The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-05-31

81 men In this city who are paying out the last
dollar to buy their homes, and they VIII be bet.
Ter able In a few years TO pay extra taxation.
81 want to sec the street grading go on
want 10 see every man employed by this city
paid in cash, and / know we VIII be terribly
crippled II these bonds are not issued"
Delegate S. N. shipley, Of the Third ward.
said: 81 favor the issuing OF bonds. because as
when the city was in dire straits, Eastern
people came forward, loaned their money with
out inquirng too closely into the legality OF the
issuance of obligations, and IL is no more than
right that those men should be protected
Delegate George b. Kittinger, of the Fourth
ward, said: sit will be a suicidal policy
for the city of seattle to repudiate the
debt. III the proposition is not carried
out the city repudiates its debts;
our warrants viii be WORTHLESS, all city work will
have to be stopped, and no one need look for
the importation or investment Of any more
Eastern capital. Capitalists east of the Rocky
mountains would soon know that the tax
payers OF this city are not 10 be trusted and the
result would be that no more supplies
would be forthcoming. In the commercial
world the city's paper would have no
standing. IL the election is carried
IL will put the money into immediate circuia-
ton, and warrants to be issued hereafter VIII
command within ! or 2 per cent. of their lace
value, as against 10 and - per cent which Is
now being thrown off by brokers. The aliega-
take. as personal canvas shows that fully two
thirds OF the outstanding city paper is held by
merchants and Individuals
Delegate Barton, of the Fourth ward, said:
~ was very particular 10 find out whether II
was good policy on the part of the city to issue
5 per cent. bonds instead of 10 per cent. scrip,
and ] came 20 the conclusion that IL was the
best thing we could do. If not, If anybody had
any objection TO it, there was ample opportunity
TO submit arguments. 1t would be disastrous 10
fail to validate the warrants now; and al
though / don't attempt to speak for the work
ingmen OF this city, know them well enough
to be confident that they will act
as conservativeiy in this matter as
they always do. ! know that some
of them have raised objections, but the
matter has been well considered by them and
now they are satisfied that they as well as other
interests in the city, will be benefited BY the in
finx OF more money.
"This question has been well discussed, and
have heard fully as able arguments by members
OF labor organizations as in the city council.
The result of the discussion has been very bene-
fetal, and you viii find very few workingmen
cast their votes against the bonds. We all know
that at the time these warrants were issued IL
was a question OF running into debt or leaving
hundreds, perhaps thousands, OF men out OF
work. and forcing them 70 pull up stakes and go
somewhere else" =.
CIV. P. Lansing, of the Fifth ward, said
'sLike all other members Of the house Of dele
gates favor the passage OF the measure for the
reason that the city should pay its homes.
debts"
Delegate A. Krug, OF the Sixth ward. said:
''My opinion has already been given. When
that question was before Us | voted yes, and
have not found any reason yet for changing my
mind. The bonds viii draw less interest than
the warrants: and, another thing, the bonds
will have a specified time in which TO be re-
deemed, whereas the warrants may be pre-
sented for payment at any time
Delegate w. Fl. T. Barnes, of the sixth ward,
said: "Oh, yes, think the bonds ought to be
issued think that the whole Indebtedness OF
the city ought to be got into shape 50 that
people will have an intelligent understanding
of the city finances and be satisfied with the
condition of the city's al irs financially;
that is. that ell the Indebtedness OF the city
ought TO be bonded. for that matter. As IN
derstand il, everything now is in the shape OF
warrants, and by getting the citys Indebtedness
into the shape of bonds il will be possible for
the cify's creditors 70 get the interest; il is
now. however. people don't know what they are
getting. The item of interest is an obligation
that the city is in honor bound 10 pay, the same
as any business concern in any transaction of
business-al the city affairs ought 10 be on the
same basis as common business transactions,
and the city ought to place itself on record as
being willing 10 pay every honest debt. I sup
pose IL Is the 1Ge4 OF the people generally that
the bonds ought TO be issued"
Delegate Charles T. Cowden, OF the Seventh
ward, said: "After the fire the city incurred
considerable Indebtedness. The wisdom of this
action has never been called into question A
large amount was expended In improving the
ire department, reconstrGcting our streets and
other equally important expenditures were
authorized There was no money 20 pay this
Indebtedness, and, therefore, il has since
been hanging over the city. Payment
must be made in some way How
is il to be metz There are but two
ways: BY direct taxation or the issue of bonds
The former is out Of the question, so there is
no alternative but pursue the latter course. i
would be opposed 10 IL, were il for addi-
tional expenditures, but as Ii is to meet a debt
that must be paid. and should be paid. am in
! favor OF issuing the bonds. Il amounts to an
| extension of time, that Is all"
Delegate Davis, of the Seventh ward, said:
/ MANY people in the Seventh ward regret the
necessity for ineurring further debt, but they
| all realize that the necessity does exist and
feel satisfied that the bulk OF The voters will cast
affirmative ballots In fact, the danger seems to
me that the people viii not take the trouble to
vote, because they feel satisfied there is no op-
position
Delegate C. B. Bagley, OF the Eighth ward,
| said: 81 am strongly in favor of voting the
| bonds. II is not q question which solely
men also, for failure TO vote thu bonds means
| thar practically all city work would stop
/ Mechanics and wurkmen are already finding
/ times hard, and il the bonds are not voted they
| win find times great deal harder than now.
\ IL will be question. II the bonds
/ are rejected. whether we would not
| have to cut down the police and fire depart
ments and reduce expenses TO the lowest pos
! sible notch. The issue of the bonds is neces-
| sary because many departments are now living
| on what they have not earned and that is the
| only way TO pay the debts we have incurred
| To reject the bonds would be practical repudia-
I ton OF our honest debts and would destroy the
| city's credit Reputation is a thing unknown
on the Coast or in the West. The men who are
/ now buying city warrants would not dc so st
| any price If We refused 70 issue bonds
to meet the outstanding warrants The
city now has TO discount its paper
| AT TO Is per cent and is paying 10 per cent in
terest on outstanding warrants besides II the
| issue of warrants failed we should have 10 nay
4 discount Of Is 70 20 per cent on the other
! hand, il We issue the bonds. We shall have 20
pay only per cent interest. aud shall have this
| money to use. The bonds are already praefic.
ally sold, aud il is only question of issuing
| them
6. W. Furry, OF the Eighth ward. said: "ne-
eidedly favor the issuance OF the bonds for
the payment of the eity's indebtedness. II is the
| first principle to be Observed
Children Enjoy
The pleasant flavor, gentle action and soothing
-