt Commls-
sioners of the city of Sacramento, deem 1t
right to explain my reason for SO dong. In
1872 the city had an Understanding funded
debt of 81, $50, 900. There was delinquent
interest on that debt of about $450,O0O. The
annual delinquent interest previous years
had been about SAT 900. With the debt
thus accumulating at the rate OF $47 ,ooo per
annum, there appeared nothing IN prospect
for this city but absolute insolvency. In
this state of affairs l devised and proposed
to the people of Sacramento scheme
whereby, thought, the city might pay on
its debt in twelve or fifteen years. MY pro-
posal was to levy tax OF 90 cents on each
800 for eleven years. This eleven years
tax to be invested in a sinking fund,
which l stated would extinguish the
debt in from twelve to flfteen
years. The people, upon having the
scheme explained, voted almost unan1-
mously for the tax. and requested me to
draw up an Act to carry out my scheme
The Act was drawn, and after having lew
foolish amendments tackled on, was passed
and Commissioners appointed.
Under this Act nine leyies were made
averaging 81 cents on the 500. or little
over one-third what was proposed IN my
scheme. The whole amount of outstand-
ing bonds and coupons we had to deal
with, including those due and not Que, was
over 81, 100000.
The Fund Commissioners, with the small
amount of tax levied for them, took up
and now hold 81 ,267, 76S of this outstand-
ing debt Nearly five years ago the money
that belonged to our Commission was arol-
trarily tied up in the Treasurer's hands,
and we were prevented the use of 1t. If
we had been allowed the use Of that money
during the past five years, as fast as 1t came
into the hands of the Treasurer, we would
have had at this time more than a million
and three quarters of this debt, instead OF a
million and ole-q,tarter and little over.
During this same time the Treasurer has
been paving off part of this same debt.
He has paid off something over three
quarters of a million. So in the last fifteen
wears nearly one-half onr Indebtedness as
it stood in 1872 has been paid off. But the
part the Fund Commissioners bought up
cost the people in taxes less than IL cents
on the dollar, including costs of bonds and
coupons and all expenses OF the Commits
sion. All the coupons paid by the Treas
urer were paid at par. If we add to this
the expense of litigation, the attorneys
fees, Court costs, damages compound in
terest etc.. which the Trustees have in
CURED, including the former litigation with
Mrs. Fowle and the more recent litigation
with Mayer, Davis and others, and we will
find every dollar the citizens have paid
through the Treasurer has cost them dol
lar and ten cents.
Yet majority of these people evidently
prefer the Trustee plan of paying the debt
They seem anxious to pay two millions
and quarter on compromise to be made
by the Trustees rather than half the
amount, without a compromise, through
the aid of the Fund Commissioners.
1t is true there are few of the more in
telligent citizens who partially understand
the workings of the Fund Commissioners,
who desire to pay the debt in the easiest
way. But they take very little interest in
the matter They have left the whole bur-
den of carrying this scheme through on my
shoulders.
For more than fifteen years, without
compensation or pecuniary advantage in
any way, have sustained this scheme and
saved the city from perhaps insolvency,
but at heavy sacrifice of time, money and
profitable business on my part. l think
have done my share, and must leave the
scheme in future to the. management OF
others. H. o. BEATTY.