The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-10-16
rHk NEUTRALITY-SUSPICIOUS.


Osss>s-
sE11IE1 fNU1sDAX. OCrO1k1 -
CITY 1fHAHCEa
Nov that tie city government o. beessie
IL established upon . nsw plan. under cir
eumstancss which VASTLY enlarge the
scope q IL 6scal operations, Il il time to
conadsr ~ Inaaeiai condition, 70 provide
in : busnsss-lits wy Tor itsnscessities and
% peoessd ii . businsss-liks way bcth4s to
ths estting ana ~ spending u municipal
fundA Asprsssnt ssattis hes no financial
policy. We hsvs been taxed in village
fashioa and ~ money thus obtained has
besn expended In village fashion. While
in he main ths nunicipility has Jared
reasonably Vel q ths hands Of IT. agents.
it IL quito certain thst fhers has besn
great wssts thsoush hsphauard fnan-
cial msshods. At times considerable
sums Of money, The property Of
the municipality. hsys lain IDLY in
hank, while 1t othR dimes tbe city has
prosecuted important public works when y
he'd mot he ready money to pay. and has
suffered prodigious percentage Of loss BY
mseting its bills with issues Of dis
counted paper IN the form Of interest
boasins waFfontA
II = time fcr changs. The no-policy
system, always sxtfavsGaut and wastsful,
u especially michisvous ct times Of gre as
public development like the present, whom
expenditures must b slargs and subject to
variations and irregularities. In the Board
Of Public WORKS, Just created, We have
body Of msuvoethy Of absolute trrst and
capable Of The oosest business discretion,
and IN this situation Il would b the height
Of folly and . gross injustice 70 taxpayers
II " fsil 70 provide a. efficient and eco
nomical method Of supplyins them with
means to carry on The projects that have
hssn given ovsr to tAeir administration.
Al this dime the city owes. in addition to
II bondsd dsht Tor wstsr works and sewer
system, about s2oo.ooo awarded under con
dsmnation proceedings Tor The Ysslsr and
Rinshart corners: and further. general
outstanding Indebtedness Of about $780,
0oo. This DIT he's ben Incurred since the
Dire und9 pres of absolute necessity, the
monsy sxpsndsd bsing for strsst improve
msnts and loe ~ means Of protection
against Ara 70 pay this large sum, e.
szseatiug above half million dollars, Il at
this time nsithsr polite nor possibls An
arrangement has hesn made BY which
The amount due 70 Yeslsf and
Rinehart shaIl b provided for
b. A issus of bonds for which the faith Of
The eity = D,sdssd hut when this PRONE
iss = carried out Il win b. but partial
rslisf and wfli lsavs the city govern
nsnt stfll IN dsbe and with its dsbt In :
soattsrsd, costly and burdensoms form.
The prob,sm. thsrsfore, which meets the
city at the beginning Of it, career under the
new charter Is b get this scattsred debt
into collected and definite form. TO stop
the present wasteful method Of payment
for public work In discounted and interest
bearing scrip. to provide adequately for
the prosecution Of future work upon an
economical plan-in short, to make gen.
sral cleanup Of outstanding obligations and
to make new start upon cash basis. Il
would b impossible to overestimats the
advantages of payment in cash for ma
tsrials supplied and for services rendered
a. compared with the present method of
payment in scrip. Under the cash system
the city can buy materials and employ
labor full twenty-five per cent cheaper
than for scrip, can get better materials
and better labor. and in addition save the
annoyance and discredit involved in the
latter method Of payment In fact. unless
the new Board Of Public Works shall be
provided with cash in hand to carry on
the projects under its administration, il
cannot do the work of tho city upon .
business-like and economical system.
1t Is clearly the duty Of the legislative
department to solve this problem and to
putsthe Board of Public Works in q posi-
ton to proceed upon q right plan. The
method which naturally presents itself, In
tact the only feasible method, is to make q
new issue of bonds large enough to
cover ali present obligations and to pro-
vide ready money working fund
sufficient to carry on the work in hand un.
til the regular income of the city shall sup
ply oil necessary demands. The sum of
this bond issue 10 . matter to be deter.
mined upon careful consideration of all
the necessities in view, but it can easily be
determined. In the judgment of the Posr.
ISrELIIsEycER 1t would at this time, under
the special conditions Of the money mar.
ket in the finaacial centers. be unwise to
attempt to noat very cheap bond. The
faith of the city it pledged in the matter
OF the Yesier and Rinehart Obligation to q
ak per cent twenty-year bond, and in
view OF this fact. and Of the financial stu.
alton above referred 10, it would seem 4
wise course to issue the bonds say in
three classes, a. follows: First ciass-A
straight six per cent twenty-year bond to
cover The Yssler and Rinehart award in &C
cordancs with the terms heretofore agreed
II