San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1895-02-10

| ing FUND In favor or the San Antonio
| National bank. to reimburse the bank for
| General Fund advan 'eS.
Section i3 Of the City Charter, provides
thai the money in this fund can only he
| used to redeem bonds issued by the city,
| and pay the interest on outstanding
| bonds.
The amount that became due upon In
| terest coupons from October Is. 1892, TO
June l, 1898, amounted To $40, 705 90. The
diversion of the $40 900 90 through the
| warrant specified left TO the credit OF the
Sinking Fund the sum OF slO,l2Ol9.
Vince the interest upon the interest
coupons, due 10 January, 1898, matured,
the latter amount alone remained to re-
nm the same
The city. therefore, in January, 1898,
defaulted upon its interest. The fact was
not made public, however, because the
San An'onio National bank took up the
outstanding matured interest coupons,
and received eight per cent interest upon
the advance made for that purpose. from
the city. THE bonds themselves bOre in-
terest at the rate Of five per cent. per an
nun.
On March |, 1898, when the Paschal ad-
miniStration went into office, IL was as
certained that the Callag ID an adminiStra-
ton was In default for coupon interest 10
the amount of s,4O33 So. All Of this
amount has been paid by the present ad-
ministfatiOn, and in addition thereto,
$40 600. 90 on bonds maturing September
Is, 1898 has been paid, ana all accrued in
terest mp to the present time, leaving no
bonded debt or coupon interest matured
and unpaid.
When the Callaghan administration
went ont OF Office there should have been
In the Smiling fund $l27OOO, whereas there
was NoTPING! The sinking fund should
be the most sacred of all funds, "a the
CITY's CRFDIT depends absolutely upon
this fund being set aside to meet the city
bonds as they become due and interest on
same.
HOW CALLAGHAN FOUND THE FINANCES
OF THE CITY AND HOW HE
LtFT THEM
When Mr.. Bryan Callaghan went into
office as mayor, the total Indebtedness of
the city,. including bonds, was Sl01 900
When he retired, eight wears later, the
total debt of the city was 81 .6S2, 175 .S5, be
ing an Increase Of 1881, 1855. Look at the
improvements We have to show for this
money and see II you think they are worth
the difference:
PAID.
On March /, 1893, when the Paschal ad-
ministration took charge OF the affairs Of
the city, the liabilities OF the city were as
follows:
Bonded indebtedness. .,.... 81 ,273, 500 90
Due San Antonio National
Bank for advances. ..... 23l, 5000
Due +. Groos ~ Co... ...... 2.0O0O0
Accrued interest on notes. see. 9.142OO
Due San, Antonio National
Bank for coupons and on
bonds past due ........... 14,033.S5
Sundry creditors; open ac-
counts ,................ $500. $4,000 90
Observation-Disclosures ........s 81 ,6S!, 175.s5
On November l, 1894, the Indebtedness
OF the city was as follows:
Baa9dsd5 a hRRdssSn tonio National
Bank. .-..........'..... lOS,ol ~
Due Wa'erworks company. 80, II OO
Sundry creditors. ............., 1855 w
Total. 81 So, sc 100
Showing a reduction Of debt during the
twenty months OF this administration OF
Sll9,5ll IS
All the figures and facts contained In the
above statements are shown on the books
OF this city, kept during the French, Cal
laghau and Paschal ElnendOrf admints-
trations. These books are open to the 10.
specton OF the people, and the facts and
figures above quoted may be verified by
anyone who will take the trouble TO ex'
anime then.
SOME or THE GOOD THAT THE PAsCHAL
ADMINS GRAFTON HAS ACCOMPLISHED,
AND WHY SOME PROMINENT REPRE-
sENTATIvEs OF CORPORATE INTER
EsTs ARE OPPOSING THE ELEC-
TON OF ELMENDORF.
The Paschal administration, OF which
ElmanHDrf the mAiDStAV and
OF which he is the natural successor,
saved the city on the contracts existing
with the San Antonio Gas company, Sl2,-
OOD DER year. The same administration,
in its contract with the Waterworks com
pany, saved the city $4,000 per year; com
PEELED the Water"OrkS company TO make
reduction to consumers amounting TO %
per cent on existing prices, saving OF
about $50 JO, and made and entered into
q contract for the benefit OF the people
with the same company, by which water
will be obtained for the use Of the city In
connection with its sewage system, Tree
OF all charge, and guaranteeing to every
properly holder free water for one water
closet This is cheaper and better for
the people, in all probability, than the
construction and maintenance OF water
works system by the city itself.
The Paschal- ElmeudOrf administration
has forced the street car C companies OF the
city TO recognize the paramount rights or
the people. Does the president OF the
San antonio Street Railway company op-
pose the cleo lion OF Elmendorf because he
believes that the Emendorf admintstra-
ton will cause the sewers to- be laid 10
the middle OF the streets Of the City, and
thereby necessitate the temporary re-
moyal OF the company's tracks with the
expectation that Callaghan administra-
ton would permit sewer pipes to De
pIaced on the side OF the street, and not
| in the middle? Is II right that property
holders who lind 1t necessary to make
connection with the sewer system should,
| for the convenience Of the Street Car COM
ptny, be compelled to pay for and main
| tain grea, Ter quantity OF pipe connections
i IL