The Portland daily press., 1897-03-09
THE MAYORS INAUGURAL.
Mr.. RandalTs Address to the New
City Council.


the Executive and Legislative Branches
A Brief Review of the Affairs of the
Various Departments.
The following is the text of Mayor
Randall's inaugural address:
Gentlemen OF the City Council:-fAn-
other year has swiftly passed, and you
are again assembled to inaugurate new
city government, and in accordance WIN
the usual custom submit to you the
mayors annual address, Containing a
brief review of the condition Of the
different departments of the city. as ap-
pears on the books at the close Of bust
ness, February %, 1897, to which l ask
your careful attention.
I also offer few recommendations OF
my own. which. if you should deem
worthy of your consideration, should %
pleased to cooperate with yon in bring :
ing to contamination.
Elected as we are to transact the cltV
business, it behooves us to bring to it the
same careful attention, which would
characterize the management Oh our
private affairs; and knowing as 90, 1ne
most of you gentlemen personally, i 90
not hesitate to say, that the Einterests OF
the city are in careful and able hands.
You constitute the legislative branch
of the government, while I represent the
executives; and 1 shall sndeayor not to
encroaoh on any of your prerogat1ves.
and l ask the same courtesy at your
hands, believing by SO doing we will best
serve the interests Of our fellow clIlzens
whom we represent.
In all our appropriations for the year,
let us practice the strictest economy con,
sistent with the proper management OF
the different departments OF the city,
remem bering that an increase OF taxa
ton, however small, falls heavily ON
large proportion of our fellow citizens.
The prosperity of every corporation,
largely on It's financial strength. and
am glad to inform you that the treasurer
reports the finances of the city In good
condition.
And / have the honor to submit the
following statement furnished by the
city treasurer:
BUN DGD OEbl We AAM VI oG
PORTLAND.
The gross city debt, March
81, 1896, was 50, 7ae, $50
Amount Of sinking fund as
sets and trust funds, 1,459, 7o4
Net debt, 1885, 796
included. inssthe gross debt and
not y,rerantad for paVm6nt
were:
Bonds due March ], 1896, So, 600
Bonds maturing September !.
1896 at 6 psr cent, 40, 500
Bonds maturing March !, 1907
$40, 500 at per cent and
$40, 500 at 6 per cent, $1,000
sl2s, 500
Bonds issued Tduring the year:
September 1, 1896, on six
months at per cent, 10000
March l, 1897, on four months
al 2 5000 per cent, $1,000
$1a1, 500
OF the bonds past due, S1o3, $50,
probably all will be presented
for payment before the close
of the present financial year,
March 81, 1897. Should they
be, the gross debt will show
reduction of, g., 600
The receipts thus far this year
into the sinking fund from
various sources have been, $26, 1853. 81
This amount will probably be
inorea ssd several thousand
dollars by March 81: 1897.
1t will bessseen that the reduc-
ton of the gross debt is, 1000 .
And the net debt about, 10000
for tho year, $S2, oOo
The condition Of our city is very graft
flying and the records of our bonds sales
show that our credit is as good RS any
city in the Union.
On the first day of next July, s416, o0o
OF our six per cent bonds and ISL, 00O
2. IS per cent bonds will m allure, large
part ofSwhich will haveSto be refunded.
II it is deemed best to srefund them for
term of say fifteen years. we can con-
tidently expect quite large amount OF
receipts from premiums. 1t may be
considered the better policy for rrthe city
to sell some of the securities now in the
sinking fund and pay the city debt as it
becomes due, sandss bring our debr. as soon
as posi- bic within the constitutional
limit of per cent'of the valuation.
Taking the state assessors valuation
OF this city at x4V, UUU, OOO our gross 0ent
is now 500, 900 above the limit. This
matter can be determined Fby the state
of the money market the latter part of
next June.
The gross city debt, March 81, 1887,
Was, %, 942, 5OU
Less sinking fund, $160, 626
Value of Portland and
OgdensburR N ortgage
(estimated), S24, $40 9S5, 26e
Net debt, March, 81, 1857, 50, 957, 234
Net debt, Mach 8, 1897, 1,256. 79e
Showing reduction in ten
years Of 81, 700, ABS
1 beg also to call your attention to the
following special appropriations that
will he calledsf0r the coming year, In
addition to the usual amount req uired
for current expenses, practically all of
which has been authorized by previous
The last year in order
to meet some neutrality-suspicious. with
out increasing the tax rate, the doubt
full expedient of borrowing from the
singing fund was rssorted TO, and the
sum of[S81, 900 was TAKEN tnerefrom, and
is now due that fund.
Arrangements have been made to pay
this by four annual payments of $40. 250
zach with interest at the ratefof four per