The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-07-16
ID GO ON CASH BASIS.
Inference Committee Solves
the Financial Problem.
1fuNoiNo SCHEME IS APPROVED
n.nkroiler Parry 10 BE Sent Esssx-
special Meeting OF the Coun-
Gil Tonight.

s<& meetings OF Monday and Tuesday
y ire members OF the common council
- tbs heads OF the city departments.
ss,lsx as q conference COMMITTEES. with
- condition Of this cify's finances Goa
srantfnQ thsra, took on another phase yes
1917 xnen Inc finance COMMITTEES 81
~ couacn met IN the Office OF Comp
.ras1rr Party, and renewed its Inquiries
- the causes OF the anticipated strsa-
~xurr. ard 70 devise wayg and means Of
z.nding what promises 70 DC something
z ! yexed problem. although little 6oa5r
: entertained as 10 the citys ability 10
enat IL securities. the commercial stand
- Of the Municipality being held nigh
< me Eastern money esnters. Besides
- committee, consisting of Eounciimen
1~nee. Rrsy, Chapman. Rude and Ray
rod. at yesterdays meeting. there were
: ,r~xeut Comptroller Parry and Council
.e1 Doaas, Savia. Hard. Taylor. Her.
,nann aud Gibson and Corporation coun-
Il Brown The entire council had been
ssrlted 10 be present az the meeting OF
- committee. and II is largely to tho
rretit OF that body that steven OF It's
,nlsseen members were present
The committee wen; into the question
4 anticipating It's resources fully. and
- law governing the emergency was
sskxn up and discussed at length. and il
vs. Gnally decided 70 recommend thu
Adoption OF fhe plan 10 the council. which
vsfl probably meet this evening IN special
ssssIon. The action OK the committee, In
IL Recommendation. Was unanimous. Nor
va. H. LafImer. manager of Dexter Hor-
Ton & Co.'S bank, and president OF the
sssstss Clearing House Association, which
iazlky corporation some time since ap-
rrayed the plan. at the time IL was pre-
sentcd BY the old finance committee and
~ comptroller. appeared before the COM
afttee. up3n Invitation. and expressed
bis opinion that the best way In which 10
msks the proposed loan was 70 send some
oas SESSION thoroughly familiar with all OF
sh4 nnancisl affairs OF the city, and Of the
proposed scheme OF anticipation, TO the
Eastern money cenfers for the purpose
of pfespnting IL and furnishing informa-
sion upea which bids as required by law
could - based. The COMMITTEES thereupon
INK secret ballot for name TO suggest
3 % fAs council ms the proper man 10 in
n1st ths natter OF going east on a mission
Fl negotiation. and upon the reading Of
The slips they were each found to have
inscfib<d the name OF Comptroller Parry
The character OF the obligations was
then discussed and 1t was decided that
the matter OF pledging the payments in
ether gold or lawful money OF tha
United States" remain with the par
uts making the loan. the dlctatIon of
that moofsd point undeniaiiy resting with
the parties at the other end OF the loan.
The obligations will be as allowed by law.
y per cent OF delinquency. amounting 10
about sisoooo. This loan would be taken
~ from time to time on the payment OF
axes. ns they might come In and IL was
estimated that at least 500 900 Of that In
dshfe9ness would be dismissed by Janu-
ary !. 1891 and the balance at from six
months to a year. Tho entire amount.
Il wu expected. could be hoated for per
cent. or less. The negotiations ought TO be
made within fifteen days and the law re-
quifes advertising two weeks. While tho
bids Of brokers would be for the fun
amount. IL Ii not the purpose Of the COM
ntsfee 10 recommend that II be procured
N lump sum. but as II may be needed,
probably $4,000 per month. The securi-
ties would be In the shape of notes signed
~ the mayor and comptroller. under the
eaI Of the city. III the floating OF thu
dy's securities Is as easily accomplished
- Is anticipated there viii not be even
temporary embarrassment. and as taxes
VII commence 10 come I'm by November /.
ryments of the interest and the taking
aF Of the obligations win be only upon
such portions as may date from August
Is or thereabouts.
The committee viii meet again for reg
slar business this morning and again this
ntsrnoon. when an ordinance viii prob
ny be drawn 10 submit TO the council.
when Mr.. Parry goes East. as he undoubt-
hy VIII. within the next few days. he
VII be armed with q complete knowledge
the scheme OF funding. as II Is one that
v presented as an emergency plan. last
APRIL and upon which he has given a
usat deal OF thought. BESIDES his prac-
trsi knowledge. Mr.. Parry will have the
hdorsement OF ali OF the leading bankers
SEATTLE who favor the scheme. as well
. oplnions.of prominent lawyers who will
pass upon tho legality OF the plan In de-
"a
The committee viii also take M, NJ It's
sseting this afternoon. the matter or de-
fs;tmentai ratsenchment. In which all OF
he estys employees are interested. IL IL
. decided 20 cut down forces the matter
artentions viii lie wholly with the heads
y apartments. the clvu service commits
sen having nothing 10 do In the premises.