The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-10
Most Perfect Made.
30 Years the Standard.

and the balance OF SCI 90 - in old warrants.
Il Is the latter which the present ord!-
mace cortempiafes taxing up by notes. In
all these statistics am using round num-
bers. Now. seeing the condition in which
the cities Of the state would be placed this
year. the last legislature passed bill look
ing to their relief. ! may cay. however.
by of parenthes.s, that OF all the large
cities Of the state, Seattle is in decidedly
the best condition. and relatively she is
much better off than many OF the smaller
towns Stili, in common with the entire
country. our city has felt the financial
pressure. The legislature passed an act
providing that municipal corporations
might issue notes In anticipation OF their
revenue In order to meet current or general
experses Under this act. we should have
smooth sailing. but for the fac, that the
terms OF the act make Il necessary for US
first TO retire the outstanding s5l.eo OF
warrants.
The comptroller then gave historical
review Of the boom" days OF ISL. Of
which these warrants are a survival. and
read that part OF the act referred to which
stipulaies the payment or cancellation o.
outstanding warranS.
This" he said, The present ordinance
VIII enable US 10 DO. When this Is done.
our plan Is simply 10 avail ourselves Of the
further provisions OF the act. and borrow
BY anticipating our revenue fer the cur
rent year. OF the entire tax levy for the
year We are allowed. as you see by the
terms OF the act. to anticipate OILY 70 per
cent. but this win amount TO $3.50. and
viii be ample to carry US through the
year"
In answer to questions from the presi
dent and other members Of the council. the
comptroller stated that /; would not be
possible 10 issue bonds. except within the
debt Limit. and then only by submitting
the matter to the people: that such plan
woula be more expensive inasmuch as the
city would have TO pay interest long after
It was necessary. while the notes or ex-
change warrants would be chiefly short
time paper: that the proposed loan, after
the warrants shall have been provided for.
is to be awarded TO the highest bidder. all
bids TO be sealed. and the basis OF the
bids being the rate of interest offered.
Comptroller Parry also stated that tie en-
tire scheme had been laid before the clear
ing-house association of the city by the
members OF which it was warmly APP
proved.
Comptroller Parry called on James. OF
the finance committee. to make any
further statement that might occur 10 him.
Mr.. James said:
II don't think OF any important point in
the plan which Mr.. Parry has not covered
IN his statement. WISH 10 reinforce Nna1
he said about our submitting the matter to
the bankers. II everybody could know just
what 1t meant 10 lay our plan fully before
that association. and then for an hour ana
a hall have Il picked 10 pieces VITA ques-
tons and criticisms, he would appreciate
the enlorsem ent finally accorded 10 I. The
bankers agreed that the proposed plan Is
not only feasible. but the only feasible
plan. The corporation counsel. who acted
with US. has given the matter close atten-
ton; but In addition to his opinion. the
bankers before promising US their aid in
floating the loan. required us 20 secure the
opinion Of some attorney entirely outside
the city government and free from all pos
slbie prejudice. They furnished us the
Eames OF three lawyers from which 10
make selection. We selected Judge Burke
and laid the matter before him. and may
ray from communication with him that 1
feel sure his opinion will be entirely favor
able 70 The proposed plan. / may also add
that he generously declined TO receive any
fee Tor his service
After discussing briefly other minor fea-
teres Of the plan. the ordnance was put
upon It's final passage, and having received
the vote Of all the eleven councilren pres
eut. was duly seLed by the president.
There was some other business on he
clerks desk but the council decided to let
Il 20 over TN the next regular meeting.