The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-07-22

osition. The committee, in line with its
recommendations, had an opportunity
| to sell the half-miIbion dollars worth
of refunding bonds with the gold
clause, but it could not be done if they
were made payable in lawful money on
a per cent interest basis like Salt
Lake county had done last year.
Buckle wanted his colleagues to con-
slider what the prospect would be in
raising q tenth of the sinking fund
this year or next, and again two years
hence, by direct taxation for the sec
ond series of $500, coo bonded debt, and
then two years later taxing the prop
erty owners $T4S00 yearly for a third
sinking fund. That would mean STA
500 to be raised every year from taxes
for the bond redemption funds. He
did not want TO make the taxpayers
pay so dearly for his silver or lawful
money sentiments, and he questioned
the motives of the opposition in plead
ing for the lawful money substitute.
In his opinion. 80 per cent of the tax
payers desires to save interest and
taxes in the way proposed by the gold
bond advocates.
LAWFUL MONEY GOOD ENOUGH.
Allen announced that the plan of
creating a sinking fund was under
stood TO have been abandoned when
this years levy was made, so now the
only question was to refund the old
bonds with new series. Because of
Utah'S and Salt Lakes dependency
upon the silver mining industry. the
distinction of gold for bond money
should not now be made. He favored
trying to float per cent lawful money
bonds, and If that plan fails, il will
then be time enough to talk about a
gold obligation. In his opinion il would
be best TO advertise for bids and get
the most advantageous proposition
rather than to dispose of the bonds at
private sale.
ANOTHER SILVER MAN FOR GOLD
Robertson expressed surprise that
some of his collea CUES had undergone
change of heart as to the kind of
bonds the city could float to the great
est advantage He declared that a
lawful money bond could not be sold,
and TO attempt any negotiations on
that line was a waste of valuable time.
It was imperative that the old bonds
be taken up on Sept. l. Robertson
protested to be a silver man, but he
could not adhere to his principles if it
meant a cost of $4,000 a year to the
taxpayers. The money must come
from the east. where the lenders de-
mand a promise TO repay in gold, and
even If it sounded his political death
knell, he proposed to vote for the gold
bond refundinS proposition.
WAILACE'S EXPLANATIONS.
The advantages to be derived from
the gold bond issue were explained by
Wallace, who declared that the mu-
nicipality should not be required to do
what an individual would shrink from
1t was his belief that the refunding
could not be made with 4 per cent
lawful money bonds. and ii would be
a waste of precious time to attempt it.
He professed that he was neither a
Democrat nor Republican, but mere
~ a citizen, working for the city's best
interests.
OTHER EXPRESSIONS.
To Weller the idea of attempting TO
repay lawful money per cent bond
with I per cent gold obligation was
repuSnant. He believed with Howe
that no necessity had been shown TOR
issuing gold bonds.
Barnes favored the refunding scheme
but not on gold bond basis His Dian
was 10 try to sell lawful money obliga-
tice for bids.
Diehl as a silver Republican. declared
Tor the gold proposition. because there
was not sufficient time before Sept. TO
make the deal, if the lawful money cham
pions failed in their plans, to effect the
the city's financial credit.
HOW THE VOTE STOOD.
For Howe's amendment. substituting
lawful money for gold. Allen, Fernstrom,
Howe, Margetts, Siddoway. Weller and
Barnes 90 voted in the affirmative and
Buckle. Callister. Dehl. Morris Robert
son and Wallace 90 voted in the negative.
Romney and Patrick were absent
The vote on the adoption of the COM
mlttee 5 report as amended was IDENTICAL
~ the same as in the previous instance
However, Callister challenged the ruling
OF the president. who declared the report
adopted. Caliister maintained that eight
atfrmatiTe woes We're necessary to make
the action effective. and at the same time
he volunteered the information that he
knew eight members of the council. two
OF whom were absent. were not faVora BILE
to Il lawful money bond issue.
On sustaining the presidents decision.
there were negative and ; affirmative
votes. Siddoway. for the time. went over
to the side of the gold champions
a PRECIPITATE ADJOURNMENT
Callister then called up the ordinance
the issue and sale of the gold
bonds.
Howe stated that consideration of the
bill would be useless. because its defeat
was certain. His motion TO adjourn was
lost, noes to ayes. 1t was the same
test vote. the lawful money advocates
against the goldbUgs.
As the reading commenced. Recorder
Backman was given a substitute bill hv
Wallace. The substitute ordinance diff
fers from the original only in that the
section requiring bids to be solicited bv
is eliminated. IT was read !
once. and under the rules Callister's re-
quest for further consideration of it to go |
over until the next meeting prevailed
Callister,S motion to adjourn was then =,
put and carried without opposition.