San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1890-05-22
\ BIG DEBT Is PILING UP, But
WHAT is BEING DONE WITH
THE MONEY?
Our Taxes Are Being Increased to
Bolster Up Hungry set of Office
Holders. Who Refuse to Make
Any Explanation.
Editor LIGHT:

member of the council Dy clIlAeu'
from all sections of this city to answer
questions pro and con pertaining t(
the progress and welfare of the city
public works, ETC., acted upon by the
council. 1t may be, ard likely is, fol
the reason that | have taken firm
stand against some of the obnoxious
measures adopted by the administra'
ton and majority OF the council. In
| the financial affairs of the city have
| taken a stand and, | may say, alone,
against the issue of city bonds
at the usuriOus rate of interest and
sinking fund that the $3.50, 900 was
issued last year, VIZ: fifteen (l5) per
cent, and | voted alone against the
special election ordinance passed May
9Th, for the reason that | do not be-
lieve the majority of the property tax
payers, however much they, like my
self, desire public improvement, feel
inclined to pay for the same at the
rate of 20 per cent. when by patiently
waiting until next January the same
amount can be obtained for seven ~
or less per. cent. Let me explain this
matter. From his Honor the Mayors
message we find that the city has a
bonded debt of 1907 800, taking off the
$500, 600 1910 years bonds, issued in
1889, leaves S647 800, on which the tax
payers have to pay close aver
age of S per cent, interest
and sinking fund per year,
amounting to $5l 500. On the $3.50, 900
they pay Is per cent. per annum for
ten years, an amount annually of
S39, 600. After ten years the principal
having been collected in full, the tax
payers have the doubtful pleasure of
still paying $3.50, 900, viz: 5 per cent.
interest per annum on the S26O, 900 TO
the bond holders. for the succeed
ing ten years; in other words, instead
of being able to take up our bonds
when the principal and interest on
$3.50, 900, amounting to $500, 900 is
taken from us in the ten years, our
$500, 900 is locked up, or, as His Honor
stated in the council, may be used for
purchasing other bonds (rate of inter-
est not stated), and we continue the
wheel for another ten years,
paying the bond holders per
cent. for their kindness in pur-
our bonds, redeemable in
300 years, but paid up in ten years.
The finance committee reported an
ordinance for special election on issue
of bonds, recommending they be for
ten to twenty year loan. but, His Hon
or the Mayors influence with the
majority of the council had it amend
ed to read twenty to thirty years, be-
cause they could be more readily sold,
and it was so adopted. Then what
will the outcome be? The council
having the power delegated to them
to issue $4,000 for street improve
ment and $4,000 for sidewalks each
year, under section 43, amended city
charter, if the property Taxpayers
vote for the issue of $3.50, 900, twenty
to thirty year bonds, on May 81, bear
ing five per cent interest, with sink
ing fund of ten per cent interest.
They will be required to pay taxes
this and the next ten years about as
follows:
On S647, 800 annual interest and
fund, S per cent. Sol 500.
On $500, 600 annual interest and
sinking fund, Is per cent. $39, 1000.
On $50, 900 annual interest and sink
ing fund, 10 per cent. 50 600.
On S25O,0OO annual interest and
fund, II per cent. S37 800.
On 1,2l7, 800, total bonds-TOtal in
terest, ETC., 49,, 800, annually.
The property taxpayers have asked
me frequently, what Of the $3.50, 900
last voted. What has been done in
improvements. 1 told those who
asked me I would inquire. At the
last meeting of the city council !
presented a resolution in about the
following words and figures:
"Resolved that the city engineer
and street commissioner be directed
to make a detailed report to this
council on Monday, May 26th, the
amount of excavation and filling of
streets under tie S25O,0OO apprOpria-
ton, and report the amount of streets
completed and the streets eXcaVated
and how far completed.
That the city Treasurer report
amount expended and remaining on
hand May oath of the $3.50, 900 apprO-
priatiOn. Now here was a simple re-
quest for two city officials to compile
their weekly report of work done,
and one official to add up two col
umns OF figures to give us the result
desired. Was it granted? No, seven
votes decided that the Finance Com
mittee should labor over the resolu-
ton for one week! And repOrtI sup
pose, if it is practicable for these Off
GERS to render the report desired.
-Four votes: however said plainly
that the people were entitled to know
how much work was done and how
much it has cost. / am ONLY quoting
the Sixth ward when | say that prac-
tically nothing has been done, streets
have been duo un and left in an inn