Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1892-03-03
OUR MOUNTAIN OF DEBT

uHutI NHlCh Jue people Ol w naJCOlu
county are already struggling, this
amount to be expended ostensibly for
roads in whatever time and manner
the commissioners might direct, is
especially invited to the following
startling array of facts and figures, pre-
sented by the Reveille:
Whatcom county owes 200 per cent 90
year bonds, 10000; school district No. 1,
owes AZ 6 per ,ent 20-year bonds, s43, 900;
school district No. owes as per cent 90
year bonds, $45 900; school district No. II
owes 10 7 per cent 20-year bonds, 5000;
school district No. 81 owes per cent s.
year bonds, 800; school district No. 81
owes 7 per cent Swear bonds, 5000;
school district No 30, per cent 5-year
boLd, 800; school district No 81, 2 per
cent 5-year bonds, 5000; school district No.
80, per cent Swear bonds, 5000; school
district No.57, IA per cent 1O-year bonds,
5000; school district No. 81 owes s per
cent 10-year bond, $1,000; school district
No. s. owes so : per cent bonds 2O-year
bonds, $4,000. Total, s346, 300.
City Of New Whatcom, funding bonds,
Sss,00O; City Of New Whatcom, municipal
bonds, $4,000; City of Fairhaven. fund
ing bonds, sl5O,OOO; City Of Blaine, $4,000.
Total local bonded Indebtedness, Ssss. 900.
Interest on all the school bonds is pay
able semi-annually and majority of the
bonds have been sold at par, as 7 per cent
20-year bonds. All the city bonds. and
bonds Of school district No. / sold
nominally at par, but a percentage
was allowed the purchasers, max
ing the bonds as profitable TO the
buyers at the per cents The county
bonds sold at par and premium of
nearly 5000 net was realized. These
were to pay the outstanding Indebted
ness OF the county, and were consider ed
as a GOOD investment We have, in ad-
dition to the bonds, floating debt
amounting to practically S25, 1000, which,
though apparently Insignificant, is larger
than that Of the state of Illinois. There
are more than sixty school districts in
the county, nearly all OF which are out
OF funds, and many Of them have float
ing debts. II would be wise person.
indeed, who could give the amount of
the floating and street grade debts of
the cities of this county, which trained
experts have failed TO report very salts
factorily, after drawing several hum
dred dollars for their services in trying
to explain some amounts which the tax
payers desired to know.
II we combine the floating debt of the
county, that of the cities and school dis
tricts and such Indebtedness is stated at
$4,000, the amount is conserva-
lively stated. Half million is a large
sum of money, but il is only 100000
more than the sum sought to be voted
next Friday. This floating debt bears
10 per cent. interest. Then we have
bonds amounting to 1884, 3OO-6. 7 and
per cents; floating debt $4,000, bearing
10 per centum interest per annum-a
total OF sl,3sf. 300 incurred within less
than two years. 1t is said that the pro
posed Improvements will increase the
valuation OF taxable property in the
county to such an extent that the per
centage of taxation will not be increased.
600, while this years assessed values
amount to nearly 100000, an Increase
nearly s60OO,oOO Is this real? Is the
quarter-section Of land which in 1890 was
valued at $500 o any more use to its
owner than In 1891 when valued at $50 o?
II pays six times the amount Of state
taxes. 1t is true, but does not raise any
more potatoes or hay. and the taxes de-
rived are even less than in 1890. We re-
produce the tax levy OF 1890 for a com
paTisOn with the taxes now being paid;
State tax, , mills, revenue $i2, 1853. As: SOL
diers' relief, 10, no levy for 1891. 81
43263; military. 10. no levy for 1891.
s2,s24.23; county. 81, no levy for 1891.
si9,42i.l6; school, 4, $56, f7l.0f; road and
bridge, /, sl2, 75.5l; road property. 2.
s25.55O.74; poll tax. s2,G95: road poll.
s3,0Ss; special school taxes. Sss. g23. SO.
spet ial roads. sf2f0.e5: total taxes levied
for 1890. $50. ESQ -: total taxes levied for
1891, s247.20565: otal for two years.
s526,9o5.20. Before 1880 there was very
small indie ltedness In either county. city
or school districts in this county. II we
have created an Indebtedness of S225 O0o
for the county, sl46.3g bonded school and
s53s.ooo bonded city Indebtedness and
very large floating debts on both school
and municipal accounts. all within the
short space Of two years. and without
having heretofore paid much interest.
can the property Of the county maintain
the present high rate of taxation and
provide for sinking fund to repay bor-
rowed sams7