The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-12-09
TaccNA BcxEar OF The PosT-TsTErrs-
sKrcEa. Ills PsrrYfe AvYsrE
TaoxAs ssxwoxs. MssAGEk
TO CASH WARRANTS.
Tacoma Council Comes to Res
cue Of the Spectators.
eooos AND OTHERS HAPPY
Heavily Diseounted Psper % BE Re-
deemed ~ Par By the City with
Water Extension Money.

TAcowA. Dec. s.-Fspecial- City Treas
urer Boggs secured an option this evening
on the ssso. 900 water extension sack. The
plan Is to Iet him cash in $50. 600 or more
in city warrants. Sominally the same
element that predominased in the execu-
ton OF the 81 10000 water loan asserted
itself, and By vote Of ten to four il was
DECIDED in executive session by the city
council to remove all restrictions and give
the treasurer q chance TO buy up warrants
as extensively IS his judgment dictates.
Boggs was the only man present. outside
Of the city clerk and fourteen members.
and the doors were locked. 1t was strictly
council OF star chamber. He argued
along the line of buying warrants with the
money voted by the taxpayers for water
extension purposes.
Councilman Boardman had taken legal
advice and outlined plan for enjoining
the city If IL was thought illegal to divert
the fund from the purpose for which IL
was voted. That would be the way to de-
eide without allowing the people another
chance TO vote upon it. Councilman Har-
ris gave notice that he would enjoin.
Major Grattan, who recently went on
record to the effect that il would be en-
bezzlement or theft for tie city to divert
the extension fund, suggested, together
with others. the naming of repositories
for the fund, that the city might draw in
terest on daily balances.
All the propositions for repositories and
taking the fund out of the hands of Boggs
and his friends were deity sidetracked.
Ii was held that only 6 per cent. could be
had from repositories, whereas by buying
warrants. on which the city has To pay 10
per cent. interest would be discontinued
and direct saving of 4 per cent. realised
Boardman then suggested that Boggs buy
quarter Of a million of warrants. Harris
thought $4,000 would answer. and Votaw
came in with a winning motion to allow
Boggs TO buy as many as he thought best
Boardman, Lee. Cove, Wright, Warner.
who presided. Humphrey, Pincus and
Junett voted with Votaw: Harris, Nash,
Grattan and Fortaine in the negative, and
Berry and Beai were absent.
Tomorrow the action of this evenings
session of the council will come before
the open council as the report of the CON-
mittee Of the whole, and final action will
be taken. There is little doubt. however,
that Boggs will win the sack. just what
warrants will be cashed in no one knows
outside of those interested. but no one be-
lieves that with $3.50, 600 sack any war
rant Spectator who stood pat is going to
get left.
If no provision is made for payment Of
interest to the water fund on money
loaned to buy up city warrants. the fund
will be that much loser, and If interest is
paid, then nothing will be saved by the
taking Of city warrants. as one item of
interest would balance the other, the only
difference being that the interest would re-
M ain in the city fund instead of going to
warrant spectators. If the money is
used outright in cashing warrants, then
the city will suffer a water famine next
year. as there will be no available funds
for extension.