San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-04-09
A. L. LOCKWOOD ON THE BONDS.

a. i. LOCK WOOD On THE BONDS
A. i. Lockwood, alderman, is accus-
Comed, at intervals, to get off column or
30 of slush or balderdash, in the Express,
in defence of some city job. He seems 10
be the only administration alderman who
can write communication, and it falls to
his task TO make good the brain deficiency
of the Callaghan faithful ten. His latest
in the Express Is an attempt to defend
the bond proposition, and while it is lack.
ing in argument and utterly unreliable as
I" facts, it is the best that Callaghan can
do.
he announces that prejudice against
the present city administration is the
basis of opposition TO the proposition, and
he is alarmed at this prejudice, for fear
that it may usurp the place of
reason or judgment. The people
have abundant cause for prejudice
but Mr.. Lockwood assumes too much
when he charges that the opposition to
he5onds in blind freak of prejudice on
payers OF the city. 1t was not prejudice
or politics that put Quietus on the
water works proposition. it was the calm,
deliberate uprising Of the honest people
OF San Antonio.
Alderman Lockwood, like his side
s,artner Alderman Gregory, tries to ex-
itlrsse the x..'aordinary demands of the
: 1allHrhan adm. :istration by citing some
pastIhistory, he say az one time the city
issued scrip" Yes, S"St IS SO, but II
= quit in 1867, and a pay as you go system
was lnaugurated greatly to the aafap;
Jage Of the city no scrip has been issued
since.
The idea.of Alderman Lockwood is, to
J impress upon those who will take the
trouble to read his communication, that
unea'Sg has always been compelled TO an
ns.IpaIe its revenues, and while this has
been done by one way or another, he and
Callaghan have hit upon an improved
plan. wit: make posterity bear the
burden: which will be so much easier
than skirmishing for daily. expenses by
would have to. be responsible. Now II
the merchant or business man could only
issue a bond instead of sixty days prom
Use to pay it would be fine thing,
wouldn't it,: his children and children's
children would come in for it, you know.
Beautiful financering.
He, Alderman Lockwood, says this en-
tirely original idea of making bonded
debt to run current expenses with would
at once place the city upon cash basis,
make her independent OF the bank and
money lenders - He would have the
people believe that there is wide differ
ence between a bank that lends
money and bank that buys bonds; one
lends money for a short period, the other
for long PERIOD both collect interest.
The great difference is that the man or
5ank that lends money on bonds drives
a nail in the coffin Of the city credit for
generation; we can throw off the money
lenders who only accommodates US for
month. Every bond issued diminishes
our credit as a corporation and when
a certain limit is reached we can
borrow no longer. A bond is
a mortgage upon every homestead in
the city and cannot be lifted for years. II
is excusable to make Bonded loans only
for permanent improvements, and it has
5aken much learning, great argument,
aud an appeal 10 the sense Of presumable
Justice to Justify even this kind of debt:
its abuse is crime upon posterity.
To show how smart he is would be
mayor Lockwood gets off the following
calculation OF the necessary interest and
sinking fund on these $4,000 bonds: The
interest at per cent would amount to
$4,000 per year; the 2.per cent sinking
fund woule amount to 5000 per year.
IL this is correct statement then the
bonds are not worth the paper on
which they are to be printed. II
they run twenty years the sink
ing 1uOU DOR UnelT TeueDpJl WOlllQ Only
amount to 100000: If they run for thirty
years 1t would only amount to $3.50, 600
Such bond is valueless because no ade.
quate provision has heen made for it:
payment in accordance with the constitu'
ton of the state. But this is just like al
the financial schemers OF Callaghan
lockwood & Co.
Such bond proposition is slam upor
the credit of our city; IL demonstrate
the entire untitneSs OF its authors to bt
trusted with the city finances.
Alderman Lockwood devotes the latte
part of his effusiOn to an attempt to an
sSwer Alderman Beckmann'S proposal, ant
in doing so claims that every cur
rent expense of ,he city is a beneh
TO poSterity and that it woulC
be justifiable TO issue bonds TO
everything. 10 pay our gas and waite
bills, as well as the toddy bill embraced
.lnder the head of contingencies"
The truth is, bonds have been iSSuet
for purposes not juStiiable by this ad
mtnistration, but when it comes TO max
ing bonded debt for daily expenses, an
establishing this precedent for pOSSibl
future extravaganza, protligate city ad
illustrations, the people call a halt.
The voting of bonded debt is too seriou
a matter to be trifed with. The taxpay
crS must know what he is putting a mort
gage on his property for, that his chill
dren will be compelled TO pay, after he
gone. Men labor, save, deprive them
selves of luxury and ease for their pos
terity, II is hardly good sense to say tina
they will lightly mortgage all they hav
to supply wastful, improvident, and il
competent city government with surplI
cash to splurge on.