Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-05-07

have been somewhat varied an6ex-
tcnsive. The extension of our city
proper. by means of the laying out
and the building up OF numerous
beautiful additions has been great.
The population has been greatly aug
mented, until now we can safely lay
claim to city of 1000 people. We
have permanently improved the
streets and avenues By paving with
brick during our brief career, some
81 blocks. or fraction over four
and-a-half miles, and have lat% out
and contracted for one-and-a-half
miles more; which, when completed.
will give us about eleven miles OF
paved streets. We have also con-
tracted for the paving of IL alleys.
or all the alleys between Fifteenth
and Twentieth streets and First and
Fourth avenues, with the exception
OF three. In this connection l desire
10 call your attention to the great
and beneficial results that have at
tended the paving of Twentieth
street from Ninth to Eighteenth ave-
pues. Improvements have followed
in quick succession. and beautiful
additions aud residence grounds
have taken the place of the morass
and desolate hills. This transfor-
nation bears out our idea that good
results only will follow the perma-
nent improvement of the main thor
oughfares leading into the city. and
at the same time direct the expan-
sion of the city southwark until, in
the near future. l apprehend it will
extend it's limits to the shores OF
Rock river and embrace the termi-
nus of the HeDnepin canal within its
very confines. l have great hopes
that the Improvement of Twelfth
street, as contemplated, will be at
tended by equally, if not greater, re-
suits. A
Finance.
The financial condition of the city
is subject in which all are inter-
ested. We have from all known
sources, aside from the collection of
special taxes and assessments. col
Iected the sum of s2i3, 49i.29, and
expended through the various chan
nels. by order of your honorable
body, the sum Of 1925, 7lS.76, which
for detailed information l refer you
to the comprehensive statements of
the city clerk. \ The bonded indebt-
edness of the city of Rock Island is
$40. 900 of 6 per cent funding bonds.
due Sept. l. 1897, and S25,OV0 of 5
per cent waterworks bonds due Feb.
debt created in 1877 for the purpose
of funding or liquidating the great
floating Indebtedness of the city. 1t
had been the custom of the city
government. previous to that time,
to Issue script or Understanding
orders in payment of all debts. The
liquidation of such script was con-
;ingent upon an OVERLOOKING treas
ury, and as condition of this ma
ture is but chimera in the minds of
men, the consequence was that
large amount of such Indebtedness
accrued and was so scattered that it
became serious menace to the
financial credit Of the city. BY an
act of the legislature the city was
empowered to issue the aforemen-
toned bonds. During the last two
years so great has been the demand
on us for public Improvements we
have been unable to lay aside any
funds in anticipation OF the payment
of the bonds. | would recommend
that early measures be taken toward
refunding them, and as such fund
cannot be made for more than 20
wears, would suggest that oue-half of
the amount ne arranged upon the
installment plan, thus causing So, COG
or more to mature each year, COM
polling the city to provide for its pay
ment, and at the end of the 20 years
the balance can be refunded over
like period, thus distributing the
payments over a number of years
and causing future generations to
pay their proportion of the debt
When such bonds are refunded. ! I'M
derstand they can be registered with
the secretary of state. and the state
will extend the tax levy for the pay
ment of interest and principal. thus
relieving the city, and removing
them as barrier to credit in the
shape OF bonded Indebtedness
Bonds of this nature, and in such an
amount, ought to be refunded at or
81 per cent interest.
Injustice in Equalization. ~
NV predecessor. in his valedietorv
message. called the attention of the
council to the great injustice the city
was subjected to by reason of the re-
duction of the assessed valuation by
the state board of equalization. |
desire to call your attention to the
same feature. II
The assessed valuation Of real es-
tate, railroad and personal property.
as returned by the state board OF
equalization in 1880 was f2,479,-
2ii: 1851 was S2,260.50S, and was
gradually reduced each successive
wear, until 1894 il was 1854. 40.
Notwithstanding that the city has
increased in population from about
1000 to 21.00o. the establishment of
large manufacturing pl.nts. the con-
nf "