The record-union., 1891-02-09
NET OR GROSS REVENUE.
The Bills Now Pending Before the
Legislature.
Points Made by Citizen in Favor Of
Lower Rate of Tax
alton.

EDS. RECoRD-UNIoN: In perusing
the columns of your excellent journal
this morning 1 find mention of a remark
able scene that was enacted in the legisla-
tive halls yesterday-that Of a member of
the Funded Debt Commission, and
prominent bondholder, wOrking hand IN
hand to defeat a measure directly con-
cerning and affecting the city's welfare,
and attempting, by their action, to
assume that the interest of the city and
bondholder are identical. If the facts are
as stated, whence do Judge Beatty and
George e. Bates secure their Inspiration
Certainly not from the history of our
city's sacrifices and unpleasant expert
ence in the handling of that octopus-the
bonded debt
How can Judge Beatty reconcile him
self in the eyes OF the tax-ridden people
OF our city in his attempt to defeat bill
which, in its essence, means lower taxes,
increased prosperity and rapid depreci-
alton Of the value of the bond securities?
Does he not know that the application of
''net' instead OF ''g,OsS'' revenue means
a very considerable and immediate
reduction in our tax rate; . de-
crease of fully so per cent. in water
rates; that the original water works,
upon which the bonded debt contracts
were issued, have long since become
worn out and abandoned-to the
extent that the only vestige of them that
remains are few old pipes in tho ground; !;
that the people have since built and paid
for an entirely new plant of water works
machinery, for which no contract has
been made with the bondholders; that,
in consequence Of that fact, there no
longer exists any contract with the bond
| holders that is secured by the water
| works of this city; that the Legislature of
1868 passed law interpreting the word
revenue to mean met revenue'; that
the city administered its affairs upon that
basis for eighteen or more years after
that time, until the bondholders managed
to secure an unexpected and unlock editor
decision from bare majority of the SUI
preme Court, announcing that the word
revenue" meant gross reyenue''-
| although contrary to the natural inter-
probation OF the word, inasmuch as all
authorities unite in the assertion that it
means Income, profit, gain, etc.,; that
any means, be an insult 10 the Supreme
Court tbless his innate regard for the
| feelings of those who are not even on the
Supreme benchD, but rather that it will
act for the benefit of the people
Of Sacramento, instead of other
WISE, tIiat, lHdSulucu dS ltS TENOR
means a decided improvement in our
every condition, it will be no harm to Sc
cure the benefit arising therefrom; that,
in the event of a possible reverse decision
being obtained through it's medium the DO
sition would be no worse for us than now;
that the passage of such bill would place
the city in the position of debating the
policy of settlement of the debt, by hav-
ing circumstances and conditions de-
crease the value of the bonds, instead of.
as now, continually Initiating them; that
any new legislation tending to better our
circumstances should be encouraged; that
the bondholders should fight their own
battles without being aided by the city or
its representatives; that the bondholders
secure the lions share of our finances
under the present system; that the situa-
ton should be at once reversed; that the
bill, from a business, common-sense,
legal and practical point of view, should
pass. If he don't know these things
the public interest demands that he
should ut once acquaint himself with the
situation, and not attempt further evasion
of existing facts by saying that 'the bill
must be defeated, for it's passage would
be an insult to the Supreme Court ~ Has
he no word for the interests of the city he
is presumed to represent? TAXPAYER.