Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-11-13

These figures will show that $50, 1887
have been expended for streets; $1,000 for
grounds for public schools: $500 for city
hall grounds, making a total OF Sh2,Z3o.3 81
that has been used from the general fund,
since last September. Now, at the time the
bonds were issued the finance committee
called attention to the fact taat Sfi,5O0 OF
the revenues from the general fund had
been used for permanent Improvements and
must be paid back out of this bond issue.
Now, YOU win observe that So, 23S.3I and
the Si4, 500 make total OF SlO6, 1887. This,
too must be paid back TO the general
fund.-
And why?''
because If there has been misap-
propriation of funds or an error committed
by the council it was i'll their pushing I'M
provements and using the general funds to
pay for same, when the bond sale was not
extraordinarily one year ago, thus de
Driving the city officials. employees and
laborers of the money gthat had been set
apart by tax levy TO pay them.
"a great deal has been said about the
scrip debt of the city What have you to
say on this subiect!"
THE scrip debt is but very small, as
compared with the accounts held by first
owners You will observe from the figures
lust given that not more than SO per cent Of
the floating Indebtedness IS Il scrip dept"
Are you in favor Of taking up this scrip
debt from the proceeds of the bonds re-
Gently sold?'
Yes"
How should this be done?"
BY paying back TO the general fund, the
fund that owes this scrip, the amount due
it for permanent improvements.
'Public sentiment to some extent seems
TO be directed against the scrip buyers. DO
you think their claims should come in regu-
lar orderl''
This cannot be avoided. I am certainly
il favor of paying them in order. 1t mat
tiers not whether they are paid from the
proceeds of the bond sale or from the tax
levy. the claims must be paid when reached
on the books Of the city, regardless OF who
holds them. lis true public sentiment Is
directed against the scrip buyers, and 1t IS
asserted that they Will make large profits.
This may be fact, but the price of scrip
was a matter over which the council had no
control To show the injustice of carrying
out public sentiment in this matter, in re-
fusing to pay of the scrip we would not
punish the buyers as bad as our own en-
ployes and laborers.'
How is thisl'
well. to illustrate; A, B and are city
employees has sold his scrip, B and c
are holding theirs, B and c cannot be paid
before A is; B and G, then, must necessa-
riIy sell their scrip to the buyer, as did A.,
How do you figure, then, that b and Z
| are punished more than Al''
because AS scrip has already passed TO
| the buyer who can afford TO wait, while B
| and c will be forced to sell at a great dis
count, if they have to wait and be paid out
of taxes collected for 1912. The buyer
| has regulated his price so he will be safe in
either, if paid out of the city tax or bond
| sale. While he walks about perfectly con-
| tent with AS scrip in his possession, B and
| c have been struggling on for the city with
| the expectation of being paid at this time,
| and if they are not paid the buyer will also
! have B and C's scrip in his pocket, getting
| il at a loss TO them after they have held 1t
| so long, the money which they should have
| had having been spent for street and other
| public improvements"
Then you do not think there is any legal
| obstacle to prevent this payment. You know
| the question has been raiSedF'
None, whatever. That matter was
| thoroughly canYassed by the city attorney
| before the bonds were issued and since. |
am. perhaps, more familiar with the pre-
| liminary discussions with reference TO that
| bond issue than any one else at present,
| having been city secretary at the time they
| were issued. and | know what was intended
! by the council and recommended by the city
| attorney, and there can be no legal interior
| ence.'
ness is paid from The proceeds Of this bond
sale, there will be a balance; how does the
council propose TO expend it?'
I'm retiring interest-bearing notes and
any permanent Improvements, there being
| many now in contemplation.
| WAS it contemplated to build 4 city hall
| out of the proceeds of these bondsl''
mo But there is nothing TO prevent
using the money toward that purpose, after
the Indebtedness of the city is liquidated. ~
This done, the floating Indebtedness
paid of, now does the council propose
| avoiding issuing scrip in futurel''
I'VE propose to avoid issuing scrip in
future by carrying out well-detined fnan-
cial policy"
Then you will have to inaugurate one,
for you remember Mr.. Mes said In meeting