San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-01-11

This is In fact an admission by oul
mayor The terrible condition of city
tnances-the condition of impending
bankruptcy, which has for long time
been an open secret, is now con frmed by
the chief executive of our city.
Our good people can now appreciate the
feelings of the citizens of Houston some
years ago. when they were confronted by
similar dangers.
The result of Houston's struggle with
such dangers and an incompetent city
administration, is too well known to need
repetition here-what we have to contend
with is at hand: and In the face of such
dangers. IL is no time to consider mere
personalities.
1t is condition and not theory that
confIOnts ell patriotic citizens Not
a question of Callaghan or anti-Callag-
han; and since the mayor does not even
intimate that any particular cause is
responsible for this condition, and admits
that his administration is responsible for
lit were sheer nonsense to waste time
in condemning Mayor Callaghan's reign
for thus plunging our city into debt.
What the PEG pie need is not a lot of II
told you sO!"-"I told you Callaghan
would run the municipal ship upon a
the lifeboats, striving to save our city IL
possible.
Now some -administrat ioniStS claim
that to even talk of issuing bonds to pay
ha r.,K, ttNnv - III 81
ment until the taxes are collected, is
foolish; nay, almost criminal. But why?
Is it not better to carry on the city gov
eminent with money obtained from bonds
at or per cent interest per annum, than
on money borrowed from "a bank" on
short time, at not less than s per cent?
Suppose that a bank could be found
with enough willingness ana money to
continue to advance the city sufficient
funds to run for year at a time-wOuld
not even then Mayor Callaghan's sugges-
ton, to- issue bonds, be much the best?
Let us see:
The city now borrows 800. 600 per month:
$50 U0 per month means S36O.00O per year
OF borrowed money. At per cent, this
woul d amount to nearly s2sC0O to be paid
for interest alone each year. An eDor-
nous sum truly, to be yearly wasted, for
u DEMENT'S notody except the bank: but on
the other hand, let us suppose that bonds
are issued for like amount, and the
city takes fresh start.
At per cent interest, these bonds will
sell at par, and the people will only have
clear saving to them of SlO,CC0 per year.
Of course there would be a small sinking
fund TAX to pay, but in paying this, the
people pay 1t to themselves Indirectly. by
Its finally paying the original bonded debt. |
Thus in the course OF fifteen or
twenty years, the people would
nave paid off the $4,000 in
debtednesss in full, and at the
same time have kept the city government
running smoothly without having to bor-
row any money on notes; or what is in
tnltely worSe-raising the taxes from |. &c
10 2:l272 or more, as is now contemplated
oy the city administration. And this finan-
cial matter has now resolved itself to this:
the people have to choose between three
the taxes: borrowing mon
ey at high rate of interest from "a bank
or issuing bonds as suggested by Mayor
Let us by all means take the least of
these three eyils-yoJe for the bonds. But
some may say: I'VE cannot trust an ad.
ministration with any more bonds, that
has come so near to bankrupting the city,"
but what is the difference? The money
must be raised somehow, and il makes
NIh lt . H.
people cont vote the bonds, they will
have their taxes raised. There is no al
tentative. Vote for the bonds and save
the city.
For once at least, persons attending the
performance of IngOmar, Saturday night.
could not go home and sneer at amateur
theatricalS." When we attend this class
of performances, we do it TO help the
boys, or some other laudable object, and
pay our money as matter Of cOurSe-but
expect TO be tOred by witnessing wretched
attempts at acting, and tedious waiting
between the acts.
In this play, however, there were no de.
lays; the acting was a whole, first
class - much better indeed than
rs frequently done by profps-
SIGNALS. and we think it deserved a better
house and more tlattering review than
was given by the morning luminary.
The acting of Miss Gunymere as Parthe-
MIA; was certainly as exquisitely natural
and pathetic as could be desired The
costume OF Mrs. Harrison as Actea, was
faultless, and her rendition of the strong.
minded. petn'ant matron was perfect.
|. L. urran a. MyrUn. the armorer. and
james Govt edge a. Timarch the ruler,
were good. VIM. Rote Ias Polydor the
miser, was fairly good, but he is TOO gem
erous by nature 10 make good miser-
ne would make much bet
| ter comedian. w. G. Tobin as Ingomar
| the Barbarian, was excellent, and it is
/ generally believed thai with nrnnnr trni,