The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-02-21
COUNTING THE COIN
The City Treasury in a
Very Bad Fix.
A BONDING SCHEME VETOED.
Prospects of a General Retrenchment
and the Discharge of SuperfIu-
Gus Help in Departments.

The many hundreds OF deputies and
underlings Of the new City Hall officials.
who had been hoping that something would
be done to replenish the general fund. now
exhausted, are doomed to disappointment.
The outlook is. in fact, for general reduce
tion of the fierce In the departments.
An executive session in the Mayors Office
yesterday morning was attended by Mayor
erick, and Supervisors James, Denman and
Kennedy Of the Finance Committee. The
session lasted about an hour.
At the close a count of the funds In the
treasury was had. The count was accom-
plished by Treasurer Widber and his assist
ants in fifteen minutes. and the certificate.
as signed by Mayor Ebert, William Brod-
erlck and j. b. G. Hebbard, the commits
sioners, showed the amount to be SS79,72
At first sight this would appear to be a
fairly satisfactory showing. but 1t did not
help the solution of the problem in the
slightest degree for reasons that are we'll
shown in the Interviews which a CALL re-
this meeting
j. G.. James. chairman Of the Finance
Committee of the Board of Supervisors,
said: 1.-THE meeting was called for the pur-
pose of trying to devise some means to pay
the deficit that was left to this board when
the last board went out 1t was, in round
numbers. about $500. 600. The largest item
was the Election Commission expenses,
which exceeded the appropriation by about
$4,000. There was also an excess over
appropriations In the County Clerks Office
of about S27, 900 and the Street Department
shows def it of $4,000.
Treasurer Widber made proposition to
the meeting involving the utilization OF
about S250,000 in the sinking fund. This
amount has been levied and collected to pay
off bonds Of the city not yet matured. The
money is lying in the vaults and increasing
from year to year. Mr.. Widber's PROPOSE
tion was to have bill passed by the Legis-
lature lOaning the money TO the city. II was
decided that it would not De legal PROPOSE
ton, from the fact that not only would an
act of the Legislature be necessary, but the
matter would have to be voted on by the
people. The proposition was therefore de-
clined.
SIT was then thought best to try the plan
of retren chment and do the best we could.
A suggestion was even made TO cut off the
gas for time. This item at the new City
Hall alone costs $4,000 a month.
The city officials must have their M oney,
and the only thing we can do is not 10 have
so many employees. For instance, the Tax
Collector, the Assessor, the License Col
lector and the Superintendent of Streets
will have to get along with fewer men.
Here is the idea: Suppose we were to
go and borrow from the banks on the next
tax levy, we cannot afford. under our
pledge. to make levy of more than 81 on
the S275, 100000, and that will not raise
enough money 10 run the city and pay this
$500, 900 Indebtedness. We are in fact be-
tween old Nick and the deep sea. That is
the size of it."
Treasurer Widber said: 1.-THE sum now in
the vaults-SS79. 727 50-represents every
thing to tho credit OF the Sinking Fund
Commissioners II includes everything in
fact. 1t includes the money lying in the
vault to meet the bonds proposed to be
drawn on this morning. The trouble is that
a certain amount of money has been placed
in the treasury from levy made by the
Board of Supervisors for a certain number
of bonds. Now the bonds have been worth
more than par for many years, and more of
the holders will surrender their bonds un-
der such conditions. When we loan this
money out we only get per cent interest,
while the bonds call for Sort per cent. TIE
city pra :tically pays interest all the time
On the money that is lying idle in the trea +.
ury.
''It was this that led me 10 suggest that X
this money could be obtained from tue Sink
ing Fund Commissioners all that interest
would be saved, and we would have the use
OF 100000 for ayear without paying any