Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-05
FAITHFUL SERVANTS.
Allegheny CoHnty's Credit Was Never
in Better Shape
THAN In THIS YEAR OF OUR LORD.
Retiring County officials Have Just Cause
to Be Proud.
OUR CREDIT is UP TO UNCLE SANS


officials now retire after nine years of
service, and another after six years of
service. In January, 1882, Controller Speer
entered upon his duties, and at the same
time George Y. Mckee and Daniel Nc.
Williams entered upon their duties as
County Commissioners. At the expiration
of three years Mr.. McWilliams was de-
feated for the Office, but was reelected for a
second term three years ago. Commissioner
Mckee and Controller Speer have served
the entire nine years, and now retire from
office with record of which they have just
cause to be proud. Robert Mercer, who has
been County Commissioner for II years and
is reelected for another three years. is en-
titled to full share of the credit for our
county's present financial standing.
We are quick enough to find fault with
unfaithful servants, perhaps too quick, and
q word OF commendation for the faithful is
as much in order as words of condemnation
for the unfaIthtul. When the now retiring
county officials entered upon their duties
Allegheny county was burdened with
debt of s.. 423, 993, most of which was en-
tailed by the riots of 1877.
Burning of the Court House.
On May z, following their induction to
office, the Court House, which was the pride
of the pioneers, was burned to the ground,
and the financial standing of the county re-
ceived a shock, which is still fresh
citizens, Within 20 days OF the
burning of the Court House, the old Univer-
sity bnilding was purchased by the County
Commissioners at a cost of 500, 900, and
later on an additional building on the
corner of Old avenue and Diamond was
erected at a cost of SOL, 900, both of which
are still the property of the county and are
certainly worth more than their cost.
For the plot of ground on which the
present Jail stands, SIG, 200 was paid by the
county within a year of the fire. In 1885,
county bonds, which had been bearing in
terest at the rate of 5 per cent, were refunded
at per cent, and subsequently other bonds
were issued at ~ per cent, and were sold at
premium.
The new Court House and Jail. which are
the pride of our city and the finest in the
land, costing In the eneighborhood OF 50, 500
600, will serve for generations to come as a
monument to the fidelity of the peoples rep
reseutstives When the Court House was
dedicated in September, 1888, the indebted
ness of Allegheny county was $500 less than
at the time the old Court House was burned.
A Creditable Financial Transaction.
In the building of the Court House only
$500, 600 were borrowed. The bonds issued to
secure this amount have 20 years to run, and
$500, 900 of this sum are bearing 81 per cent
interest and $500, 900 per cent.
In locking over the Controllers reports
beck to 1861 it is discovered that in 90 years
there were six years in which the county
debt OF Allegheny county was increased, the
largest increase being in 1880, when 81 626.-
50S were added to the Indebtedness. This
was the year when the decision of the courts
put the 1877 riot burden on the county.
In 1886 nearly half million of indebted
ness was added as a result of the Court
House fire. In 1887 the debt was reduced
$50, 474 and in 1888 was increased S255. .359.
In the year 1889 there was a reduction ofth
county Indebtedness to the extent of about
$27, 900.
The reduction of the debt for the year
past has been S563, ,067 A year ago the
debt of the county was 81, Gal ,6S1. Now
the debt is 81, 07S613.
With three mill tax there should be no
difficulty in time to come meeting all OBJ
legations before they come due. When the
retiring officials entered upon their duties.
Allegheny county bonds were slow at per
cent Now they are at a premium at 3L per
cent, Government bonds are no better to-day
than those of Allegheny county. Our pros
perity the past decade is fully demonstrated
BY the appreciation of our county bonds.
In the year 1886 over $500, 900 of our bonds
came due. They had been bearing per
cent interest. The holders were unwilling
to renew at a reduction to 81 per cent, but
after due deliberation were ready to accept
the situation.
The Bonds at Premium.
To-day Allegheny county bonds bearing
"a per cent interest are at a premium. The
credit of our county was never better than
1t is to-day. We have the best Court House
and Jail in the land, and, Notwithstanding
the fire of 1882, are in a better financial
condition than we were at that time. With
fair degree of prosperity in the coming de-
cade Allegheny county will be out of debt
with good surplus for rainy days.
There is no reason why our present in
debtedness should not be wiped out prior to
1900. The reduction this year has been over
$500, 900, and at the same rate of reduction
for the coming decade Allegheny county
would owe no man anything and have
81, 0o0, 900 or s., 0O0, 600 ahead.