Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-01-30
THE Guys DEBTS.

Now that there il a ray Of hope that
the conservative citizens Of Salt Lake
those who bear the burdens Of fiubic.
iral taxatlon-will DO given seed TO
I'm the conduct Of city aiialrs, II is well
for them TO look the situation squarely
in the face, and determine what
course will be best 10 pursue. There
has been grca. deal said about
the present condition Of city
finances and the imposelblllty
Of running another year without
greatly increased taxalion, except by
creating a very large deficit; but We
are in a fourishing condition compared
to the appalling state into which tue
next decade will plunge usunloss grea'
care and judgment are exercised To-
day the bonded Indebtedness OF the
city IL s2.54s, 900, bearing au Interest
Of si27, 900 annually. The past yeAf's
administration coat 5000, 4s4.sl, lnelud'
ing interest on bonds, or more IMAM
sleO, 900 in excess Of its receipts. Iho
estimates for 1898 shew an apparent
deficiency Of silI,i7s.5l. The nfst lot
ef bond calls Tor sinking fund TO
serve OF $4,000 per year after 1885, ana
the whole lot will be on The 10 pei cent
reserve basis after 1904.
The amount received by the oily
from property taxation at tho present
rate IL $4,000, or lust about what inc
d.flrl-uc Tor 1895 IL oitimAled to be-
10 NEE. the latter and keep oven under
tho proposed economical proo'dufe'
will require the property TAX to DO
doubled up on iis present hsursi ana
what property holder Ia ready to wei
come that proposition, and keep 'ho
alto up from year 10 year,
Then after three years Of this doubled
AVIATION comes the reserve fund opera
lion on tho 1883 bonds-t5O,O 900 per
anuum for their payment; three years
later an additional sTO.O 900 on the 1891
bonds; one year more and there
IL added sb4.s20 on the 1892 bond';
and Two years thereafter 5000 on the
1894 bonds. Thus In loss than ten
years from now, or by 1905, there
mu.t be raised S254,s2O annually Tor
tho sinking funds on bonds, besides the
si27, 900 interest, making = total Of
1881 $50 per year 10 be collected on
tirely outside OF regular municipal OK
ptn,ss.
To meet these obligations on The
toonomised basis OF tbs estimate Tor
1898, which Ia = hundred thousand
dollars below the expenses OF 1895, WIN
require an addition Of three anu a hall
times the present property tax-ihis
besides the doubling up referred to-so
that the property owner will have 10 psy
ave and half timer ns much Ne now;
that 10, ~ he IL paying $40 In city
taxes now his assessment by 1908 must
add four and q half times that amount,
and he must pay s56. Or w. In 1885,
the cily's expenses are cut another
ylib, 900 below 1895, and ars kept Mt
that figure for ten years. the property
holder will be paying SIS city tax
where he now pays $40 and considers
himself heavily burdsned.
These figures partly lift tho veil
from OF whAtwo are canning TO In sAll
Lake City; unfortunately they reveal
onlv the csrtAinties, aud all variations
thersirom will but maks the burden
heavier. within the next ton years,
and for = long time thereafter, Salt
Lake property owners must phy very
dearly for tho vhistling Of the city
administrations from 1890 TO 1895.
such n condition does no. appear en-
coursglng for present or prospective
owners Of real estate, and will 30 .
very long way toward preventing this
Investment Of capital here In that cla''
OF property.
This calculation Ia based on the con-
tract TO fulfil bonded obligations ~
they become due, by clearing on the
debt. There 10 ono way 20 meet tho
case, and that 10 by Issuing bonds tc
pay one lot after another M sOon NJ
they become redsemable, and Ia les'
than tho 20.year limit. But that 4
merely = prolongAiion OF tbs bOndsg'
Of debt, though II IL probably the
only course To pursue TO protect the
people from being taxed out Of hous'
nni home" The burden eau DO light
ened somewhat by twseping Teduc
lion In current munioi pal sxpenees-l
relief which 1t Is hoped tho CITY Coun
oil will give Mt once. The cost Of ad
intimidation should be cut down a
least to the point that There shall bs nj
deficit for 1895, ana II possible to show
little gain. The people never will be
content with mayors or city councillor
until the city II plasrd on the read to !
better financial eituntlon.
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