The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-30
TACONA'S HUGE DEBT
No Honey On Hand to Pay Bond
Interest Due June l.
a.'so.ooo OF WARRANTS OUT.


AecVn1o, Ap9h Zs-8per<zL-NAyoF F1W-
cssts Invitation % about fifty business
cry Officials An6 dzscuss ways and means
20 meet the curreDs bills and interest
charges - they tall due Was the occasson
OF . nesting III the city hall last night al
which every phase OF the difficulties that
hsset the municipality was discussed A
number OF bankers ard heavy taxpayers
we're present. and Ill took hand in the
discussion Although nothing practical
vas accomplished the proposition of fund
Ing the Outstanding warrant indebtecnses,
amounting TO 81. 10 0e. with interest. and.
with the authority Of the people. issuing
bonds with which 10 take up the warrants.
was exhauSx1veiy reviewed Il WAS plain
to any one that all who listened TO the
statements made by the city officials and
the arguments for and against the pro
posed issuance Of bonds were struck with
the stern necessity that now confrOnfs the
city.
with the bonded debt already against
the city. the proposed increase OF debt
would bring the total Of bonds outstand-
ing up to S-si2.ae. II the bonds are drawn
at per cent the city VIII have to pay
annually about S29.0 ae in interest There
are taxpayers In Tacoma. like Robert
Wingate. for Instance, who consider that
a levy sufficient to pay the city's running
expenses and interest. with the Increased
coniiscatton of property.
All these facts were brought out last
night In a statement made by Chairman
Norton. OF the finance committee. and in
the arguments made on the proposition by
the speakers. Many property owners. Ike
George II. Stone. W. H Woodruff. Coun-
Gilman Norton and others. who were pres
ent. are very much in favor of the proposed
issuance Of bonds, and declare that the
council should with all celebrity can an
election for the purpose Of obtaining the
consent Of the people.
W. p. Reynolds voiced the sentiment Of
a number of the members of the Taxpay-
ers' League when he said that the out
standing warrants should be carefully
gone over before they are exchanged for
bonds or cash, and the Illegal warrants
separated from those that are known to
be valid Judge Reynolds brought up the
question of the missing book containing
1000 blank warrants. which disappeared
from the Office Of the city clerk about the
time that Deputy Clerk Frank Mccain was
arrested for forging city warrants 1t was
insisted that every precautson should Do
taken TO discover II any warrants have
been duplicated. and that only those war
rants known to be genuine be redeemed.
For this purpose Judge Reynolds suggest
ed that a committee of prominent citizens
be appointed to examine into the matter
and report to the people whether any OF
the forged warrants are outstanding. 1t
has been asserted that many hundreds Of
dollars Of forged warrants have been sold
in the East and in England.
Municipal Judge Reid and others who
discussed this phase OF the matter urged
that any attempt at valuation or asking
the people to vote to allow the increase OF
the bonded debt would be futile unless the
public was satisfied on the word OF re-
liable men that none OF the forged war
rants were included In those to be ex-
changed for the bonds.
Judge Stallcup declared positively that
any attempt to increase the bonded debt
of the city would be resisted by the peo-
pie. He held that the city should refuse
to pay the interest on the water bonds
due June 1. and bring the holders OF the
issue into court in an action to compel
the city to pay. He claimed to be able TO
prove that the whole issue Of a.750.0oo
which was paid for the water and light
plants. is still held by C. B. Wright. and
that II the latter were forced TO come into
court the city might be able to collect the
verdict In the damage suit for s7s'.5oo.
II was q late hour when the meeting
adjourned, and no definite plan was in
dorsed. The sentiment in favor of voting
the bonds Is strong. and well posted men
say the election would be carried with a
safe majority. The city counclimen and
many OF the city officials. including City
Comptroller Benham and Treasurer Stern
berg are in favor Of maintaining the city's
credit at all hazards and voting for the
issue OF bonds.
The seriousness of the question may be
appreciated when IL Is known that until
the outstanding warrants are provided
for the city cannot realize on the current
tax levy. and that there is no way In sight
TO nav the $4 500 of interest due Oh June l.