The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-10
TO BORROW MONEY.
City Council Paves the Way for
q Municipal Loan.
WARRANTS TO BE TAKEN UP.
Notes to No Issued and the Income for
1896 Hypothecased Plan Endorsed
by Bankers and Lawyers.

ordinance for taking Up some s1l.lts o. cut
standing city warrants and issuing notes
in lieu thereof, and TO that measure ani
the general financial scheme Of which Il
forms simply the preface, tire council yes-
.crday afternoon gave its almost UNDIVIDED
attention. The ordinance. which had al
ready been fzverabiy reported or oy the
flHaace committee and had had It's sec
oaa reading Monday night. was passed,
and nothing now seems TO stand IN the
way OF the plan by which the eity ex-
poets to borrow money on It's prospective
income for 1866, or In other words. 10 do
what Is done daily BY individual business
men Throughout the world. discount IT.
own paper in bank
Only Doaaa and McArdle were absent,
when on motion Of Chapman Hurd was
called TO the chair. and a moment later
President Crlchton came In and called the
meeting TO order. The following sppre-
clative and courteous letter from the new
ly-eiected mayor was read and ordered
fled:
Seattle. April ., 1856.
'Gen,iemen: I beg hereby TO express 10
you my profound appreciation Of the con-
ndenee you have Indicated by electing me
10 the Office Of mayor. Your generous ac-
ton Is all the more gratifying from tho
fact that there was no conference OF any
kiud between US prior to the election.
ALLOW me 10 assure you that your good
vii SitA competence - AI4sF lthN-AAtA
both individually and collectively. In my
humble part OF the citys administration
shall rely upon you for frequent cou3-
sci and assistance. and / assure yea OF my
earnest cooperation In all measures fer
promoting the good order. credit and pros
periiy OF our city Very sincerely.
.sw. D. WOOD. Mayor"
report was read from the board OF
health announcing the choice by that body
OF j. III. Swyney as sanitary Inspector.
which election. Il is understood. viii have
20 be confirmed by the council. The COM
munleation was referred 20 the health ard
sanitation committee as .az also a com
munication from Health Offieer Palmer
calling attention 10 the unsanitary con-
dition OF the Cascade school and the ne
cesstty for a sewer there.
IT'S a great pity that ali our school
houses couldn't baye been built in marsh
es." said President crichton, sarcasticaIly.
as the two communications went to the
committee
The president announced the following
special committees ordered at previous,
meetings: On salaries. Crichton chair
man: ellison. Navin. Herman, Rude. Tay-
Tor. D2dds; on adjudication. Hurd. chair
man. Raymond James
n Communication from the MacDougau-
southWick Company and other property
hoders asking leave 10 improve at their
own expense Columbia street, between
First ana Western avenues by remacadasu-
King and replanking. the petition having
received the favorable endorsement; of tha
board of public works vas referred to tbs
etFcet committee.
The ordinance providing for calling in
Outstanding city warrants was then taken
up The main features OF II are that a no.
fiee shan tie published weekly for twa
weeks In the city official newspaper of all
warrants now outstanding; that "a these
nj in . 2
the city treasurer. he shall redeem then,
Win notes OF the city. payable May /. ISg7.
slEheu ~ the mayor. countersguei by The
comptroller and the treasurer, and attest
Ell by the clerk. bearing 7 per cent. IN
terest or which the treasurer shall keen
scomp'ete and detailed register. and which
no shaU redeem AZ maturity with any
available funds. or. II there he no avafi-
able tunds, he shall renew the notes or
course when the warrant Is taken m ,nd
the note exchanged for Il, the warrant is
20 be Cancelled "
1t Is rather fortunate for the new council
that this measure was the occasion ~ a,
INFORMAL bur exhaustive address -ro,,
Comptroller Parry, giving not o.,lv a ,hor-
ough ANALYSIS Of the proposed financial
Plan. hut Incidentally a statement NJ .ba
present and possible future condition -
~" municipal finances which undoubtedly
gave the councilman valuable Light. He
1870 T-ffFt stHtAHttN N friipNE.
The plan Of whleh the ordinance ,,~,
reaf forms the basis, is IN It's details com
pieN ana difficult h explain. and I sbovld
be glad, as proceed n any member ~ nc
council VIII ask any question that NAV no.
cur to him The present fnancial eon3f-
ZION OF the city IS this; Tho tax Ievv e5r
tho expresses this wear Is ssSa h<a az ,,,t,
amount siiC.Cs Il was estimated sor 80
rent expenses. SiSf.si6 for the iav,nrnt ~
interest - the bonded debit. Ste SIS nv .,,,
redemption of old warrants. and fhe srb al
balance arises from the way n which ~,
various amounts figured out On the roll IN
detail while The estimates were made in
Fross. -
New. II We could rely on coilec,inp-
this levy. or even W per cent Of !, o,,r
revenue would he smp1o II meet All ~
renses. but unfortunately there is n vcrv
poor prospect 81 orr being able 70 make ,,.v
such collection. Tho prospect i~ seriously,
ouecte1 ny Tho act of the Legislature which
virtually puts frt mlun ON sellrat,en.,y
Va taxes by reducing the Joiirouert n,r,i,y-
% 2'e per cent. and a rate OF lnter.x, tevr,r
than the ordinary hank rate Asa F,,,l in
dlrAtion 81 what We have 20 rNrcct ,re.,,
this condition OF affairs. NAV ,n~ntf,s,
the tact that np 10 The present time 40 Inst.
wear We had collected slaf nta %. while ms
ahout E1--N
'Neanwhil of course our expenses have
been goins On MS usual We hal ~ nav On,
account ~ interest January I. So, as This
We met oat Of the savings Z laxt vesr
MaffA W. hal o. nav interest amounting
20 NNa- Th!s was alss ulet from tire se,irrs
or last year From thc Same source. We u, >
q nay our a few DAYS ago flSsrs on inir-
wcnt, condemnation ana general bonds -
~ Add - these sums thc current CIV
expenses Tor January. Fth~aarv ara Nfar.s
"i ms wear. ant you have largo amount.