San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-07-11

given them in return therefor.
| 9. Because the wishes of the peOpl
so recently expressed at the polls, woul
be in great measure defeated sboul
bonds be issued TO fund current expense
and thereby defeat the means of acQui
ring a system of much needed public i'm
prOvements. If the recent expression
meant anything, IL was that the remain
ing money for which the law permits tn
city 10 be bonded, shall be issued for tn
public improvements contemplated ant
for no other purpose We therefore con
clude that to issue bonds for the purpoS
| of funding the debt due the banks is Op
| posed TO public policy and public econo
nay.
Your committee in recommending tina
| both of the propositions of the bank bC
| rejected does not do so with the object oil
not settling the existing differences, but
! with the object of settling them, but up
| on a different basis, fair to the bank and
| which will at the same time avoid the
disastrous results as herein above set out.
The plan recommended is as follows:
HOW THE COMMITTEE PROPOSE TO PAY.
We have taken into careful calculation
and earnest consideration the earning
capacity of the city for the past four
months and the basis of cost of running
the city npOn economical methods dur
ing that time. From this basis we have
learned that should the present policy of
economy be continued the city will be
able to discharge the debt due the bank
in four years without having TO increase
the rate of taxation therefor and without
impairiDg the efficiency of the city gov
ernment below that of an economical
basis.
From this years revenue $4,000 can
now be paid the bank, which will reduce
its debt to $4,000. and will leave Sufii-
cient revenue to meet all current ex-
penSeS and leave a surplus with which TO
make payments upon the floating debt.
The amount of such surplus that can be
applied to the payment of the floating
debt after meeting all running expenses
can best be shown by what has been done
in the last four months. In that time.
out of the $4,000 borrowed from the
bank. all current expenses have been
met, all labor and material have been
paid, and not dollar of Indebtedness in
Cured, that has not been promptly liQui-
daIed. and in addition thereto. S3S. 46S 90.
of the old floating Indebtedness. has been
paid off.
In addition to this amount of discharged
obligations, there was found to be due
the San Antonio NATIONAL bank, on
money, for which the general revenue of
the fiscal year 1912 had been pledged,
this amount has been collected from
the revenue OF the year and
the bank paid, thus making a
total of Si9,9S6 80 of past due
Indebtedness paid off and discharged
in four months. The remaining portion
Of the revenue OF 1912 thus became lib
Grated from all claims of the bank, and it
was mainly from this source that the cur
rent expenses for the month of June have
been paid. From this showing your COM
nittee is firmly of the opinion that the
city can discharge all the Indebtedness
1ue the bank in four years, or at the rate
If $4,000 year. starting in by paying
$50 GOO in advance and thus reducing the |
iebt to $4,000, aud that this can be ac-
:ompliShed without increased taxation or
lOing any act harmful to proper admin |
stratiOn of the pubic's affairs.
To accomplish this result, however, the |
'evenues of the city must be freed and
LIBERATED from all liens and mortgages, so |
hat she will not be hamDered at every |
urn in making proper and economical |
Ises OF the means at her disposal.
Having arrived at the conclusion that |
t Is harmful to the best interests of the |
,ity to further pledge her revenues or to |
und current expenses into bonds, and |
having given valid reasons therefor, we do |
therefore, advocate and recommend that |
he matter be brought before the people |
ISking them by their vote to validate an |
ssuance OF $4,000 in per cent. notes,
payable in yearly instaIlments of 100000,
hat is to say S60,O0O to he paid on or be- |
ore the first year, $4,000 to be paid on or /
before the second year and so on with the |
bird and fourth years. With this au
hOrity to issue these notes they can be |
It once placed at par and the debt due |
he bank drawing interest at s per cent |
IAN be Immediately discharged and be re-
placed by the sale OF the per cent notes. |
We believe the recommendations herein |
made to be the true and only solution |
# the financial difficulties under which |
he city has been laboring for many years,
md that If the same are adopted, that il
will bring the relief wished for. By this
method the city would be abreast with
is revenue in four years at furtherest,
tnd perhaps in much shorter time.
When this result is obtained there will be
! saving OF nearly $4,000 a year on in
crest account, which has been the aver
Ige yearly amount of interest the city has
lad to pay for the last eight years by
eason OF being always one year behind
" her revenue. Every dollar thus saved
$ a dollar made, and the taxpayer will
ind the benefit OF it whenever the annual
budget Is to be made up. The clty's
evenue would be thus freed from all |
lens and other entangling alliances that /
ire apt at any moment, as pointed, out
herein, to bring about financial ruin or
'ring expensive and Onerous litigation,
which Is almost as bad.
No extra tax will be entaled by the
ISSUANCE OF the notes, for as pointed out |
herein they will, can and must be met by |
'conomizing and properly taking care of
he revenue already provided for.
with the best Interest of the city in /
,iew, we respectfully recommend that
he above proposition be submitted to a
'ote OF the people, which If accepted will |
maintain the city's credit and therefore
I'D in the accomplishment of the great
works OF public Improvements to be in
iugurated, and at the same time it will |
Llence the tOnQneS OF the Wnnld he SLAM