The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-11
local LEGAL TENDER
rayor Woods Scheme for q Me-
1ium Of Domestic Exchange.
FINANCE COMMITTEE MEETS
11uiss 60 Retire Floating wsrrnats
VIII Issue Csil-Gbsst DID
Not Walk.


u~ho4y vas surprised yesterday among
- ef,y employees at the non-zppe&rancs
= - ~raost" that for four years nzas
- s.a.ksd regularly about the rnnnscf-
- ro~ridors. scattering fzyora with a
e.ra or less lavish hand. In fact. no.
sn6y had expected It. ard the dIsappolnt-
snrt was consequently less poignant than
!. eeherwise might have been The num-
- 81 conferences that have been held
ss~~ssfy By regular and special commit
- she general trend OF affairs toward
s,erencsunsnf In all departments. Mr..
eeryy's hurried trip to eastern financial
eenters, and the hundred and one little
s.ektees that have suggested IN embar-
ee.eynent had served 10 prepare the
.rsoSs or esattIe's retainers for the shock
81 Yesterday. Municipal positions that
tavs ssrsfofore been considered In the
nrts % ssrscures. are rot held In as high
~sfe<n. a. formerly, and while the conds-
<6u Of structure IN the treasury vaults Ii
srflsved 10 be cniy temporary, there ara q
erraber 81 instances waers smbarrass-
eenf mnss naturally result IA the absence
q means 10 meet regular expenses.
qh6re IL 4 general statement 70 the effect
6hsf the nest eggs and rainy day savings
~ few and szf bstwesn. and the butcher.
- baker and the csndlsstick maker are
- ones who will have to take the nigh
aens for the time pending the settiement
q IL strained nnancial affairs OK the
cly
,eally at SKIES and sevens for ready
mercy, were bswaihng their fates and
snIkiss politics. an august assemblage OF
nonlcjpsi clgnitariss. In the persons OF
W1ners. James. Rudy, Chapman. Rude
IA Raymond. representing the finance
e1nmittee: r. r. Stewart. city clerk:
Ieuses r. Axne~. acting comptroller: Cor
poraflon Counsel Brown. President OF tho
cous III crlchtcn and Mayor Wood. were
esshsrsd segsther in the cenptroiler's pri-
vate Office dsvis.ng ways and means TO
~ around the temporary trouble
Treasurer Meacham sent In his balance
chset q hiblting the funds on hand. d.
vsd<d Into several suh.fnnds, The whole
Aoosntirg 70 ~ 400 %. more than enough
% reseesn the outstanding warrants that
uers issued about four years ago. These
svnrrsutz ard the accrued Interest amount
e nYsssb.y s1s.0o. While the finance
committee vas unraveflng the skein of
finance a little assistance was rendered
~ County Treasurer Maple, who sent
6own q trivial matter OF $1,000. which had
he>n stored In the vaults AZ the court
nousa, credited 70 the account OF the city.
house served for a moment TO cheer Up
the members of the council who were
oathessd. ana for a second the sun peeped
HON beh,ad the clouds that had BIZ
metallic lining. lighting up the dark cor
ners af investigation.
AIDING the 49, 900 TO the sum reported
by Treasurer Msaeham. and The figures
81. - 0, stared the finance committee IN
the face. With the ailotments Of this sum
- -. 80. -. IA.
not enough 20 consider the taking up CT
the tss.eoo Of outstanding warrants. necss-
eary 10 put the corporation In a position
% Issue more warrants or 10 obtain
lean wIthou. special hnanciarsng. which
matter was postponed until tomorrow.
when another special meeting viii be held,
81 which tine II is hoped that definite In
formation will be received from Mr. Parry.
1hs warrant system was fully discussed.
and the provisions OF the law covering the
tsrie OF warrants and the limit OF the
amount Of interest. Incidental 70 the dis
enssson Il was decided TO take up the out
standing warrants 5000. for which a
cali viii be published in q few days. The
laws OF Washington for 1895 expressly stip-
ulase for emergencies. such ~ the city
h At present confronted with. After Sec
ton ! recites tie issue Of warrants In an
slripation OF It's revenues by 4 county.
city. town or school district. section OF
The same act goes on to reci,e the char
sctef az the securities as follows:
Whenever any such county, city. town
or school district shall have reached the
limit % .is Indebtedness as specified In the
preceding section. and shall desire 10 Issue
warrants. saeh warrants shah be In form
and manner as now required by law. ex-
csps that each shall contain q clause de-
caring that the same II not a debt or OBJ
Hkation u such county, city. town or
school district AMI distinctly limiting the
payment thereof and the payment OF In
trfest aeernsrs thereon TO the revenues
70 he derived from he levy then actually
made and against which the same IL
saan be presented for PAYMENT and there
shss be no funds on hand with which
IA paw the same I, shall ne lndor.ed. Pre-
senfsd for payment and not paid for want
~ sands.' together with the date Of pre-
eentstior. ard shall thereafter draw In
tstret AZ the legal rate. hu, such indo-se-
nent shah 10 no case operate 70 make
sech warrant a debt or obligation Of said
snanfr. rity. town Or school district. Or
u any manner extend the payment there
81 70 ans revenue or revenues than thar
OF shose ssa'nsi which the same was ovsg-
ins'iv drawn"
sesssoa I Of chapter fss STIMULATES con-
ssfaiax The Interest as follows. "s'l state.
easrtf. city. fown ard school warrants.
ana AL Warrants o. other evidence OF In
ataiseatSs drawn unon or payable from
AR a3hlis fanAs shall bear Interest az
rate aoi greater than per centuua rer
enram unless less rate be specsted
thsrssrs
Nsvnr weoa. subsequent 70 the meet
ing ~ the finance committee. discussed
N the PrssEnce of post-iateili gencer
representative scheme for payiaz city
smpseses that In the evant Of a failure
81 ne part er the municipality "a nsEe't-
Ge ~ anticipation securities. n.Ght serve
~ sea.Un of excl arRs untii ;Ae isxss
same -, the 1Fst az which Will become
Sae n November.
TITS scheme. which appears feasible
sneexh oa its face. T. the issuing Of war
Faass uaafe payable II TIRE esuploye and
ey h.m Endorsed payahls 20 the bearer.
Ter leeal exchange 4 il thoueht such IN
seFest.6earlnE warrants mixht nass a.
iesal tender. Aaa TIRE city wcG,d cali for
tNeir redemption as funds were ahtained
from fsN ievlSs. Ia THE order ~ their iSsi-
saee- These warrants a1gat Eat 20 he
lass ihsn aar ard q. Is believed would be
eagerly senxh; for by local investors Y
vas also STATED shat The rcSponslA's'sy u
tae city Ncs'a Re eaUal % sesi ~ any
seed
The estimate ~ the hard az pnbfsc