Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-01-07

more repairs than they have received
during the last three years.
The fire department is efficient and
renders excellent service, but cannot
he maintained at a less cost than at
present. The police department can
not be reduced either in number OF
men or cost of maintaining.
1t is important to remember that a
large class of very desirable citizens
are attracted to and remain i'm a citv
on account OF moral, religious and cd
ucational opportunities: that their
children may he educated and grow
up surrounded by such elcvating infiu-
ences as the spirit of the institutions
of this country extend to the young.
Law and order must be required OF
all, and when violated should be
strictly enforced. We all love and
cherish the institutions of our country
but how can we hope for their pea pc
tuity, when the laws and principles
upon which they are founded are open
ly violated?
To you, as the City Council, is en-
trusted the management and care of
city affairs. To map out plan for
future action, whereby we can hope
with equal justice to all parties, to
meet our obligations, is neither an
easy nor a pleasant task. While we
must recognize and grant to our credi-
tors all legal rights and remedies, we
still believe that justice and equity
constitute the foundation and essence
of all civil law.
/ would recommend that the Com
mittecs on Ways and Means and Ju-
dietary, by joint action, formulate a
plan to aid the Council in the matter
of the city's fnancies. This plan
should provide for a definite purpose,
end and object to be accomplished.
would suggest. in brief outline, some
thing like the following:
First, Provide for IA definite and
fixed time when the city will under
take to meet and extinguish all of her
floating warrant Indebtedness.
Second, That time might be when
the city begins to create sinking
fund for the payment of its bonded in
debtedness-say five or six years
hence.
Third, During this time all the rev.
enue of the city Except the current
expense funD to be applied to the
part payment on warrants and to the
payment of bond interest coupons, as
far as the bond interest will allow.
Fourth, That all warrants be called
for part payment in the order of issue,
and all such payments to be endorsed
"To apply on the principal" and no
warrant to be paid in full till all out
standing warrants shall have received
payment on the principal.
9Th, Annually estimate the amount
OF funds that can be applied to in
debtedness and apportion the same
equitably to bond interest indebted
ness. and to warrant Indebtedness, and
annually pay on each as large per
cent. as the amount will allow. Let it
be so, IS or 100 per cent. of the face of
the bond interest coupons, or so, IS or
lOO per cent. OF the face of the war
rants.
Sixth, Provide for taking the bal
ance due on warrants, after part pay
ment has been made in payment of
city taxes 1912.
Seventh, Such a plan, backed up
with such showing as the above
named committees can present, 1 think
would be satisfactory to our creditors.
The plan practically gives them every
dollar of our revenue for a term OF
years-t'll our revenue must 60 into
the bond sinking fund. Besides it
does not question or disturb the legal
status of their securities.