The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-08-14
LEVY OF TWO MILLS.
The Mayor Proposes a Low Rate
of Taxation.
MESSAGE TO THE CITY COUNCIL.
Outlining the Financial Policy OF the
Municipal Government for the
Next Two Years.

The city council met in special session yester-
day morning at the request of Mayor White He
II shout TO start for New York, where he will
sign the Seattle funding bonds They are PAYABLE
there, and it 10 considered better TO have them
executed there than trust so large an amount of
bonds to be sent By rail after they become seenr.
tiles by the mayors signature.
The object of the meeting was to receive a
message from the mayor as to the financial pol
icy OF the city. The tax levy must be made by
the first Monday In September, and the amount
of money TO be raised by taxation must be de-
termined before that time. After the two houses
had convened, President Hall called for the
reading OF the message, which was as follows:
To the Honorable City Council Of the City Of
Seattle-GeDttsmen. As you are preparing TO en-
ter upon your responsible duty OF Ievying tax
upon the people OF the city Of Seattle. invite
your attention TO the condition OF the cftv's
finances, TO the causes leading to that confi-
tion and the avenues of relief open to u.s.
As TO the causes l need only make general
reference, az they are too well known to require
detailed iteration. 1t is well understood that
whatever difference of opinion there may be as
70 the wisdom OF the extraordinary outlay of
the past two years, or the economy in making it,
the city has incurred floating Indebtedness
represented on the credit side of the account by
thoFonghly equipped re department, lodged
owned by the city: by a freboat whose main
tenance 10 claimed TO be betrayed by the saving
In insurance premiums, and BY miles of solIdIy
relative, but the debt it incurred Is absolute,
and il Is sound public policy to courageously
meet II and place II In such shape that the tax
payer can conveniently liquidate it. Delay
means high rates OF interest, complications in
stability and eventual embarrassment
The property valuation of the city is s44OOO.-
600. According TO a recent decision of the
supreme court we are empowered by the con-
stitution to incur an Indebtedness not TO exceed
5 per cent. of that valuation for general muni-
cipal purposes and a further per cent for water
supply, sewerage and lighting, provided we own
our plant. Our limit of indebtedness will, when
the city council closes the assessment roll be in
the neighborhood of $4,400.00J.
OF this - 10000 10 applicable only to the three
special purposes named. With these, however
do not think it advisable to deal in this com
munication. Work Is progressing satisfactorily
and there is ample margin. / may add that the
money spent on the water system cannot be CON
Eidered a debt since the investment pays 5 Der
cent interest aud leaves q large clear surplus
with a constant increase of revenue. In the near
future hope To see the income SO great as to
justify a further reduction In the water rates
The eity's limit of Indebtedness for general
municipal purposes Is 8, 10000. In this class
our funded liabilities are $4,000 for the Grant
street bridge and $4,000 Seattle funding bonds
now In course OF preparation. Cur floating In
debtedness, for which provision must be made
would seem to be, according to the city comp
troliers estimates, up to January 1892, as fol-
lows