San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-04-21

1l44,OOU.O4 WHICH has Deeu TeuuCeS
to $90,S23,21. Therefore shown,
a decrease in the floating debt o
| $54,S27.43.
The ledger balances of the city
show that on March !, 1894, thu
total Indebtedness Of the city dur
ing the year has been reduced
$54, 300.
The hooks of the city, when bal
anced, disclosed the fact that or
March !, 1898, when this admins,
tration went into Office, there was
due on unpaid overdue coupons
the amount of $4,000 in round
numbers. The greater portion OF
these coupons were held by the
San Antonio National bank,
and were drawing interest at the
rate of so per annum. These
coupons were redeemed by this adj
ministration and in order to do so
$4,000 was taken from the general
fund for the purpose, which has
not yet been returned.
Therefore, by reason of the fact
that $24, 900 was found to be in
arrears on bonded interest account,
this administration had to pay
S92, $1,000 on account of interest on
bonds during the year instead
of $6S.Sl0.00, a difference of 1884,
10000 in addition to what this
years revenue should have, been
accountable for. 1t will then be
seen that this administration is no.
wise responsible for the deficiency
of this year on account Of interest.
The original vice in this deficiency
dates back to the 3rd day of Octo-
Der, 1892, when $4,000 was taken
out of the sinking fund and trans
ferred to the San Antonio National
bank for the purpose OF obtaining
more money for general fund ex-
penditures.
1 suggest that your honorable
body make inquiry of the
city attorney as to wheth-
er this amount due the
sinking fund can not be recovered,
and be replaced to the credit of
that fund, from which, in my opin-
ion, it was wrongfully diverted.
In view of the fact that a major.
ity of the holders of coupons, over
due since March 10, '94, amounting
at the present time to $4,000, have
agreed to hold the same until June
Is, next, 1 would respectfully ask
for authority to pay said holders,
at the rate of 81 per annum, on
the amount Of said overdue cou-
pons, to be computed up to the
time when the same are redeemed.
AN OFFSET TO WATER COMPANY's
CLAIM.
AS above stated, the past due in
of the city is 500, S23.2l.
This amount includes the sum of
$31, 10000 claimed by the San An
tonic waterworks to be due to that
institution. But the city has
claim against said company OF
SAL, 1880 (not including INTEREST,"
by way of Offset arising from illeg-
al exemptions from taxes for the
past fifteen years. AS said com.
pany has brought suit against the
city, the above amount will be
pleaded by way Of set-off, and in
reconvention. Pending the settle
ment Of this question by the courts.
/ can see no reason why 1T should
be classed at the present time as a
past due Indebtedness.
In the above amount is also in
cluded the sum of $39,206.59 for
past due indebtedness due the Gas
company. In conformity with an
agreed judgment between the city
and that company this amount is
to be paid in five equal annual
installments, the first to be paid
on October Is, '95 and in equal
payments thereafter on the 18th
day of October until extinguished,
and to draw interest at 60 per an
mum. With this arrangement made
with the Gas company and the state
OF affairs as stated with the
Waterworks company, the re-
naming portion of the past due
Indebtedness is reduced to about
twenty thousand dollars, which
should and can be paid out Of
the current revenues during the
year.
HONESTY THE BEST POLICY.
Much needless criticism has been
INDUCED in why work of public
improvement have not been car
ried on to a greater extent. In adj
dition to the facts already stated
herein / might add that the city
would have refused to pay it's
creditors on open account and
have used the money which was