The record-union., 1893-05-26
a WORD CONCERNING DANIEL
MEYER.

Sacramento is just now making heroic
effort-indeed, several heroic efforts. Her
people propose to have a new water sup
ply; to complete the splendid line OF
river bank improvements entered upon
last year, and for which they voted
100000; to establish a garbage crematory;
to further extend the street improve
ments upon which in the last four years
they have expended little over half a
million of dollars.
The city is at the same time engaged in
reconstructing the business fronts, re-
acing the old style of walkways with
stone, has commission at work at home
and one abroad on a scheme for better
disposal of sewage, and is planning also
hotel and City Hall.
This is not all; while all this is going on,
il plan and in accomplishment-and on
scale that has not been exceeded in any
city of the State, wealth and population
considered-her people have resolved to
prove the claim that Sacramento Is an
ioeal location for large manufacturing.
To that end some 900 of her taxpayers
have already signed obligations to the
extent of half of one per cent on the dol
lar of the assessed value of their prop
erty within the city limits to raise $500, 900
to be collected and expended in the
course Of four years-counting 1893 rs
large manufacturing plants of heavy cap
ital and established trade, on guarantees
that are careful, reasonable and business
ike. 1t is not an original idea, but the
method employed to accomplish the de-
sired end is origlnal-and all the better
for it.
The sum thus far represented by these
signatures amounts to little over s., 900, =
OCO. OF that aggregate fully 100000
stands to the credit Of men and women OF
small means. 1t is necessary to bring the
sum total to the 100000 or 100000
mark. A good many wealthy people,
and among them nonresident property
owners, delay; some refuse out of pure
stubborness, and the silurian, pure and
simple, fatty says: 81 will not aid, but I
viii share the benefits to flow from this
enort"-the silurian is not modest
But there are people interested largely
il Sacramento who are wealthy and are
not silurians, and who need to be ap-
paaled to personally. They can easily
afford the mere pittance of investment
asked from them ana which renders
item in no wise responsible, but does in
sure returns to them immeasurably in
excess of the investment.
Now, Mr.. Daniel Meyer of San Fran
cisco is addressed as a representative OF
and one OF the largest owner of capital in
the life of which Sacramento cuts most
important figure. Mr.. Meyer is not in
sensible to reason; as a cautious and sue
cessful financier he will see why the
scheme on foot is good one-he will
need but little information on that point.
He is likewise aware that the holders OF
the bonded Indebtedness of the city OF
Sacramento bought the bonds for as low as
sixteen cents on the dollar. When the de-
struction of the city was menaced by
flood they paid nothing to preserve their
security. They have paid no taxes to the
city; they have been assessed nothing for
ali the works planned and executed that
have kept their bonds good for over a
quarter of a century.
These bonds have drawn six and seven
per cent. of their par value for many,
many years. True, there have been con-
shsrp passages-but that is of the past,
and it remains that the bonded debt has
been a good investment for its holders,
and an enormous burden for the people.
That they should have sweated and
groaned under it is natural All which
Mr.. Meyer understands.
Now, the city as we have shown al
ready, is trying to make itself solvent for
al time, to pay its debt and every dollar
tEat it should pay under the laws. All
this effort betters the evidences of in
debtedness; it makes the creditors more
and more secure; it kindles regret with
them that the time must come when SC
good an investment will cease.
Mr.. Daniel Meyer, the successful capi.
talist, is the principal bondholder, and
has for many years had deep and abid-
irg interest in Sacramento, and will have
for some years to come. The people
would welcome the investment of some
Of his capital here in other ways than in
bonds. How much has Mr.. Meyer con-
tributed to help on his debtor? How
much will he now contribute to the com.
non effort that goes so far toward bene-
fling the creditors referred to?
Let US answer for MIR. Meyer-he should
sion with the 900 and odd heroic taxpay.
irg men and women vino have already
subscribed to their faith in Sacramento
and the soundness of the Industrial I'm
movement Association, on the basis OF
million dollar assessment. That IS t.