The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-03
FROM THE BONDS
WHAT A TAXPAYER FOUND IN EXAM
lining THE CITY'S BOOKS.
City Would Have Had to Borrow Had
1t Not Been for Big Bond
Sales.

An editorial in the evening News, the aft
ernoon Taggart organ, had the following to
say in reply to the vigorous attacks that
have been made on the Taggart system of
conducting the finances of the city:
Much has been said about temporary
loans, but Mr.. Taggart assures the people
that no temporary loans have been made
by his administration, and that there will
be no need to make any, The figures are
accessible to all, and the administration
challenges the severest scrutiny
Quite recently a taxpayer went to the
controllers office to ascertain what the fig
ures and records in the office showed in
this respect, and one Of the clerks began
giving the gentleman the desired informa-
ton item by item, till it suddenly dawned
upon the clerk that perhaps the man was
employed by the Republicans, and then he
promptly closed the books he was examin-
ing and told the gentleman that if he
wanted further information he would have
to see the controller himself.
The taxpayer says he was able to ascer-
tain however, that the Taggart admins
tration on Sept. 70, 1897, less than two
weeks ago, had in it's treasury the magnifi-
cent sum of nothing, that is, outside of the
money received for bonds and the premium
on bonds. He shows to the Journal up to
Sept 20 the administration had received in
money borrowed the sum of S54S,9S3. The
borrowed money spent up to Sept 20 was
$35, 471S6 which would leave a remainder
of $513,511.14. And according to the control
lers books, the last balance made on Sept.
TO- shows that the city has to its credit
with the city treasurer exactly $513,5l1 A.
SO all the money the city had at that date
was just what it received from the sale of
bonds, minus the amount spent from the
proceeds of the bond sales. Had the city
made no sales of bonds the taxpayer asks,
would it not have been absolutely without
a cent in it's treasury?
Analysing the balance of $513,5 lila which
was on hand Sept 20 ST. the he, seareher OF the
from the sale of park bonds, $4,000 from
the sale of police station bonds, S10.6l3T
from the premium on the police station
bonds. and $40 100 from the sale OF fire de-
partment bonds in 1896. On Jan. /, 1897
there was a balance in the fund from the
sale of fire apparatus bonds of SIS, 1863 So
there having been spent So, 330.17. AS prem
iums on park bonds the city received over
$4,000 and even at $4,000, this would make
the total receipts from bonds $54S905. As
the premium on park bonds was in excess
of $4,000 this would make even worse
showing for the administration. The bor-
rowed money already spent up to Sept 20
was $35, 4I1.S6, as far as the taxpayer max
ing the investigation could ascertain.
In addition to the above, the. city had
warrants outstanding and unpaid to the
amount of $l0035.67 on Sept. 20 1887. The
books show outstanding warrants Dec. 81,
1885, of SIC. 1885, amount registered Jan. l
to Sept. 20, 1897 S663 653. a; total $40 $50:
total amount redeemed, Sept. 20, $3.50 0o1i3;
outstanding Sept. 20, $1003567.
A resume OF the situation of the citys
finances on Sept. 90 the taxpayer epto-
mixed as follows: 1t had the use of So4S,9
borrowed money. and on Sept. 90 had on
hand S513 511.14, having up TO this time spent
$35,471S6 of borrowed money. and in addi
ton had outstanding warrants amounting
to S10035.67 total of $45, SO over and
above the amount of borrowed money that
was on hand on that date. This makes 1t
apparent that had there been no issue of
bonds the Taggart administration would
have had TO borrow.