San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-07-06
SHORT STOPS.
What the People are Saving.

What the People are Saying.
At last the blow has been struck that
will free our city from its financial bond
age.
The repeal by the city council of the
ordinance pledging all the income of the
city in advance TO the San Antonio Ma
tional sbank was an act in keeping with
! the promises made the people at the last
! city election. The disastrous financial
| policy of thelate city administration had
| well-nigh bankrupted the city, and made
it the PeOn of single institution. To
get out from under this peonage the peo-
pie elected the present city administra-
| tiOn.
| The people have all along SuSpicioned
that there was conspiracy 10 place the
| city at the mercy of the bank when Mr..
| Herff, an eStimabe citizen, but cashier of
| the bank, was brought forward year after
year as candidate for city treasurer.
Now the people can fully understand the
whole business.
The plan of pledging the revenues of
the city to the national bank and then
borrowing the money from the bank TO
run current expenses at high rate of in
terest was indefensibe as business
transaction, and placed the city at the
mercy of that bank. The city has been
borrowing its own money and paying in
terest upon its own funds for years.
The late administration became OBJ
pressed with the gravity of the situation
and attempted to get out of it by calling
upon the taxpayers to vote S250000 in
bonds TO pay off current expenses; the
people very properly voted the PROPOSE
tion down: Even had the proposition
been voted it is doubtful if it could have
been carried out as such bonded debt is
not provided for by our charter,
The present administration found itself
bound hand and foot by the acts of its
predecessors. There was but one way
out OF the difficulty and that was to place
all creditors of the city on an equaf foot
ing and use the revenues of the city to
pay its debts and running expenses. This
is what is now proposed.
Col. Breckenridge does not propose to
give up his grip on the throat of the city,
and PUSHES to the courts and enjoins the
city from paying or using any. of it's
funds, and claiming that he has first
mortgage upon the revenues of the city,
to the exclusion of every other creditor.
This brings the matter into shape for a
legal settlement. The city may be incon-
venienced for little while, but the ques-
tion will be settled.
1t would be unfortunate if the contest
should develop into a trial of strength
between the bank and the city. as to
which shall close its doors first, especial
ly in these days when financial confidence
is strained to its utmost tension.
The attempt to fasten reputation upon
the city By the newspapers in the interest
of the bank, shows desperate condition
as reputation is thought of, but if in the
progress of this trial it should develop
that the whole transaction has been ille-
gal. Col. b. has only himself to blame.
One thing is sure, the people of San An
tonic will not permit city government
to peon them to the National bank.
Nor will the people consent to have the
credit of the city longer placed in danger
by national bank. A city within assess
ed values over thirty millions of dollars
ought not to be at the mercy of any
banking house:
The vote of the people to issue bonds to
put in motion plan for the ownership Of
the water supply, has no doubt brought
about this contest, and If the credit of the
city could be crippled at this time, its
bonds would be impaired and the work
hindered IL not stopped. No one blames
Col. Breckenridge in using all his money
power TO defeat the city, but he will not
succeed.