Capital journal. (Salem, Or.) 1893-1895, 1894-02-21
A CHARACTERISTIC VETO.
Beads fer Q Cellar and a Pile
Of Bricks.
The MAYOR TEIVE The BOND Bill.
And the COuneil Passes IL URan-
im0Rsly Over the Veto.


siRht Mayer Catch Submitted the foi
J I0sing:
: TO the COsBcil q the City Of Salem:
veto the ordiDsDee boDdinR the eity
iog 81. 600, passsd February Sib, recon
sdersd and passed again February 18th
and return it bersgith. think our
present bo8ded iDdebtednsss Of Sss 90.
together with q boBded iudsbsedDess
Of t4sss50-oEed by the school district
-EhIeb is In reality the city, il all that
we sbogld carry. The sum Of 81. o.
more makes oar bOoded indeb.s1nes-
sls2, 1850, with 3 drain upon our re-
sources for annual interest Of so, ,e6s, 81,
s4king about oDe-tbird Of our eity's 10
some alone TO pay the interest on thf
dty's bonds, and At 10 mill tax. The
total interest on the hb5ye go OOO issue
Y bonds is the large sum Of 81, 90 and
principal yet to pay. Cant we save
this OF the large part by an economical
running Of Aff4irs? I believe we cat
and that we can call 10 our ouisiaud-
ing warrants within four or five yeals.
"A good illustration Oftbe way bond
eat can be seen 10 the issue Of SIS 800
for the East Salem sehOol. $1,000 in
terest has been paid on them to this
date We have nearly this sum yet
70 pay - interest, aud then the origi-
nal $4,000. Are not the lean kline Of
Pbaraoh's dream eoping to Salem TO
pasture?
James Bryce in his American Com
monwealth says The amount Of state
aud county debts in the United State
has been reduced 25 per cent 10 the
past decade. In cities. however, there
has been not only no reduction, but an
increase Of over 100 per cent Judge
Deadly notices this in an address 1T
Eugene and says: AT this rate the
people Of the towns are consuming
their capital or anticipating the future
and must In time become bankrupt.
Ii matters little how well the national
and state governments are conducted
II this growing canker continues. II
will eventually eorrode and destroy
them both Mr.. Bryce further says
Two tests Of practical efficiency may
Be applied to the government Of d y.
What does 1t provide for the people,
and what does 1t cosl?' / fear We are
doing oar part towards heaping up The .
100 per cent. and the question, What
does 1t cost? Is coming TO be very
pertinent
~ dislike bonds, they are "a mortgage
upon the future for the spendthrin .
present. Hardly a dollar Of the money
We will receive for this issue Of bonds
will 60 into q poor mans hands. The
warrants issued by the city are
in the hands Of corporations or
citizens here abundautIy able to hold 4
them, and who would or should hold
them for the few years necessary for
their redemption.
81 hAYe other objections TO tho ordi.
nance. Il was railroaded through with
. haste that makes waste. To take the
DILL from the table. to propose numsr
Gus amendments, 10 refer with orders
10 report Immediately, to accept such
report-of course q new billiard to
pass the same forthwith is hardly com-
pAtible with parliamentary dignity. / /
belieye q wait or delay Of two months
10 the now easing money market would
have been largely TO our advantage, a.
! do also believe with one OF your mum.
ber that call for bids at 5per cent would
have brought par II ifunAccOmpanieda y ith
the call A. 8 per cent The offer to fur
nlsh Ne t57 800 At 5 per cent is several /
thousand dollars less cost to Us than
the ordinance nov before US
"I do not wish 20 threaten Won
with record bot l believe ia few
years 10 come there will be a searching
Of our minutes for the names OF the
who 20 eheeFfully voted a
beaded indebtedness upon the city.
and especially an Indebtedness for
which We have nothing To show but a
oellAF and = pile OF building material
And that In cost not much more than
one-third Of the amount purposed TO
sond."
AfieF sPeeches by Albert and others
The bond blll was Immediately taken
~, and passed over the veto by a unan.
mous vote.
The mayor then had read q telegram
'eeslved by him from Q. r. Williams
'gent for Rawlins a Sons, Of Boston,
'ffering 10 bid on the street bonds, al ,
late for bidding was extended, aud a.
10 bids had been received on this pro.
'oeltioD, tho council Instructed the re- !
erder Ia re-advertias for bids, return. 4
bic March oth neat, and 10 80 iuform .
IL. Williams By wirs.
lFmu rsaxx..sw~