The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-07-01

that property-owners have been and are
borrowing in the hope of making something.
The better they are taken care of toa by
them rates that they can easily
pay. the more certainly the property they
morigaged will maintain its price and the
safer the value of the securities they pledged.
The savings banks of San Francisco as a
whole are models of fair dealing and of safe
and conservative management; we there
fore fully believe that what they should do
in this matter they will Go. Eight per cent
per annum is as reasonable rate in good
as or 6R per cent is III dull times.
HOW INTEREST HAS BEEN PAID Up.
Times have been dull during the past
year in the city, and farmers have not been
known TO be indulging in the pastme of
throwing up their hats with Joy over
the very high prices OF produce in the
country. Nevertheless both in CITY aud
country, especially IN the country, interest
has been we'll paid up, and therefore next
to no foreclosures have been necessary.
a remarkable fact. too, has been that ap-
pllcatlons for money at city savings banks
from country landowners have been and
are slowly but constantly being reduced.
This reduction is not due TO cessation of
borrowing by farmers, but TO increase OF
home capital, enabling the borrower to get
the money he wants at home at his own
door, as il we're, where no middleman ill.,
tefDOses las be so often does when a loan
comes from farmer to a city savings
bsnk), with heavy charge for an utterly
useless service. This reduction of applica-
lions from the country leaves much more
money for city use. One Of our savings
banks Uhe German) has been lending money
IN Portland, Tacoma, Seattle aud Spokane
Fails. The other savings banks have not,
at least as vet, lent any money in these
towns, and even IN such home aud we'll
Los Angeles only TO an almost inhnites-
NAL extent.
The total number of mortgages recorded
during the past six months were 2i73 of tie
value of s., 49,, 9S4 and 1897 releases OF the
value Of $1,000, 449.
TAXES THIS YEAR.
The pledge exacted from candidates as
TO the limit of taxation has accOmpls shed its
purpose. and the Board of Supervisors in
fixing the tax levy for the fiscal year 1892
has redeemed expectations notwitbstand-
ing the pertinacty of the real estate
spectators and taX-eaters for increased
appropriations. The total tax for municipal
purposes for the year 1892 has been fixed at
tine rate of 81 on each 500 valuation OF
property, the estimated valuation of tax
able property being ssh. O00,000 On that
basis the amount of taxes TO be collected
VIII be IS. 400, 600. Add revenue from other
sources Sl,474.045. Total city revenue,
S4,674,045. This sum is 10 meet the expense
of the city government alone for the next
erty for the fiscal year 1891 was S3l1. SCI, O79.
on which the tax rate was 81 03 on each
500 valuation. The State. however, raised
the assessment for State purposes 80 per
cent without any pretense of reason or
justification therefor, making the total
assessment S399. S3S, 66l, and collected the
State tax OF $40 cents on each 500 valua-
ton.
The Assessor OF this city aud county this
year seems TO have adopted general stand
ard oil Increase in the alspRSpH Valnatfnns
OF property, chiefly in real estate and i'm
proyements, which, owing to the stagnation
OF business and the consequent decrease in
values. viii bear very heavily unon the trx-
payers, and at this time is most inoppor-
tune and unwise. In other words, through
most unjust increase in assessments, the
Assessor this year puts on the extra load of
taxation instead of the Supervisors. The
81 limit has not been raised directly, but
has been indirectly. The personal property
for the year 1892 assessed amounted to
S14. ASP, 3i7, but the deductions made 10y the
Supervisors (S5, zoe, 600 simply make the in
crease OF the assessment OF personal prop
erty about 81, $50, coo more than the assess
ment Of 1891. Thus the great burden is
imposed upon the owners of real estate
while personal property in the hands of
capitalists and others is largely converted
into United States securities about the
month OF March each year to avoid taxa
ton. Tangible personal property in this
city and county should be made to but does
not bear anything like its share of the
burden of fair taxes.
To largely increase the assessed value of
real estate and improvements which is
calculating In value to make a total yalua-
ton TO suil the rapacious views of the State
Board OF Equalization is action calculated
10 sun further depreelate real estate values
On the assessed valuation of property for
the year 1892 the taxpayers will be required
to pay in the 81 levy for city and county
purposes the SUN OF So 400. 900. and for the
State. at say 40 cents levy on the same val
uatioD, further sun OF 81, $50, 900, making
a total collection from the taxpayers Of
S4930,000. This, IN addition to license
taxes on sales of merchants. etc, will tax
our money producing powers to the utmost
TAXATION RUNNING UP.
ASIDE from State taxation. the taxes col
lected here Tor city purposes alone In 1889
amounted to s3,o6e.000. to S3,I00.OO0 in
io9o, 10 %. 2O0. 600 In 1891, and we are to pay
S54e0.oOo IN 1892. AT this rate of increase
city taxes alone will amount to s., 600 900 at
least i've years hence - that is to
say, in 1897 Compared with clty
growth in population. increase in tax.
alton here bears the relation of
about TO 20. 1t should be understood. too
that our late or present bosses-such fellows
as Buckley and Rainey or Crimmins and
keily-are constantly assuring US, through
their tools In Office or their share-in-the-
piunder newspaper organs, that the city will
~ ~ tbS WIS nhd As even ROW q disgrace IN
civilization, because more money is not given
to nearly every department of the city gov
eminent. The fact that San Francisco il
now the most heavily taxed large eitv in tbe
Union is never referred to. nor the other
and main point either-which is that
there is not an improvement in good
street paving, street watering, fine
schoolhouses, efficient fire department
or thorough city government which
we might not have if the money now
squeezed from taxpayers were put 10 honest
and fairly business-like use. Cierks and
deputies are nearly all now employed be-
cause OF political services in corrupting
elections. Six on; of eight of them are
utterly incompetent, and, having obtained
their places Tor the services noted, the hon
est discharge Of their duties to the best of
their poor abilities hardly enters into their
thoughts. Each OF them. too. has TO suffer
me loss OF ~ TO 20 per cent Of his salary,
ellher directly to the ruling boss, or indi-
recuy for the eo-caled Campaign assess
NETS Any pfetense of duty to the city
ana 6. debt to conscience are absolved in
thy average clerks eyes by this fackwsfrn
- allowed to keep his full payx =