The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-08-14

Harbor and wharf ..................... 3,2g2 30
Total. .......................... .sio3.ei2 10
Judgments. ..... ......... l4s4Sl AZ
Yesier. Rinehart and other claims :. 2l0,OO 90
Interest on bonds provided for. $3.50 90
Grand total. ......,................ sSs2, 924 81
II would take levy of % mills to cover this.
No sane man would propose such q measure In
the present financial condition of the city Ii
will be conceded that some of II must be
bonded and the only question is how much of
il shall be bonded.
The entire country has been this year at what
may be called the extreme sinister point of CON-
piercial oscillation. Every indication promises
return 70 industrial activity and consequent
prosperity next year.
l therefore advise that the whole amount be
put into bonds. The total amount will even
then only slightly exceed one-half of the con-
stitutional limit, namely, 1870 as shown:
100000 recently authorized and $4,000 for
Grant street bridge total Of, in round
This is a very small Indebtedness as compared
with property valuation and the experience of
other cities.
Very much of the sum covered by these bonds
will be taken by creditors of the city in place of
warrants OF doubtful validity These creditors
II may be remembered, have no reader more
secure method of obtaining payment No in
Justice will be done them, as the bonds will GER
tainly be worth their face value, and bear fair
rate of interest. II we do not take this step, we
are subject TO 10 per cent interest on the entire
sum, which liz silently heaping up against us,
and to liability for judgments accompanied by
credit as a solvent municipality. 1t Ia no less
true of cities than of private concerns, that
more mischief is worked by loose methods of
business than by carrying heavy but adjusted
liability.
Instead of taking $500 600 out of the pockets of
the taxpayers it will bring that much money
from outside investors and again put ii into cir
cuiation. We VIII, by this plan, begin the year
1S92 with our affairs Strengthened out and there
after there is no reason why the expenses of the
city government should not be confined within
the boundaries of its income.
ask your consideration, then, OF the condi-
tion in which that plan leaves us. The charter
by what cannot conceive to be other than
oversight, which hope the people will remedy at
the next election-the charter provides (artieie
TX section la that 'the citv council shall on or
before the first Monday in September in each
year, by ordinance, fix the rate of taxes to be
levied and levy the taxes upon all taxable prop
erty both real and personal in the city, needed
to raise sufficient revenue TO carry on the differ
emit departments of the municipal government
for the current fiscal year.
The charter defines the fiscal year, except for
assessment and taxation tarticle ~, section I4,)
as ending ION the Sist day OF December" II is
beyond your power, therefore, to levy tax for
the expenses of 1872 until SEPTEMBER of that
year, but ii will be necessary then to levy suffi
cient 10 cover all next years expenses except what
is deriyable from licenses. fines and fees. hich
will be sufficient to pay warrants for the first
three months, believe il would be better a
matter OF public policy To have been enabled TO
levy tax colectible from November OF this
year onward with which to have defrayed the
ensuing years expenses, but the charter is so
for the current year only. and not for the ensu-
lug year, that there is no discretionary power
left.
1t is clear that no tax can be levied this year
sufficient 10 paw OF all debts, and the proper
eions to he paid by tax and by bond are, there
fore measured by eNpediency.
In view Of the extreme depression now exist
ing and the inevitably large levy which must be
made next year Il the charter is amended, as al
ready suggested. | recommend that this
year the levy be restricted To the am cunt neces-
gary To pay interest on the bonds. namely.
mills on the dollar.
calculate that there Will be needed the fol.
lowing sums of that class:
AMOUNT. Pr eeat Iatr'L
Grant street bridge bonds s 1900 : loo
Water and sewerage bonds a5S.0o D $3.50
Seattle funding bonds .-.. 10000 1850
Total $hl.SSn
lam aware that the annual interest on the
last named issue amounts To more than Si6.00o,
but IL viii not draw full year 5 interest within
this levy tax OF = mills on s4i.oJoOCu will
yield $4,000. After paving $3.50 out OF this
there will be left sufficient. with the cash now
In the interest fund. 10 pay one half years in
terest on the proposed issue OF bonds needed be-
fore the next levy. This will save the cost and
annoyance OF smother small levy before the an
nUal assessment
The relief the taxpayers temporarily obtain
will enable them with greater freedom 20 prose
cute private works ~ improvement, and TINS
pace property owners In better Position 10
future. Even with the low rate of taxation
propose for this year, see 40 reason why the
EStS - &c tNfaSA III September. 1ct-. ShoUkQ DC
more than or mills on the probable increase
OF value. Whether II is or not. IL will be seen
by the charter that We have no power 90 relieve
next years burden by liner easing the burden this
year.
The annexed district. and especially the urban
portions, Fremont, LAtona. Smiths Cove, Edcc-
water and Brooklyn. will expect improvements
next year and as they will come within the tax
able precincts on April l. the work can begin
with January l. They need city advantages and
arr willing % pay their share OF taxation 10
get them
The Judgment Of the superior court sustain
ing. ia effect my veto of the scrip redernation
bonds ordinance, e0mpeis US 70 seek other
means OF relief. have always insisted that the
city should sue contUmzciousIy delinousnt
property owners Tor grade taxes, and am very
tTfa IN the conviction thst II a vigorous effort
were inside a large proportion could be collected
refer yea 10 the following very decided Ian
Euage OF the old charter under which ali s,1eh
street work wss contracted for.
section ie--The city OF Seattle hsS r,ovra- nv
EenerSl ordinance 20 prescribe the mode in
which the costs and expenses OF all public i'm.