The Superior times. [volume] (Superior, Wis.) 1870-1912, 1897-04-24

amount of special bonds. In principe |
and interest the sum of more than a
million and quarter of dollars is owed |
by it. 1t has already paid about one
third of its special bonded Indebtedness.
Almost all of these payments have been
made since 1892. The most important
result which ought to follow the Settle
ment of this tax litigation will be the
exchange of special bonds, to be Issued
under the act of 1897, and the fesolu-
tons above mentioned, in place of a
considerable part of this special bonded
Indebtedness. If this can be accom-
plished, the debt of the city will be ma
terially decreased, and the credit OF the
city thus very largely relieved from the
strain under which we are now suffer-
ing. In addition to this result, which L
think ought to follow from the consum-
nation of the tax settlements, will be
the payment of a large amount of special
Improvement bonds soon to become
due.
In the very large amount of bonds
due and soon to become due, issued Tor
special sewer and street improvements
there are some upon which the city has
collected from the taxpayers almost all
of the money due to the bondholders.
There is another class of bonds, a large
amount of which Is already due, upon
which the city has collected only
small amount as compared with that
collected upon the class of bonds just
mentioned. This is due to the fact that
these two classes of bonds were issued
upon entirely different plans. The first
class mentioned were for what were
called 81 year bonds, that is to say,
payable at the option of the city after
five years from date, and absolutely due
after seven years The other class men,
toned are what are called instalment
bonds, one fifth of which is due every
year. The last mentioned class, falling
due year by year, have been paid so
far as possible by former adminlstra-
tons, this being deemed by the city
officers to be best in order to preserve
the credit Of the city. But in order to
pay such bonds it was found necessary
to take the money which had been paid
IN by taxpayers applicable to the 81
year bonds, and thus deplete the fund
which was properly applicable to such
bonds. To add to the difficulty con-
siderable amount of money which had
been paid in by the taxpayers upon the
81 year bonds was lost III the recent
bank failures.
1t would seem to follow from these
considerations that as between the city
and the bondholders, 1t would be only
just and right for the city to first pay
those bonds upon which the greatest
relative amount has been paid by the
taxpayers. Thus, if the city has re-
celved from the taxpayers all or nearly
all of the money due upon the 81 year
bonds, and Only one-third or one-hall
of the amount due upon the installment
bonds, it would seem only fair that the
first bonds to be paid should be the 81
year bonds. Certainly the money which
IL ID pS1lCd W III NC pili III Df TIE
large taxpayers ought to be applied so
far az possible upon the bonds first
issued, being the 81 year street and
sewer bonds upon which the largest
amount has been collected from the
taxpayers. On the first day of July
next there will be due an issue of bonds
of July LIST, 1890. amounting to 5000
O13.13, the sum of 800, 10 -, besides
some interest. At the same time there
will also become due sewer improve
ment bonds to the amount of sl5S, 1914 81.
These are also 81 year bonds. Upon
these sewer bonds a much less amount
has been paid in than upon the issue of
street bonds, just mentioned, the am
cunt unpaid upon these sewer bonds
being, on the 10th of last November
over Sill 900. This subject of the city
indebtedness and the pawn ent and ex-
tension of its debts is one of very great
importance indeed, and the most
careful consideration should be given to
the matter in order that the credit of
the city may be restored, so far as it
has been impaired, and may be fully
and completely maintained. | feel sure
that there is not the slightest danger of
reputation. | believe that the temper
of our people is utterly and unalterablv
opposed to Reputation, and am en-
dent management, aided by the interest
of its citizens and those who have large
interests at stake here, the city VIII be
able to work out of its difficulties"
He next referred to tie subject of
pure water, and said that fir ON reliable
information obtained, he was satisfied
that all cause Of co mplaint would be re-
moved shortly.
referring to street-Car transfers. he
thought the method now in force was
unsatisfactory, and largely in our dis
favor. He tn ought transfers should be
given on the cars, and he thought the
issue of general transfers should begin
on June !, 1897, instead of Jan. |, 1898.
Speaking of semi-puhlic corporations,
he thought they should be treated with
absolute fairness. He bad no sympathy
with those who inveigh against corpo-
rations just because they are corpora
tons.
He favored arbitration as a means Of
settlement of disagrecments between
employers and employees
He dwelt on the necessity of the
streets and sidewalks being kept in
good repair, and particularly the press
ing necessity of improving the road be-
tween the East end and Itasca which
was now barely passable.
Immigration, city hall repairs, public
schools, Saturday holiday, city officers,
came in for passing reference, and he
closed by making feeling reference to