San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-03-12

UT simple as Tile CITY nnanClers
imagine them to be. The people can
easily comprehend the argument in
favor of issuing bonds and borrowing
money to run the city government. ..
The mayor thinks he can fool the
people into saddllng posterity with q
debt created by his bad management
and reckless extravaganza. Such q
proposition is simply monstrous.
But, SAYS Mr.. Callaghan and his
brilliant co-partners, it will be a saw
ing to the people, to borrow $3.50 900
and pay 6 per cent interest, than to
continue to borrow from our local
banks and pay per cent. This looks
very plausible but 1t is not true.
y y
This money Is for current expenses,
and will not be needed all at once,
but In monthly installments. The
first $780, 900 will bear per cent in
terest for IL months, the next $40, 900
for ii months, and so on, and the last
loan for one month, so that In fact we
will be paying about 4 per cent upon
the whole amount, instead of s per
cent.
anticipate our current revenue, is il
not better to pay interest to our local
bankers than 10 foreign oOndnolders?
The people understand this ques-
ton, and do not propose to saddle
posterity with debt of this kind,
but prefer to elect an administration
that will bring our city finances out of
the present difgraceful condition.
Economy and: good management will
do this.
The people understand also that
these bonds are not to get money for
public improvements; that the money
: not to be spent tor the public bene.
fit or for the relief Of any one
except the San Antonio National
Bank that has allowed the city to
draw u very large sum of money in
advance Of Its collection of the cur.
rent revenues; and is faced with the
disagreeable possibility of the PEG.
pie refusing or delaying the payment
Of their taxes.
There is no need of issuing bonds;
| II the foreign capitalist will lend us
so also; and the taxpayer will gain
nothing saddling posterity with a
debt that he Is taxed to pay every
year.
But the taxpayers have lost oil con-
fidence in Mr.. Callaghsn; his sudden
discovery of the pay as.you-g 60 policy
| as being the best deceives no one. 1t
simply means pile up debts as You 90.
| Then the taxpayers have the
| lights of past experience before them.
The last time they voted for bond
issue they did SO expecting that the
money would be used for the purposes
indicated. What has become OF the
$50, 900 borrowed to build school
houses; it has been in the hands OF
the city treasurer for two years or
more, and no school houses built, and
the school superintsndent tells the
people he had 10 turn away 600 child
rem for want If school room.
4
Worse than all, the last pu blished
st ttemenG of city finances disclOses
tia tarr that ri" $50, 600. voted for
the exclusive purpose Of putting up
building has heen spent, ii not
squandered, for her purposes.
There was also bond issue for Il o
building of garbage furnaces, Sl5, 00t.
Tn, garbage FURNACES have never been
built and the money Is gone.
The bridge money was IN ,msfully
wasted, ii not criminally got awsy
with.
The people will not vote any moIe
bonds to such an administration;
they have no confidence In it.
The taxpayers have got on to the
real purpose of this loan. Callaghan
wants q big campaign fund on hand
for the next election.
If the city employees are not paid
they can blame Callaghan aud no
one else. Had there been less ex-
travagsnce, better management, the
city would have plenty of money 10
meet it's current expenses.
Mr.. Gallagher and his city council
had better resign; the people have no
longer confidence in them; and the
job will not be paying one hereafter
to the end of their term of office.