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


bond Investment tables of recognized authority
enoM tnat a six per cent twenty.year bond sod
~ LUZ Is equivalent. a debt or an investment,
" a hVe per cent twenty-year bond sold
soou' 81 again that five per cent twenty-year
oonu SOFA al 1914 (about the equivalent of our
80 VI august 20 Is nearly the same as a SIX per
80 a. lOf. III is IndisputaDle, then, that aside
ifoh TIE expense OF 81 go attendant upon a
at ooad election and bond issue land passing
% tle losses ana harms OF delay that we nave
nen'ionedl, the market would have TO take
sl1es ~ nye points higher than il took Taeoma,s,
- aAe he" nves at i've points higher than the
equipaient for the price OF Tacolna's skies, 10
sleid the city under a new bond election as
sooi results those secured by our sale of
Aueust ~ That sale gives us the net money
-easi@ed, after deduc;ing both commission paid
auu interest not earned 10y the lender al an
aVerage rate OF about So per cent for me whole
,mshty-years term; a sax per cent bond sold at
iV-' or even at l05, would cost much higher in
terest on the money received
tz' Our sole remaining choice would have
oeeh the abandonment, for the present at leaet.
Vi the plan OF a municipal system of water
WORKS ana the comprehensive extension of our
sewer SYSTEM We take 1t for granted that YOU,
sehiieinen, are not OF the very few VINO, at the
successive elections on this subject have re-
coraed their opposition TO tae pubic purchase
ana perieeting Of the present very INADEQUATE
water system. We take 1t Tor granted that you
nave allowed no financial connection on the
part OF any OF you with the corporate interests
OF the spring filli Water Company TO sway your
feelings or influence YOUR recent action in re-
speet. TO the public affairs of the noble city in
winch You take such just pride We assume
tnat the health ana lives of our poorer fellow
cltzens are as dear 10 you as TO ourselves and
tha' you recognizes fully the crying need OF bet
ter sanitation OF the more crowded residence
quarters. Therefore we shall not weary you
WIN an argument against the idea of abandon
ing the general features OF the UNDERTAKINGS
proposed for The assent of the voters on June
lat We will but remind you that these un.
dertakings could be com passed IN no other way
than bv the issue and sale of bonds
We nave enGeavored to place you, by this
Statement, at the point of view from which we
regarded this important question on August 20
We meet you with no Iechnieaitses we will
assume, fo- the purposes OF this conference with
you, that our action in the SAFE OF the bonds was
technically irregular and Illegal The pertinent
inquiry is. How could We have done better in
SUBSTANTIAL results for the city, fer It's taxpayers?
We appeal TO you to assist us with your counsel
In this matter, representing rs you claim TO do
the interests OF the taxpayers, canning as you
do that your aud their substantial rights have
been sacrificed. And that may understand
clearly what course you would point out, we
specially beg you, gentlemen. 10 favor us with
explicit answers to the following questions:
!. Ii you insist that the sale of August 90
must not be contaminated. shall we make iur-
ther efforts to sell bonds pursuant 10 the cleo
ton of JuLe 4, and if SO, IN what way? Snail
We refuse TO sntedste the bonds to the semi-an-
nuel interest date, or refuse to allow any CON-
mission or nearned interest on them, do
both? II SO, wherein do you find reasonable
hope that we sell them?
. Snail we abandon further effort with these
bonds, and proceed to obtain authority for
others? If SO. shall We ordsin the proposition
and give the thirty days notice of elec ion now,
and mold the elo ciion under new charter,
with different municipal divisions and election
machinery, TO be adopted in the interval? Do
you think that questions OF the Tegu aFity of such
an election would have no effect on the market
ability or price of bonds thus authoriz q? Or
do you advise that We postpone the election on
the charter, al an expense of 81 200, and delay
OF mouth at least till after bond election can
be held? Or, shall we defer the first steps to-
ward issue OF BINDS till after the new
charter shall have taken effect-involving delay
III the realization OF money from the bonds till
at least four months hence, aud meanwhile loss
of $3.50 net water revenue per month, with
continued expense OF the eity's pumps without
return, and heavy discounts on the city's war
rants, damage 10 nj rcantile credi, and con-
tinued risk of fire and pestilence?
8. Shall the new bonds If authorized be fives
or skies? Or shall the city council be left free 10
decide that afterwards? shall the city council
be restricted by the ordinance from selling them
below par, or lett free in that regard? If lett
free, may they rely upon your not enjoining
them from selling at the best bid obtainabe, no
matter how long that snail be? Aud what
sonab,e hope is there that the new bonds,
whether fiyes Or SKIES, Will sell at correspon j.
ing.y better fsures than those accepted by US
on August %?
Ii you wish that we abandon the present
bonds aad yet hope for 10 better results with
new ones then 90 on favor the abandonment
OF the plan OF sewer ext nSlon comprised in the
proposal submitted Oh June 4? And 40 you, or
do You no. each Que OF you, now .Ayor or
pect al any time 10 favor abandoning the cty's
contract To purchase the spring Hill Water
Compsny's property, ana granting 10 ina. com
psny ii new franchise pursuant to its applIea-
ton made To the council on August 80?
Tue d faculties which perplvxed on Au-
gust 20 gentlemen, stIiI meet US Ia the way and
are even grown large. the manufacturers
from whom our water mains were ordered nave
refused since learning OF your injunction suit.
to make any III tner shipments iii they have
better assurance of pay ment; and what has
been already shlpped except tina. Tor one main
TO he laid along the water 'front.' is eiess Tor
the i'm provement OF our water facilities til sup
piemented by what Is now neld back. We, there
fore, respectfully urge your immediate d, ten
ton aAd well-weighed reply to this presenta-
ton of the pro Jlems confrontng ur city. We
remain, gentlemen, your fellow citizens and
taxpayers.
Harry White. Mayor. F. A Twiehen
Leander Miller. u. A. Mckenzie
Robert Calligsn. II. F. Phillips.
j. \. MallDgford. Aonzo Huh
George ". Hall.
DIFFERING THE CHARTER ELECTION.
The next business was the reading of the
communication of City Attorney shepard, pub
Iished in the PosT-lNTELLIGE GER of Sunday,
setting forth the necessity Of pOstponing the
charter election in order 10 avoid complications
over an election for the issue OF new water
bonds.
Alter the letter had been read Councilman
Mckenzie thought that in spite of al the CON
alterations urged, the new charter should be
sdou;ed as soon as possible. be adoption of
the charter at once might head of the COM
n natio,, TO yet back the city water-works Into
TIE nands Of the Spring Hill company. II was
better 10 delay the election for water bonds
rather than that for the charter.
Councilman Calligan believed the members OF
tbe ssring Hill company had the interested tie
citv close the their warm hea t. T4e people
bsd no confidence in this council, aad new
one should be procured as as possible
Tha neonlt believed that members OF the c0un-
cfl had maze money IN the water-w0rgs, aud II
the couucil postponed the election and held
itself in Office. the people would cry that Iuere
rs still more corruption IN the matter; AMI
tkamemhe did no, want 10 get out Of Office
while there was SO much fine picking.
CITY Attorney Shepard saiu he did not want
10 he understood rs advocating poStpOnemeut
~ Tn, election. lie simply presented the d.
Iemma. There were many arguments IN favor
ofhayins the charter election a. once.
councilman Hall insisted that the new bonds
.o,,,a not be issued within three u ntns II the