The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-26
TIE PROPOSED BOND ISSUE.

the proposal 10 issue bonds is not
party question 1t is a wise and economic
measure based upon the very soundest
principles of municipal government. So
much misrepresentation exists as to the rea-
sons for and the purposes of the proposed
issue that it may be we'll, notwithstanding
the frequent public discussion of the sub
iect, to review once more the cause of the
past indebtedness and the objects to which
the new Indebtedness is to be applied.
1t may be promised that the wild state
ments as to the city's extravaganza during
the past year are absolutely false The
warrants issued for the year beginning
June 1, 1890, and ending May 81, 1891,
amounted to $641, s97. There was n break,
owing to the change of the fiscal year from
June to January but, taking the last COM
rlete twelve months, the entire cost
of the running of the government
was only about si37 900, and if the people
had been taxed at the rate of 10 mills this
wear, the current expenses would not only
have been paid but there would have been
a surplus in the treasury, so far as last
venr's accounts are concerned. The rea-
son of the deficit is that the taxes rs col
lected were applied, in accordance with
law. to the redemption Of warrants issued
in 1889 and 1890.
The proposcd issue of bonds is intended,
FIRST. to take up all these old warrants,
and second. to put money in the treasury
so as to avoid hereafter the issue of war
rants and TO insure payment in cash.
The following shows to what purposes
the proceeds of bonds for the old indebt-
ness are TO be applied:
Warrants on the road fund from Oeto-
her a. 1890 to october II, 1850 .-.. ) 21aS 10
Warrants on the street fund from No
MEMBER A. 1890, to February 81, 1871. 4S,0S5 Il
Warrants on the fire fund from August
~ iSgp to October II, 1880. ..-.. 80 I,al9 30
Warrants on the FIRE fund from No
ycmbsr T. 1890, TO March a, ls9l ...- 25Oll O5
Jrterest ............,......-.. 200s6 -
Total ...,.....-........-...,. .N&5,oN %
For the widening of streets ...-....., 275.ooo %
Condemnation proceedings .''--'.'..- --V'vNo w
Grand total ......,.......--.....'' f''''Vvo W
with the exception of few warrants up
10 March 7. 1891, all of this sum Is due for
rroceaainrs had rs an immediate conse-
,rerce of the improvements made after
the fire.
The next item OF the proposed issue,
s225 coo. is entirely for the purpose OF ex-
tending the water system, including pur-
chase of the Lake Union works, new force
main for South Seattle, and pumping
station for Queen Anne district. Much OF
this is to be expended in labor.
OF the next item, $4,000, nearly all Of
II will be expended in labor. for the build
irc Of a sewer tunnel for the southern and
eastern portions of the city, compiet'on Of
tha axe Union tunnel, and for the laying
of branch sewers.
The city is always a year behind in It's
r,yments for general expenses be-
cause the charter provides that the
,oxes levied in any year shall ne for
tbc current years expenses, but as mat
,.r Of fact the bulk of the taxes Is not col
Ioc.ci until January and February OF the
f,1low;nc year. \ proposed amendment
"a che charter changes this. and hereafter
,bo citv will be always on q cash basis,
,,rovided the people, at the special election
af March :. assent 10 the issue OF s-toVH
Sac5s 70 nav for this years expenses up
to December 81 ........
have anv doubt as to the prudence OF 'ot-
80 far tbesc bonds. The debts must be
psia the proposed work IS urgently
roos.,i and the city should pay in cash ,
If the bonds are not issued 'He q! my