San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-01-16
OPPOSES THE SCHEME.
A Taxpayer Discusses the Bond
Question.

4
According to the announcement of the
mayor we will soon be asked to vote an :
other issue of bonds. In connection with
the subject the mayor mentions public
improvements and insinuates that they
must stop unless more money is borrowed.
1t has been barely month since the
Issue of fifty thousand dollars public i'm
provement bonds and ten thousand dollars
sidewalk bonds were authorized. If these
bonds were negotiated the proceeds have
hardly reached the treasury and certainly
the money has not been spent or applied
TO purpose other than for which it was
obtained.
Before being asked to vote an additional
credit and to have the rate of taxation
raised again the people might we'll ask to
see some OF the public improvea' ents to
sidewalks that $4,000 would ordinarily
build.
Fifty thousand dollars may not be
large sum OF money for the City of San
Antonio, but that amount of money ought
to enable the administration to make
some showing, and $4,000 for side walks
ought to bt money enough to lie idle in
the treasury 10 the sidewalk fund, until
the council and city attorney may deter
sidewalks in front Of school and other
public buildings according to the view OF
Alderman Lockwood, or in building side
walks in front of private property, the
owners whereof are delinquent, accord
ing to the view OF Alderman HOefling.
So much for public improvements which
is not the real purpose for which bonds
are to be issued.
1t appears,that in addition to the large
bonded debt lover million Of dollars)
that now hangs over the city and the
greater portion of which has beer in
creased ia the last five years, there is also
floating debt of quarter OF million
more or less (probably more). The mayor
at this late day deems 1t advisable to
adopt the financial policy of Gov. Roberts
pay as you go-and to raise money by
issuing bonds to inaugurate the new poll
cy-to borrow money in order to pay as
we go.
If there is any snch supposed debt as is
indicated, where Is the foundation or
authority for it in the charter and why
should we be asked to vote away a credit
that we may surely need In the future to
maintain an administration that has
enues of a prosperous city, but has also
already drawn heavily on the future.
If there are few banks, that can carry |
loans of such magnitude why not let them
refuse and let the city keep its expenses
within its revenues. This, 1t strikes me,
would be little more like paying as we
go, and preferable to incCrring bonded
debt to inaugurate the mayors new
policy.
The city on November '3Oth last. had
on hand the following balances after de-
Quoting overdrafts on any particular
funds.
General balance. $39,S78 70
School fund. Observation-Disclosures. A5,4 "a
ss5,35O SO
The special fund alone had balance Of
S30,064S4.
The law expressly authorizes these funds
to be invested in city bonds; yet not even
the $4,000 sidewalk bonds were placed 10
this fund in lieu Of the money, but had to
be taken to Chicago.
The bank that carries these loans to
the city is supposed to be the city deposit
tory. AS against the quarter of million
loaned to the city at per cent interest, it
has on deposit SIS, $50. 80, say one third,
ma king the rate Of interest on the money
it iS actually out, twelve per cent per an
mum.
Should we vote more money to an ad
miEiStration guilty of such tinauciering ?
/, for one. say most positively, no.
Ut those who took the bogus notes OF
the city bogus because issued not only
without authority OF law but in violation
Of tie charterl look out for themselves or
wal till the city collects it's next taxes If
thev have moral right to be paid. The
holuers of these illegal notes have exact
ed an unconscienable profit on their ad-
vance and seem to realize that It is time
to draw in their sails-to unload. This
is I'll that the new scheme means.
L uere are few of US who understand the
city ) quarterly statements made on prin-
cip',.S of Partisan book keeping.I am now
str wing the system with key from
Paris. AS soon as / solve some of its mys-
teries | may give you a few additional
reasons why we should nip in the bud the
new bond scheme. TAXPAYER.