The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-05-16

The financial standing OF Seattle -
matter Of considerable interest ON the eve
Of ara election which Il to add 10 IL iiabili-
ties, ard which il 10 be followed by an
offer Of its bonds 70 the pablo - . security.
The extraordinary fact OF . debt Of .
newly -hedeed state being hoaied In one Of
the best financial markets in the world nj
~ per cent. is fully paralleied By the rank
OF the chief city Of the state as = solvent i'm
stitution. The statutory limit Of the debt
OF Seattle on valuation OF $Is.o0oO10. 1t
TX per cent, is $40, 90. This has only
been exceeded by slight floating indebted
ness in year OF supreme necsssity, after .
devastating fire. when the condition Of the
city Was such that lavish expenditure on
the part OF the City Council was justified.
and exalted such . policy to the merit OF
craftsmanship.
At the indebtedness of $4,000 and with
population of q. 900. the per capita is less
than IS. proportion almost unparalleled
in the United States. The notable excep-
ton Is Denver, Colo, whose Indebtedness
was only SO with population Of $3.50.
Taking the latest complete figures avaii-
able, the census Of 1880. the contrast 10 re-
markabIe, and the remoteness of the date
does not lessen the value Of the compare
son as to ratio OF Indebtedness 10 pcpula-
ton Or per capita OF taxation.
A notable feature OF this statistical COM
parison is that in cities where manufacture
ing industries predominant the per capita
OF taxation il smallest Selecting, first,
those cities OF like population. the follow
ing affords wide range Of commercial con-
ditions: Camden. y. j., population Al $50,
per capita $27.96; Charleston, 8. c.. 40, 9S4,
sse6i; Fall River. Mass. 1901. S64 So:
Hartford, Conn, 42,55l, $s8.72; Minneap-
oils. Mimi, 4s. ss7, s24 Is; Nashville. Tenn.
As. $50. 1896; Paterson. n. j.. 81 .03t. 81;
Reading. Pa. 1928, $2s.0s. ST. Paul. Al
473. 1851; Wilmington. Del. AZ, as, 1881:
Seattle, 5000. IS.
Taking another class of cities it will be
about the same as such small places AS
Burlington. Iowa. which exceeded the
Seattle rate being $3.50 with speculation
Of only 1880. Brockton. Mass. was 1923
with i3.60S; Eau Claire, Wis.,, was sass
with population OF only 10, ll9; Newark.
Ohio. $5.77 with only 900; the lowest be-
ing PottsviIle. Pa, $6.07 for 1928.
Taking 265 OF the cities OF the United
States. Seattle Is seen to be astonishingly
light In taxation. Comparison with other
Western cities win probably afford better
idea as the growth OF those places has been
more nearly similar. Los Angeles. Cal,
had per capita taxation OF $z7.54 when
her population was only II .l53; Stockton,
with o,2s2. paid $3.50; Sacramento. with
Il 40. paid 5000.
San Franchises rate was low. being only
sI3.os for population o. 233. $50. and Port
land, Oregon. shows very favorably, each
OF her 1877 people being assessed in the
Portland has purchased waterworks sys-
tenn and added other liabilities. The rate
quoted is in marked contrast 70 that OF
Portland, Me-. where the population of
IS $40 was taxed at the enormous rate Of
$l37 81. This is the highest in the United
States. Washington City following with
$I2766. As q mere matter OF passing in
terest it may be noted that Boston's rate is
$77.sl. New York's, soo.7l; PhiIadeIphia's.
$6ioi.
such showing as this In the face Of the
extraordinary expenditure forced upon the
city Is sufficient TO establish confidence in
the city's bonds. At the time Of the fire
there was. it is true. . considerable surplus
in tho treasury: bat with halt a city Of
homeless people. with an army OF work
men thrown suddenly out OF employment
and for whom work must perforce be
found, il is to the credit OF the city that q
a wasteful debt was not incurred.
II will be seen that tho addition to the
present floating debt of the proposed water
bonds will still leave the percentage of this
city far below that OF other cities OF equal
population. The proposed water bonds.
while In = sense a debt. will involve no
burden, for the income from water rates
will keep mp the interest and may soon
pay the principal