The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-05-23


I1rn5ts Limits
Psrro<es- Nils Mills Amount.
Tr g Is.sTr, E ss4 psss Z Z Z
Ts..4 .n.m 500 ssrx q
IL will be seen that Jess than $ per cent
! q ths Ieyy + for generai expsrss. the
/ ard the retirement O. old Indebtedness IL
| - confidently asserted. that no city Of tfs
efxa IL re tinted States can show as lo~
/ a tax rate for general purposes As TIE City
Of Seattle. The taxpayer VINO Is gros1ing
under bis burden Is respectfully reminded
that q me grcss revenue 20. % = y m me ois
70 pay but At mills for the maintenance
| Of police, fire and other departments OF
the city, the balance Of the levy being for
/ interest. schools and the state ard county
I governments
II Is encouraging 20 note that the con-
solseatsd levy upon siss county rollz ia isss
1uctlou o. & = mills. While these figures
show commenea bic economy or the part
TAX rate + altogether too high. We must
| find where the difficulty lies and devise
some way for reaching IL
ACCOUNTING SYSTEM.
The report OF the city comptrosler shows
that he has established a daily checking
system upon the city treasurer's office by
which the exact amount Of cash in the
treasursF's hands can be ascertainsd at
any hour Of the day. and an actual bal
ance Of accounts - made at the close OF
each days business The amount OF cash
then on hard is verified by count Of the
cash IN the hands Of the treasurer and by
certificates from the banks in which the
treasurer keeps hts deposits. The present
treasurer. George F. Meaeham. Esq, has
encouraged and facilitated every check
upon his transactions. A new system or
disbursement by which the expenses OF
each department in every detail can be-
closely watched has been put into Use and
has resulted ia great economy. The pur-
chasing OF supplies and the auditing OF
bills has been hedged about with sddi-
ti0nal safeguards by means Of irnprove-
ments IN the methods of requisition, GER
LITIGATION and audit.
congratulate the Finance and Auditing
Committees OF your Honorable Body and
the Comptroller upon your splendid finsn-
eial administration OF the city's affairs
during the past year.
REVOLVING FUND.
There are certain current expenses of The
city such as postage. express charges,
court costs. detective expenses. car fare
and other incidentals whsse payment can
not await the ordinary csnrse of auditing
and which must be paid In cash. The
comptroller recommends that 10 meet
claims OF this character a revolving cur
rent expense fund be established. out of
which such bills may be paid und 81 proper
restrictions the verified saaiTas therefor TO
be afterwards paid In the usual manner.
the amount thereof TO go back into such
revolving fund 70 he used again and again.
This would greatly facilitate business and
furnish good a check upon expenditure
aS uVrH EAe present SYSTEM
THE KRUG DEFICIT
II Is now about three and a half years
since ex-Treasurer Krug was found 10 be
short In his accounts to the extent of x73,-
s43. sc on account OF which there was real
lied during 1886 in various sums total
OF x5. 31s. q. leaving face or book balance
sim due the city OF sizss5.S with accrued
interest thereon.
Nothing has been received from the Sc
eurities held by the city for this balance
during the year lses on account OF the pre-
vaiing depression and impossibility of
turning the collateral into cash. Upon
some of the real estate security the city
has foreclosed its mortgage, causing the
property 10 be sold and bidding IL in. The
city holds certain items OF personal prop
erty. principally stock in corporations.
which Is of uncertain value and can only
be held IN the hope that improved condi-
lions viii give IL some value.
In number OF instances where the city
held second mortgages. turned over TO il
as a possible security for the deficit, the
the city's lien extinguished. II seems
probably that when all the security has
been realized upon, there viii still remain
hopeless deficit from this unfortunate
defalcstion.
LOCAL IMPROVEMENT BONDS.
During the year local Improvement
bonds have been issued In seven districts
aggregating sieS.ss. These were ten
year instaliment bonds issued under the
act OF 1893. under which bonds have been
issued I'm Is districts to the aggregate OF
$40. NJ .. In nearly every case the bonds
| have been delivered TO the contractor for
| the work. and have been sold by him at a
| discount ranging from TO Is per cent.
The present method Is cumbersome and
| unsatisfactory alike to the city and to the
| bondholders. For some time past there
| has been little or no sale for them. Under
| any further improvements under this plan.
The old charter plan was satisfactory In
most of its details and should be reedopted
| by charter amendment as herein else
| where suggested.
SPRING HILL WATER BONDS.
An item in the financial experience of
| the year which came upon the officers and
| citizens with entire surprise, was the dis
| closure in November that SS0ea Of the
| Spring Hiil Water Bonds had never been
| paid of. and were apparently stili lien
| upon the eity's water plant.
Strong indignation was aroused and is
\ stu entertained by our citizens on ac-
| count of the negligent methods of those
/ who closed the transaction OF purchase on
the part of the city. and on account OF the
course pursued by those who closed the
| transaction for the water company.
/ The facts seem TO be that when the
| Spring Hin Water Company undertook TO
| pay OF the Bonds a bonus was demanded
/ by the holders, because the bonds were not
/ then due. The Company. In order To- avoid
| the oppressive demands of the bondhoid-
/ ers took the unwarranted liberty Of in
which should have paid on these bonds auf IN
i a mortgage, to be held TIL the bonds
should mature. the proceeds TO he then
| used for retiring the Bonds. No notice OF
/ this action was communicated to the Off
Gers OF the City so far as is now known.
/ The Bonds have now matured the mort
| gage y not Immediately collectihe. and
| suit has been commenced for the forecios-
/ are against the city Water Plant OF the
/ trust deed securing the Bonds.
This transaction IS now subject of litl-
cation IN the Courts and further discus
/ sion Of IL here viii not contribute 20 its So
/ luton II IS believed that the City has
ample claim Tor redress, and that the
! curity IN which said SO 90 was invested
/ together with the personal liability and
/ wealth Of the persons who We're and are
/ still the stockholders Of the Spring HIN
I Water Company. eill amply protect the
rights OF the city. A receiver has at the
/ instance Of the City. hean appointed for
/ said Company, and the proceedings now
! wsgcd with ability and vigor by It's legal
( department
THE NEW REVENUE LAW.
/ Under the provisions Of the new revenue
/ law Offering a remission OF an the peualty
ard of one-hSlf the interest on old taxes
! and providing for the assignment to in
I vcstors 81 delinquency certificates inarne-
( dtatels after delinquency. there IA now
/ hope that our municipal taxes Will be
( available within "a reasona bic time for the
I expenses they we're levied 10 meet. aud
That the City viii be able 90 deal more
/ wisely and justly with her employees.
( with street maintenance. wster extensions
/ and other matters which have been some
I what neglected on account % tardy tax
I payments.
BANK TAX CASES.
/ Congratulations are rendered 20 the legal
{ departments OF the city and County and
+ % the citizens generally upon the favor
/ preme Court OF the Bank tax esseS by
{ whiCh about Sla.sa OF contested tax viii