The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-12-16
SEATTLE. MONDAY. DEC. 10.
WE STAND UPON THE RECORD.

The effort Tacoma Is making to straight
en- out her affairs and re-establlsh herself
upon n new and firmer financial basis is
the best means OF strengthening her credit.
The people are determined 10 know Just
bow they stand and what is needed to put
the city on a direct course OF economy and
honesty. which will surely lead TO pros
perity Nothing was to be gained by any
conceslment. and things had come 10 such
pass that It would have been most unwise
TO attempt 10 cover up the truth from the
people.
The Post-Inteillgencer has been con-
demned by some for jus. such'a course as
the Tacoma people are being universally
commended for taking. II was proposed
By the city council that the people should
authorize them to enter into contract In
volving the expenditure of 81. 80. 900 at their
own discretion. and !. was but Just 10 the
people that they should not be deceived
as 70 the actual condition of the city I'm
snees. only those interested in advancing
the scheme were concerned in seeking TO
hide from the voters The extent OF the clty's
debt.
Those who suppose the actual condition
Is not known to outside investors only de-
ceive themselves. The buyers OF bonds and
warrants. purchasers o. property. manu-
facturers seeking new location always
take care 90 Inform themselves as 10 mu-
nicipal Indebtedness and the rate Of taxa
ton. These are no. the times when capital
Is lurod into a town by means of real cs-
tate circulars ana booming articles. Cap.-
tai Is cautions and will not 40 10 places
where the people are so ignorant OF the
events which have been taking place dur
ms the past few years as to s;gll suppose
that millions OF dollars OF debt. reckless
traftckug In the prospects Of the flr-on'
future aad high taxes cut no figure. Money
has led from the wildcat regions and is
now seeking safety with smaller profits.
The interest on money Invested in large
enterprises rarely exceeds or 6 per cent.
ana II from this is 70 be paid ou; sis ner
cent. for taxes. the margin Is ZOO small 70
ofer temptation.
The result is that while few years ago
tho smaller Eastern and Middle Western
towns stood still and enterprise reached
out 10 the acwes states 81 the West. those
old places are eow getting The benefit. and
Cleveland. Buffalo. Niagara FANS and many
smaller cen,ers are rapidly advancing in
population and prosperity. Places lke
Grand Rapids are quietly bat surely torg-
ing 70 the front. ana the revival OF the
new Western cities Will not hc marked un-
81 they have reformed their pol.cy upon
more conservative Enes.
So lory as Seattle was content - strive
20 pay thc debts {, already owed and bore
the burden it already had. there VAS 40 o.
caslcu - parade ths actual condition. bar
when II seemed evident that a number q
taxpayers acre IN ignorance OF the strae
situation. ana wcre rushing forward 10
deeper debt. lt was thc au;y 81 the friends
- The city 10 place frankly before chem the
unpleasant ,ru,h. Had Il becu concealed
a; ere t,uic wayu the vote was 90 - taken.
an3 the grave consequences escorve man
ifsst A,Cr-as taey Inevitably w.ll-;hose
people wou'3 have had the rfsat 20 COM
plain that taose MO knew she facts had
deliberately coacealed chem ana 50 mlsltd
iae el,y inio a serious b,a13er
Il Is never agreeable 10 run counter 20
p0oYc c'amos. ans Sc IS tAank'ess TAX
10 advise people contrary 90 thclr prc}u-
dlces ana sentiments, bst the magnitude af
The danger calling Cor a Gran. decided ana
uan.aehHag course. regardless 81 tenn
porary Irritation. ba, confident 81 ultimate
Justification