The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-09-10

/ Fa sewer pine and construction of
sew rs exclusive of amounts charge
| abe to road fund" ..................... 160o0
Total ................ ............. s4le, coo
| % August % the situation presented for the
4 tusalhorlties to deal with was this: The
uEiiiy Of the bonds had Been questioned, but
sesi case, made up in part 1T the city's in
sznce ard main y 81 its expense, and intended.
t@ lie part to embrace all points that could be
Iuret against the bonds. had resulted favorably
rpe proposed issue. Certain doubts as TO the
snis were, however, still raised in certain
uyarters Whether these really affected the dis
N,Naon OF financial circles toward the bonds
1se thing impo sble to tell. though some as
gtsd that IL did; but of the great stringency
he Eastern money market just at that time,
! sell as before ami since, there could be
ID question whatever. The city authori-
1ssksi made earnest and repeated efforts to
sgaR bids for the bonds or for a portion OF
ten Yet on the date named the city council
sibeiore it bat one bid, taat of Y. w. Harris
itoo, aud the terms aud conditions OF which
sde il apparently the equivalent Of one be-
IssH IS ami 90 per cent of he face for bonds
ssrsg the ate OF actual payment The real
Equivalent would be higher than this, how
bar for were the bonds ali paid for at their
Iae large part of their proceeds would lie
Il Ia the city s treasury for many months be-
In il could be used, so that the city would
NJ nothing 10y conceding 10 the purchaser the
lssnnon OF part of the price of the bonds till
Il city should need it. 1t has since been
tkrged by your council in the argument of
tEr injunction suit. that other bids were pre-
3Gted by com linalion among intending bid
ss OF such a conspiracy the city authorities
&sa had 10 hlat or suspicion, and have since
De- no proof or indications: and in the face OF
pen conspiracy resulting in the making OF
! y one bid they could at any time do moth
IA bat make choice OF the alternative between
&ai bid or no bid al all
The city council had 10 choose. then, on Au-
a 90 between accepting the bid of y. W.
8erris Co., and selling the bonds on terms
fsiyalent 10 nearly &c per cent. with some
IN for question as 70 the strict techn cal le-
Hzay Of that rse, and rejecting the bid. All
fsonable hope OF getting other and better bids
3sib0se same bonds had beenexhausted; the re-
zion OF the one bid therefore. involved either
1 TeseBtinr 20 the voters of the city a new
iFgosit,on 10 bond for water-works and sewers,
sse t2l abandoning he p ans Tor water-works
- sewers. Consider what each of these
a4ses would have involved then, or would ill.,
sre now:
A1A new election TO sanction an Issue OF
"A
xto the city treasury OF $1,000. II would
We required thirty days notice. bringing II
asin two or three days before the then in
aied date of the election for a new city char
1d new administration throughout IL
hid have neeessitated thereafter the litho-
Zeaing Of new plate for the bonds, ara new
Fdssing IN Eastern financial papers for bids,
ta further expense of about $500, and with
srher DELAY of at least two months, making
R months delay in all. This three months
~ ia acquiring the Spring Hin Water Com
3eys works would hsye meant net loss 70
Il city on that account OF about Sle500
reported quarterly BET income of that
1Seauy from its works, as well as
Il @annued monthly expenditure by the
Foi s2.45 for running the auxiliary pumps.
The fruits Of which went wholly to the
'sle water company. Further, the de ay
1aia Rave placed the city IN an embarrassing
nsoredltable monetary plight for the time
~ as taore would have been no present
saas Of meeting the Obligations tsggregating
80, as abovel already incurred In snticipa-
80 these bonds; nor could the city have
- 10 ind currency during another three
sasior tuTthe. lsFge issues of its warrants
drawn auring the past three months on
ae different funds aggrcgaung 100000
.iet which had Deen with difficulty placed
II per Seat discount. while many more
II "a hna 10 buyers al any price. Il may be
-&Aed here that the payment OF
r. BY warrants issued in advance of
saAiEs'i0u Of the fund provided is q
costly method. the city having been
Il teato hire the men employed in laying the
II - Senue force main AT $3.50 day, pay
~ q warrants, while better labor could have
eea a. 8 payable IL cash. Lastly, the ne
''a'a have retarded, or perhaps stopped,
@e en.e being. tue enlargt ment of the dis
-@as system and the completion Of the fire.
~ 'he better protection vi the taxpayers
~A'sriai interests against IRE; an II would
j se'erfeG the provision OF sewer service
Al -! needed in large sections OF the city,
{ ~ess OF al IN the Lake Union district for
:" which The lives Of thousands OF our isl
n ~l1sas are daily threatened with epid n &C
usn this. new election could only
ssa'iec in borrowing money at higher
- the bid before US required. In proof
- 90 ho' rey uuon Vague assertions OF
asfAi monetary stringency. We cite 20
n recent experience OF our sister city Ia
- eWn in equally good financial stand
: ~ ~ eendition With our own. Tacoma Of
sfotVo9 o. per cent. twenty year bonds,
- -. So "a part ioF funding purposes and IN
-. acty hall There were no questions or
y A4sed IS to the validity OF the bonds;
several competing bids; yet she sold