The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-03-26
BATTLE. SUNDAY. MARCH ~.
MORE BONDS.


The city council has postponed until
next Friday night the consideration Of the
question relative to the issuing Of bonds
TO fund the present floating indebtedness
and for other purposes.
The floating indebtedness Of the city In
elusive of interest to July !, 1898, and in
cluding s22,55o still TO be paid on the city
hall site, amounts to $s22 65l.03. This
amount should without doubt be funded
in the shape Of twenty-year s per cent.
bonds. II this Is done it will result in a
saving to the city of interest amounting
TO $3i. lib each year. Aside from the saw
ing OF interest, however. it is entirely
proper TO get rid Of this large floating In
debtedncss and put 1t into such shape
that it can readily be taken care Of.
The proposition to issue sewer bonds TO
the amount OF $4,000 is likewise q good
one, IL that is the amount necessary to
complete the North Seattle sewer tunnel.
Nothing should be permitted to stand in
the way Of the speedy completion of this
important work. and it is eminently Just
ment of this kind, which is of general i'm
portance to so large q section Of the city.
should be paid for out Of the proceeds OF
bonds issued for that purpose.
There are grave doubts, however, a. to
the propriety of issuing bonds to the
amount OF $250. 900 as proposed for the
purpose Of constructing lateral sewers to
connect with the north and south sewer
tunnels. In the first place. money for this
purpose will not be needed for some time
20 come, and II these bonds are issued al
this time the proceeds will necessarily be
idle for several months. 1t is . serious
problem, moreover, as to just how far the
city should go in the construction OF
branch sewers. If $25o, 900 is raised. as
suggested, by the issuing of bonds,
there will be o general scramble to
secure the construction Of branch sewers
which may or may not be Immediately
necessary. and the probabilities are that
the money will be largely wasted. If the
city at large builds the sewer tunnels out
Of the general city fund and the entire
city bears the expense. it certainly seems
that the sections directly benefited should
bear the burden Of constructing branch
sewers. The expense to the individual
holder OF property would be slight and the
saving to the city would be enormous, be-
cause in this way the city would be pro-
not really necessary and the extravagant
expenditure of the public money for the
benefit of favored individuals.
This is the plan almost universally fol.
lowed by other cities, and unless il is
adopted the city will be subjected to q
serious and unnecessary drain. Even,
however, If 1t should be ultimately deter
mined 20 build branch sewers at the pub
lie expense. 1t will be much better to do il
by immediate taxation rather than TO
push further at this time the limit of in.
debtedness that the city is authorized TO
Incur. A sufficient margin should be lett
TO provide for any possible emergency.
The proposition TO bond the city for
$50. 600 for the erection of a lighting plant
at this time should not be entertained.
While il may be ultimately desirable for
the city 20 own its own plant, this is not a
good time to undertake the work. In all
probability the cost of a suitable plant
would be largely in excess of $4,000. and
there is, moreover, no immediate necessity
for the city 10 SO into the business of
electric lighting. Rome was not built in
q day, and Seattle will be much better off
in the end if too many public improve
ments are not undertaken at tho same
time.
II bonds are issued TO fund the floating
Indebtedness and 10 complete the North
Seattle tunnel tue financial condition Of
the city will be as follows:
For msaaiespal purpose
Present indebtedness ......Ns iS0ao
Proposed indebtedness. g. 81 So ss7
fsaiaNtS .ss.-..s....S 81 A-S
For speoaa! parposes~-
Available ...-....-......-. 81 ian ,eS
PreseGt Jude btcdness .......N. $50 ooo ''''''
Proposed Indebtedness. 1890 I.sSGao
Balance. OBSERVATION-DISCLOSURES ss6ls5
In other words, as the constitution per.
mits Indebtedness TO the extent OF S per
cent, of the assessed valuation for water
sewers and artificial lighting where the
systems are owned by the city, and 5 per
cent for general municipal purposes, and
- the assessed valuation of property in
Seattle for 1892 Was SIS, SO, 7ls. this allows
. limit Of s., 80, i35 for each Of the two
branches OF expenditure. Deducting
from this total limit Of 81 Sso. 27l the
present indebtedness and the proposed in
debtedness, not ne..,t.lsg the $@so. 900 for
lateral sewers and the sS1 90 for an cleo.
trio light plant, and 1t will leave the city a
margin of $i,o97. 6is. This is q good mar
gin, but il is none too much. The pres
emit financial condition Of the city is excel
lent in view Of the large amount Of prop
erty that the city owns, including the
water system. and every effort should be
made 10 keep is in that condition.
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1t is reported that Hon. L. o. Graves. of
Seattle. will be ,eadeEed the position of
United States treasurer. A more suitable
selection could hardly he made. Mr..
Graves. by reason Of bis long service in
the treasury department, is peculiarly well
fitted 10 discharge the duties Of the posi-
Iion. II Mr.. Graves should b selected