The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-10
FIGURES FOR STUDENTS.

FIGURES FOR STUDENTS.
We find in pigeon hole a circular
from the Office of the treasurer of the
city of Providence, dated April 8, 1895.
and inviting sealed proposals for two
loans OF the city of Providence, amount
ing to 81, 100000, one of $4,000 for
sewers, and one of 100000 for school
houses.
AS is fitting and proper this invitation
for bids from bankers gives statement of
the financial condition of the city of Prov
dence, and we commend this statement
to all students Of our municipal condi-
tion, and especially to student BAssETT,
who has recently announced that, SO far
as he has looked into the subject, the
city Is running into debt too fast
for its growth in natural wealth and
population, and that he fears impending
bankruptcy. 1t is to be regretted that
before appearing In public as an au-
thority on so important a matter, stu
dent BAssETT should have failed to Sc
cure q copy Of this informing little
circular which we have pleasure in
citing herewith for the information of
this and all other students of the sub
ject, who, like Mr.. BAssETr, may be
impelled to tell what they know before
they have acquired much worth telling
or listening to, except by the kind of folk
who are ever Cooking for trouble"
Mr.. ID. l.. d. GRANGER, city treasurer.
is the authority for this financial state
ment, which Student BAssETT over
looked. We are strongly of the opinion
that the statement is correct. Mr..
GRANGER has the confidence of his fell
low citizens and of the bankers, and he
has been graduated from the school
that Is now being honored
by the matriculation of stu
dent BAssETT in the freshman class. |
According to treasurer GRANaERs state
ment the total net debt of the city of
Providence on April 8, 1905, was
SO, 312, 176. l6-rather less than this
newspaper estimated the other
day when it undertook from
a knowledge Of the subject confessedly
not chgreater than student BAssETT's
10 calm the students fears of impending
bankruptcy. The indebted
ness as analyzed in the circular is as fol-
ows:
3onded &l3, ,593 20 90
lf which water bonds are........ 6sU0OO0 90
Bonds; exclusive of water bonds s8. 7pa $50 90 |
linking funds; exclusive OF those
for payment of water bonds 2,5oo, ,265 10
'et bonded debt; exclusive Of
water bonds. s4272:osI 81
let floating debt. 2O9a I9l 32
- |
Total net debt; exclusive Of
water bonds..,..,........... S6,312,116 10
The issue OF the proposed loan will reduce
ie floating debt by over sl,000,OOo ,
II a study of these figures assist
udent BAssETT to pass his examination
nd get into tho sophomore class in
finance, we are confident that ]
> will undertake the further pursuit Y
his studies with renewed hope for the Z
lture Of the community. for the welfare
which he has recently shown so graft
ing disposition to have concern.
et us, at the risk Of making our stu
mt unduly hilarious at the brightness
the prospect thus unfolding before
5 astonished gaze, and throwing him
to perfect ecstacy of hope for the -
al salvation Of the downtrodden tax =
yers, reprint further figures from the
I'm and bloodless summary furnished
the city treasurer.
10 wit: the estimated population Of
evidence is figured ont at 15s. 1000.
owth Of eO56 in three years. The in.
ne for the last fiscal year from taxes
ZIG, including State tax, was $2,616,.
20, and from all other sources
:, p,eee The assessors valuation OF
'perty owned by the city was $3.50 =
Of real estate, and s55s. 7S3.s so of per.
al estate, or %, 1o4. 993. so, a low enough
innate we guess. In a word. the
nicipal corporation owns OF itself
perty exceeding in value by nearly
&c millions Of dollars the net indebt- Al
a of fho rify Acl ,.uA.-