Los Angeles herald., 1891-01-13

The following report from the city
treasurer was read and referred to the
finance committee:
To the Honorable City Council:
GENTLEMEN: Much OF the clty's
bon led Indebtedness bears what re-
gard as an excessive rate ofinterest, and
as all that portion of debt is payable at
the pleasure of the city, upon giving no.
tice OF fifteen to thirty days, desire to
submit to your honorable body the mat
ter of substituting new bond, bearing
not to exceed AZ per cent. per annum,
in lieu of the following, towit:
General improvement bonds OF 1886,
S246 600, now bearing 6 per cent.
Bonds 1881. 8 Sc. 1000
Beneral irrigation bonds ............. 10000
General improvement bonds ....... 2l,OOO
Funded deDt of 1876 10000
Total (now bearing per cent?. 80. $2l2,OO0
Being a total OF s457 900, the interest
on which is 1925, $40 as now paid.
The same bonds calculated at Az per
cent. make $20, ,565, a saving to the city
OF $8975 per year.
From the readiness with which our 5
per cent. school and sewer bonds were
sold at premium of 5000 to 81 I.5O
and accrued interest, and by a compari-
son of the rate of interest we are paying,
taken with our resources, with the rate
paid by other western cities, l firmly
believe all of our and per cent. bonds
can be refunded at AZ per cent and sold
at par, if not at a premium.
In this we are not increasing our liza
bilities, but on the contrary we are saw
ing nearly 10000 yearly, or $50, ,75O on the
average lifetime Of twenty-year serial
bonds OF the amount under considera-
zion. If the reduced rate of interest ap-
have some doubt as to our ability to
place the bonds at par.
The city of Minneapolis in 1889. with
aproperty assessment OF $127 900, 900 and
q bonded debt of over 50, ,000, 900, sold a
large part Of its bonds bearing only per
cent. at q premium of 4 per cent, which
the treasurer Of that city pronounced
equal to 113 for AZ per cent. bond.
In his report for 1889 he urged the
practicability OF placing any future issue
at 3ls per cent.
The city of Omaha only pays AZ per
cent. on all it's bonds except 5000, 900.
Our bonded debt OF $y31 900 is 0-1O
per cent. of our last years assessment
OF $40, ,000, 900, whereas the debt of Min
neapolis is lilo per cent. of its assess
ment; and yet they get most Of their
public money at per cent, while we
are still paying per cent. semi-annu-
ally on all OF our older bonds, which
constitute about one-half OF our debt.
Asking your patient consideration of
the aforementioned matter. am, with
respect,t M. D. JOHNSON,
City Treasurer.
A communication was received from
City Justice Owens, notifying the coun-
Gil that he had appointed E. w. King as
his clerk, and on motion of Mr.. Rees
the matter was referred to the city at
torney for his opinion as to the provis-
ions made in the charter for such ap-
pointments.
The report OF the board of public
works was adopted as read, as was also
that of the finance committee. with the
exception of the clause with regard to
the city printing.
When that was read, Mr.. McGarry
then arose and stated that Hon. M. E.
G. Munday was in the room, and re-
quested to be heard upon the matter.
Mr.. Munday asked that consideration
OF this matter be deferred until after
noon, when he could be present.
Mr.. Recs objected to deferring the
SOASiuOiopiOu Va CIlc udUIcT, duU IuOVeQ
the adoption of the report of the finance
committee. The motion received no
second.
The matter was finally made special
order for O'Clock pm.
The bridge committee recommended
that the bid of ]. L. Bates for 1890 for
the construction of bridge across the
Arroyo de los Pesos be accepted.
Ex-Councilman Shafer's motion to
raise the licenses of the saloons to $75
per month, which was broached in the
old council and referred to the present,
council, was, on motion of Mr.. Afford,
filed.
The following message was received
from the mayor:
TO the Honorable Council of the City of Los
Angeles
We have arrived at that period in our
municipal history when something
should be done to lessen the burdens Of
taxation, if possible. Various devices
have been suggested to accomplish this
result, but nothing so far has been sug-
gested that would produce such radical
results in that regard as the consolida-
tion of our city and county governments.
There is no reason why our people should
be called on to maintain two different
governments in our midst, when
one will suffice. 1t is true there are
difficulties connected with the consoli-
dation, but it has been done before, and
why should we not do it now?
Under the government as now COIL
stituted we are maintaining in the city
one city and one county jail, with the
jailors and necessary assistants; one
city and one county assessor, with
their corps Of assistants. maps, assess-
ment books, Offices, etc. one city and one
county tax-collector, with their deputies
and records one city and one county
treasurer with their bookkeepers and