The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-16
DEBT CREATOR TAGGART
CITY LOADED DOWN WITH OVER A
HALF MILLION OF BONDS.
Bonded Indebtedness Even for Cur
rent ENpenses-WilI Probably Have
to Resort to Temporary Loans.


now. tnasmuch as w. L. Taylor dwelt at
length on the Indebtedness the present ad-
ministration has created in his speech at
the Republican convention last Saturday
Mr. Taylor found some consolation in the
fact that there is a constitutional limit to
the extent to which debt-creating may go
Mr.. JOhnsons report shows that the limit
OF Indebtedness provided by the State Con-
sttutiOn was 81, los, us Jan. l of this year
The total bonded Indebtedness at that time
was $l,424,500 Since then park bonds,
amounting to $350,O0O, and station-houae
bonds, amounting to $150,000 more, have
been added a cool half million, with the
year but little more than half gone. The
two issues of bonds made this year have
brought the bonded debt up to $l,924, 500.
Subtracting this from the limit, 81, l65, u.s.
the debt-creating power left is but $34l,2lS.
This low margin would soon be exhausted
If Mayor Taggart were to attempt to carry
out the pledges of the platform on which he
stands In that interesting document
adopted by the Democrats in their city
convention the party declared itself to be
lin favor of the system of parks already
proposed and of adding thereto parks in
the northeastern and southeastern parts of
the city, the whole to be paid for and inn
proved by the city at large''-mark what
folows-"Iong time bonds at a low rate of
interest to be issued for that purpose.
The excuse given for this declaration is
that the next generation, which will re-
ceive the full benefit, may bear its just
proportion of the expense of this great
public Improvement"
The fact that taxpayers of Indianapolis
are paying interest now on the $35OG00 of
park bonds already issued, and lying idle
and unused, at the rate of 81 900 year, is
completely ignored. These bonds are to
run thirty years at 4 per cent per annum
The interest alone will amount to $420,000
Further along the platform demands the
acquisition of the water works and pledges
the party to an earnest effort to provide
the funds necessary for the purchase by
lease, bonds or any other lawful system
that may be found most feasible" An
other pledge to issue bonds. With these
facts in view, Mr.. Taylor did we'll to con-
graduate the city that the Democrats had
nearly reached the end of their tether, so
far piling up debts is concerned.
Mr. Taylor emphasized the fact that the
Democrats-and by that he meant the Tag
CART Observation-Disclosures $l5O,OOO station
house bonds to be used in building new
station houses-a current expense that
should have been paid from the current ip-
come These bonds also run thirty years
at per cent. The interest on them
amounts to $1,000 year, or $1SO,OOO for the
entire time so that the total cost of the
improvements being made in the police de-
partment will cost Co.,
The interest debt alone created by this
business administration" on these two
items is $2OO00 a year. Before the taxpayers
get done paying interest on the bonds issued
by Mayor Taggart's administration they
will have paid $60JOO0 and will still owe
$500,00O the original amount of tho two
bond issues. Interest interest, interest"
appears to be the WatchWOrd OF an adminis~
tratiOn that is trying to reVolutionize "buSl-
ness methods" hose who know Mayor
Taggarts way of lodging questions and
answering every one with a smile will APP
preciate Mr.. 1aylors assertion that in
quirers are met with smiles, smiles ana
smiles, at $lOJ0 a smile and $500 a grin.
When smiles ana grlns iall 10 satisfy eXaS-
perated taxpayers a friendly pat on the
back-value not stated-is administered.
BONDS FOR CURRENT EXPENSES.
Beside the park and station-house bonds
this administration has issued $4,000 more
that were used in the alleged lettering of
the fire department and City Hospital. This
makes the total bonds issued during the
twenty-five months Mayor Taggart has
conducted the citys business $4,000. I'm
der successive Republican administrations
improvements were made in many direc-
lions, but it was never found necessary to
issue bonds to build the City Hospital fire
houses and other public buildings, such as
the market house and others They were
paid for out OF the current income from
year to year.
The only bonds that were issued during
Mayor Dennys administration were those
issued to take up old bonds running at a
high rate of interest at a much lower rate.
During his administration total of 81 209,-
800 were issued at per cent. intrest to take
up bonds that had been drawing as high
as per cent. interest. The miserable fail
ure of a Democratic administration ex-
perienced when Mayor Sullivan tried to
Iund bonds a a lower rate of interest is too
Well remembered to need comment
1t has never been the custom of Repub-
bonds at a stiff rate of interest to pay cur
rent city expenses, such as building police
stations, Greenhouses and the like. Such ex-
penses have been paid out of the city's cur
rent revenue. This has been made posi-
BILE by ecOnOmiZing in other directions. For
instance, large sums of money have not
been squandered by putting a large force at
work. ostensibly al cleaning gravel streets,
but in reality employed to pack primaries
and conventions in the interest of men SEEK
ing to perpetuate their misrule tax
payers already heavily burdened. The Jour
nal has already exposed Mayor Taggart's
motive in swelling the street-rapair pay roll
to double its normal size just before the
convention that nominated him.
How the extraordinary expenses that
have been forced ana that Will be forced
upon the taxpayers in the employment of
large gangs Of heelerS on the Street-repair
gangs is TO continue without making it i'm
peratively necessary 20 make a temporary
loan before the year ends does not appear
Controller Johnson saw that it was almost
impossible to get through the year without
increasing the tax levy. but the bare sug-
gestiOn OF such Il thing threw Mayor Tag
CART into a cold sweat, and the only al
tentative was to use the pruning knife
the appropriations recommended by the va
rious heads of departments. In his report
Controller Johnson says the total appro-
priatOns for this year amount to 1919 230. 49,
He estimated that with the same tax levy
last year the revenues OF the city would
amount to 1913 4316 S. This, with cash on
hand amounting to $6i2u.16, Jan. /, made
$685. 109.04 available for the year, leaving the
bare margin of $l84tS.6l. Miscellaneous re-
ceipts in some directions have increased
slightly this year. There will be about
$1,000 more than last year on bicycle Ii
censes, for one thing, but there will be no
great margin over SIS 900 $4,000 which
reliance can be placed. Mayor Taggart has
already demanded. through the Board of
Works and the controller, that the Council
appropriate so, coo more for the Pogue run
Improvement and new bridges. This runs
over Mr.. JohnsOn's estimated margin 3d.,
53l. 80. Ii Mr.. JOhnson'S estimates work out
correctly it will be possible to get through
the year without resorting TO a temporary
loan all to enable Mayor Taggart to in
TO bring about his own reelection.