The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-09-22
FEELING ITS WAY.

\ morning CuntemDOrary, which Is some
times spoken of as the Veteran Boodler, is
feeling its way 10 a S1C.O goo city loan. The
Veteran, with a caution born of many
losing fights on similar lines, puts forward a
number Of commuucators who are property
holders and taxpayers As the real parties
DESTROYS of setting the bond-mill in motion.
The first assumption is that the city can Dor
row 100000 at 2]9 per cent. The sec
oud assumption is that Board of Public
Works, to be elected or appointed, would eX-
pend this sum wisely and prudently." The
Veteran itself is not much in favor of the
project. but it kindly states the views of its
correspondents. 1t is wisely and pru-
IDENTIFY" feeling its way. Il is understood to
have a candidate for Mayor who, if elected,
VIII smooth the way to setting the bond-mill
in operation.
THE CALL is rather pleased than other
wise that this proposition should be made
We have been DESTROYS for some time of a
test vote on this bond-mill question which
would show whether or not the property
holders of San Francisco want 10 have their
property covered by public mortgage The
constitution provides way for such a test.
Before bond can be issued the bond pro-
tive vote. Between elections the Veteran
and two or three junior members of the
boodler firm are constantly complaining that
the present tax rate does not furnish money
enough to 90 round. Pasturage is repre-
scented a. short for the lambs. To emphasize
this complaint an instance will be given of
the inability Of a certain department to do
something which every one admits ought to
1a 4 n,xvfn I,r, Il %l,n
School Department or in the Fire Depart
ment which really cripples these branches Of
the public service. Nothing will be said Of the
thousands of dollars that have been squan-
dered, but much of the hundreds that are
not available for useful purposes. The Vet
eTan says that ten millions could be spent to
good advantage in the public Improvement
of the city and adds that "the burden of
payment would be so light as to be hardly
perceptible." In other words tie debt will
most pay Itself. The public mortgage on
cur property viii be lifted by some good
genius such as appears in the last act of
dramas TO cancel Indebtedness that has
made all the good people in the play I'M
happy during the first four acts and a half
OF the fifth. On the stage the good genius
never fails TO put in an appearance at the
proper time, but in real life it is not to be
depended upon. 1t does not always show
up when the crisis reaches its last stage.
Under our present State Constitution
bond, can only be issued for twenty years.
Interest on this whole and one-twentieth of
tie principal must be paid annually from
the issue Of the bonds. Thus it would be
necessary to impose a tax levy the second
year after the bonds are issued to meet the
interest on the full amount of $40, 600
and to provide for the payment of one
twentieth of s10,OOOOOO. The interest would
be .S25O,0)0 and the principal falling due
would be $4,000. This would add S75O0O
year TO the necessary expenditures of the
city government. Possibly this is a burden
which would be hardly felt. AT all events
the public have right to try this expert
ment