San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1890-09-29
ALDERMAN wULFF SPEAKS
Right to the Point in. Answer TO A,
|. Lockwood.

"A rev figures may assist Tue LAX payers
10 decide how TO vote on the important
question of buying the waterworks at
| present for s2,OO0,0 900 payable in ifty-year
| bond bearing 5 per cent. interest.
Alderman Lockwood'S reasons to buy
! the waterworkS are no doubt duly APP
| preciated by Seven-eights and perhaps
more of the tax payers; they also admire
the beautiful springs and our beautiful
! river, the future park, and know full well
| that II the springs and the river were not
here San Antonio would not be here and
| we neither.
All agree that the city should own the
| waterworks. the question is only shall
| and must we buy them at present or is it
| prudent TO postpone the question as petit
| toned.
The prudence of the mossbacks, as Al
| derman Lockwood calls them, have made
| San Antonio what 1t is. Kampman, the
] Crosses, Halls, Maverick, deceased, Ed.
| Stoves, deceased, Goldfrank, Frank and
many others, have done their share in
| building up San Antonio and IL is wise to
| follow their principle not TO speculate in
| futures.
will not discuss the value of the water
works and the property attached to IL,
will admit that IL is worth two million,
but let us see how we can pay for II and
how it will benefit the tax payer by get
ting water cheaper and without raising
taxes.
How Bergstrom declares in open coun-
Gil on my inquiry at the time the first loan
of 10000 was to be made that although
| the 10 per cent. sinking fund was an error
| il was the law and cannot be made retro
| spective, and in this Hon. Bergstrom is
sustained by other learned men of the
| professions.
This same law would apply to the two
| million for the water works notwith-
Icto ha nl wi no
| changed, or Col. Breckenridge agrees TO
take per cent A private agreement
cannot change the law, and the bonds
would be illegal, and so we have TO base
| our calculation on the 10 per cent. that is
to pay for the water works in ten years,
and keep on paying per cent interest on
two million for forty years.
1t is not TO be considered that we have
got already half million 20-30 years
| bonds out which we have to pay also in
ten years.
Hon. Bergstrom says to the tax payers,
1.-The talk about raising taxes is hum
bug, also the 10 per cent. will be
changed" Is this fair?
Let us see how our paying capacity
would stand:
Our budget for 1890 amounted tos 22s,0O0
Our Special or Sinking Fund. S4,SOO
Total Observation-Disclosures. 312,s00
Our taxable property amount
| ed .............. 81, 400 100
| This amount with a taxation Of
S1.15,
Consisting of Advalorum, so:
Sinking Fund, %: School
Fund, 10-Sl.15.
Gave us. Observation-Disclosures. 24o. IJl
Poll-tax, market, occupation
and license tax
amounted to S79,96795,
A total OF. Observation-Disclosures. $50, ils.9J
Since we have issued
bonds with a 10 per
cent. sinking fund,
) per cent. int......... .s250,OO0
Two per cent. street
improvement, per
cent. int.............. 5000
Two per cent. sidewalk
per cent. int........ 10000
10000
Our Indebtedness was. $4,000
| So that we owe at PRESENT.. Sl,663, 900
What shall we have to raise to pay in
| the next ten years IL we rush that water
work trade through at present.
| First sinking fund wat
| erwOrkS. ............. 2,UUO,ODO
| Second interest at 5 per
cent. waterwOrks.. 100000
| Third former bonds 10
per cent. 100000
| Fourth interest on
Observation-Disclosures. $4,000
S3,75O,OOO
| Or per annum. NEUTRALITY-SUSPICIOUS.. 3IJWO
Sinking fund per cent
| on $1,000. l,UOO
| Interest 5 per cent....... $500
| Sinking fund on $1,000. 200
| Int on same ; per cent. 500 1900
To be raised per annum,.. $4,000
How much net income will the water
works leave?
As to the statement of the WaterwOrks
| company that the income is $4,000, now
deduct what the city pays per annum,
| $4,000. Deduct WaterworkS company's
| taxes, S5,9SS, leaves Sl9,012, deduct this
| leaves $1OO,9sS as their income.
EXPENSES.
As per statement of the WaterworkS
company. $4,000
City manager or two
commissioners. 3,OOO
Repairs of tanks. ......... 5000
RenOvating pipes. ........ 5000
per cent delinquencies on
SlOO,OOO.. ............. 2,ooO
Total. 10000.
Less what the city pays at
present ................. 19,OlS
Eypenses. 20,9SS
Net Income. .......'............:''' oo,VOo
To deduct from amount to be raised,
1913. 200, income of WaterworkS company,
$4,000, leaves an additional for 1891 OF
299, 200, amount as in financial statement
for the city administration, 246, Isl. Total