Capital journal. (Salem, Or.) 1893-1895, 1894-04-17

eontractotp In payment Witch up,
. presentation began to draw ittsreet .
the usual 8 per cent rate.
Under the present law the paoper
} owners assessed for Theses impr,ov
ments have the right to ask the al
10 Issue It's bonds drawing interest ,
the rate OF per cent per annum an
extending the time OF payment of n
assessment to the eleventh year whe
20 per cent OF same becomes due an
a like amount each year thereafter uf
til the fifteenth year when the entir
amount will by this process have bee
paid, the annual interest being cole,
tible from the person assessed at tn
time and together with the co!lectic
of the regular taxes.
As we understand the law the eli
must upon application extend the tim
Of payment in the manner above statec
the city having no option or right
! decline 70 so extend It. If the cit,
however fails to find a buyer for fl.
bonds 1t loses the difference betNee
the bonding rate Of per cent and tn,
per cent rate drawn by the warrants
and is in the singular position OF on.
who borrows money at s per cent In.
terest and loans 1t at 6 peu, cent. This
might amount to loss to the city OF
say 25 per cent during the time the
bonds would run had the city succeed
ed in selling them. The city has ad.
rertised for bids for the State street
bonds, but no bids have been received
though an inquiry has, been made by
the Rollins Co. for information re4ard-
ing them.
The amount being small may not at
tract investors and possibly no ofrers
will be received for them.
There is a surplus in this fund. by
reason Of the contract having been
made for less than the estimate and
the city might retain something out
of same to reimburse It for loss of In
terest but this has not been done with
those who have paid their assessments
up to this time, as we understand. and
no interest has been collected upon de-
layed payments OF assessments. This
and loss might be avoid
ed by selling the bonds and proyldinR
the funds for the work before II was
II 1t was desired to iasue
bonds for same or by the better plal.
IF paying as we go and collecting the
money in time to save the city from
loss OF interest.
The experience of the city, in4 these
street improvements has been expen-
i've and unfortunate, ana we believe
'hould teach rs to adopt a more care |
III practice in handling such work and |
o carefully avoid any new enterprises |
# this or any character which prom |
sc to involve the city in expenses, lit-
cation or such losses on interest ac- /
OCnt
There has been much bad irnaiulre-
nent and many mistakes in conduct
ng the city affairs. as our present un-
ortunate condition fully proves For
his those who have been entrusted
With the management are largely but
ot wholly to blame. We have passed
through a period OF extravaganza In
ecent years'-many have overestimated
ur money earning and debt paying
overs which has helped to lead us
0 and beyond the danger linel NO suf-
cient check was put upon the too
lrge expenditures of the city governs
lent by the popular sentiment, which
J all powerful. and we see at last too
lainly the result, a heavy debt which
bsorbs in It's annual interest cha4geI
sum as large as should properly be
WED on the property Of the people
'r all regular expenses.
The mistakes OF the past however
re beyond repair and the burden lles1
pom us. We must take up and carry
maintaining our honor. end credit
nd in the future enforce such econo-.I
les as viii enable us to pay our debt,
nd carry ON the city gov ernmeflt witl
reasonable and not oppressive rat
taxation.
We have been treated with uniform
'urtesy by all the city officials In, ou.
arch for Information concerning tn
ty's affairs ard we are duly apprecia
We of same
The books In the recorders lofIiee az
ar to be well and neatly kept, b
ere Is no complete and sufficient r,
Z Il the condition OF the city.
tenl system does not contemp'
ch a record and II Is extremely d
ult to learn anywhere near the tr1t
Edition OF the city without muci
ore labor than should be required
seems 10 us that a simple syctem =
uih anu buO'tau OC ucNlErN MnfCnI
'uld not add to the present expenses
the city by which those who are
'ponslble for the management Of Its
siness could conveniently obtain the
'ormation necessary to enable them
act intelligently in the performance
their duties.
Respectfully submAtted.sl
e. =. MCCORMACK. z
With exceptions ,as noted below.
GEO. j. PEARCE.
JOHN Q. WILSON,
+. NJ. GILBERT,
With exceptions as noted below. f
ientlemen:--I desire TO withhold my
ent from that portion OF the fore :
ng report which criticizes the city
Incil for entering into the existing
ltract for street lighting. Under 4.
provisions OF this contract the city
been exceptionally we'll lit At
y reasonable rate. am Of the n
Mon that the city cannot be 90 well "
tied for less money except az an
uaI loss 70 the party furnishing the
NJ