The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-12-02

CITY WARRANTS
AND TAX LEVY
One Large Buyer Prefers to Await
the Next Tax Levy.
IS ENTIRELY A LOCAL ISSUE
General Business Throughout the Coun-
Try on II Sound Basis and the Tide
Of Fortune Turned.
is ENTIRELY A LOCAL ISSUE

That the condition Of the times has
nothing TO do with local depression Is
well illustrated by the state OF affairs
in Astoria today, Complains were made
yesterday that the local banks had
ceased buying city warrants, and that
the employees Of the different depart
menia must go without their money for
perhaps another month. Investigation
made by an Aatorian representative re-
vealed the fact that one bank which
In the past has been large purchaser
Of Astoria warrants In out OF the mar
ket for the time being but that another
bank is In the market The first bank
says that Il has a large number OF war
rahts on hand. and now prefers 20
await the results OF the levy To be
made for city taxes next month. II
was found that the four-mill levy made
last year was insufficient 10 meet all
the requirements for the city govern
ment and other necessities. and n was
estimated that an eight-mill levy viii
have 10 be made this coming January
TO make up the deficiency and meet the
current expenses next year.
Just before the recent election county
warrants We're selling for s5 cents. To-
day they are selling for ssh The levy
for county taxes having been always
kept at n proper figure. There was a
time not long ago when city warrants
were selling AZ a better price than coun-
~ warrants. but today IL Is different.
The issue is an entirely local one. and
the matter rests entirely in the hands
OF the city council. The present coun-
ell found the city hadly in debt. and Is
not 10 blame for the present state OF AZ
fairs. but Il certainly viii be TO blame II
matters are not mended. The general
state OF business throughout the coun-
try is well illustrated by the following
short editorial In the last issue Of the
Bankers Magazine:
Now that Mckinley Is elected and
the gold standard sustained, the first
great step toward re-esmblishlng the n
nanees OF the country and restoring
prosperity TO the business community.
has been taken. Confidence in the fu-
ture intentions OF the citizens and gov
ernment Of the United States has been
restored The result OF the election Is
an overwhelming victory for the gold
standard. for the preservation OF the
nation credit and In favor OF Just
and honest payment OF public and prl-
vate obligations. The result makes It
entirely clear that the American people
resent the idea OF Reputation In what
ever form II may be proposed In addi-
tion II is a stern and emphatic rebuke
TO the companions OF the population
lists, the meters OF sectionallsm. and
the preachers OF class hatred. II means
that the unity OF the country is to be
preserved, and that the threat to de-
bauch the highest judicial tribunal of
the land in the interest OF rioters is
not TO succeed. Finally. Il is a splen-
did vlndicatlon Of the good sense OF
the American people and the soundness
OF public opinion upon questionsof vital
concern,
"The figures OF the bureau OF sta
tistlcs show that during the fiscal year
ending June S0 1896. the exports OF
American manufactures have amounted
to SECS, ,4S9.s99. and II Is estimated from
the returns received during July and
August, 1896, that there viii be still
greater expectations during the present
fiscal year. perhaps amounting to $780,
OO0,e zoo. This is largely due to the great
cut in prices and business depression
in America. But whatever the reason,
the reduction OF stocks on hand must
be very great on account of these for
eign purchases. These stocks must be
and with the re-commence-
ment OF active manufacturing opera
tions. commerce and agriculture will
experience new impulse The expor-
tation OF grain has also been stimulated
by foreign demand to such an extent
that prices will probably continue to
rise"