The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-08-19

avenues and Terrace and University
streets. district comprising some nifty
blocks. or 40 lots. the city engineer gave
m estimate Of the cost by the square foot.
and also by the lot He stated that the
cost to each corner lot e0xl0 would be
about N.5ee with possible Incidental ex-.
peFfses added thereto; and that II q proper
ty owner could get OF with s. so md have
enough Of 1t left to buy . suit Of clothes.
he might consider the suit Of clothes clear
gain He did not give his estimate OF the
cost Of this suit Of clothes that might De
saved. but he ne doubt would have said
that they would probably be hand-me-
downs
According to Mr.. Thomson's statement.
the average cost for every lot in block
would be 81 00c The streets would have to
be regarded. This debt would be spread
over q period Of ten years at possible
per cent. interest. which would add H.s
per cent to the principal. or at per cent
would add $ per cent. to the prtncipal IN
ten years. This yearly payment would nave
the effect Of making the practical taxation
Of that district about three times what u -
at present. without any Increased assess
ment on account Of supposed rise IN values;
and he would pay In addition TO his aireaoy
burdensome taxes. on a corner lot SEQ extra
the first year and $l50 the tenth year or
. less each year The total amount paid
on an average OF q block would be N,xO
a lot, and on q corner lot the owner would
pay In ten years 81 96. principal and IN
terest ut 6 per cent There would be no
doubt about the blisterinG qualities OF this
ten years mustard plaster
A project OF this magnitude demands
serious and conscientious thought. and
true regard for the welfare ana progress
OF the city. which can only be secured by
lfop NJ
home owner in the city. Let US be pro-
gressive, but let It be real and not .
sham progress. Let uS quit lying to one
another, and ask ourselves II We can az
ford to cucumber and mortgage our homes
further for the sake of advantages more
fanciful than real-to go In debt TOT
luxury to deprive ourselves Of things that
are actually necessary.
First. how will It affect those people
whose property win be covered by hrSt
lien for the cost OF this paving?
Nearly all these people In this district
are already struggling with debt. the leg
acy OF boom times. This debt added woIld
simply crush them. The cost OF this I'M
provement. IL ever paid by them. would be
taken out Of their living. and they would
be Obliged to live on much less. which In
many, and perhaps most. cases would oe
cruel. Instead Of putting this money inio
the streets, they would like to repair foun-
dations. paint the houses and make Their
homes more comfortable. Most Of the
home owners would lose their property. be-
ing already mortgaged.
The rental value OF property In this dis
trict cannot be increased. We have no
class Of rich people In Seattle who can
increase their rents, and years VIII elapSe
before this condition will greatly change.
We must have some few years OF prosper
Gus business before the prices OF rents anu
property increase. as they depend only
upon prosperity. Paved streets DO not
necessarily mean prosperity, and however
it may be in the rich Eastern cities. where
wealth has been long accommodating. II IL
not even an evidence Of wealth In new
Western town. ~. for instance. witness
our ne!ghboring city. Let us avoid her ex-
ample. And II II equally absurd TO cite
the example OF Washington city. ~ was
done. for the conditions are entirely diner
ent.
Would it be an advantage to the city at
lareee 81
Desirable as such Improvements are. It
would undoubtedly be more disastrous to
this city than fire or tornado. 1t would
take about half million dollars to make
these improvements. The bonds would be
held by Eastern capitalists. and every dol
lar Of this vast sum would be drained
and dribbled out OF the city and lessen the
spending money OF the people. This money,
kept at home during the ten years. would
make at least SIS. 100000 worth Of business
by circulating in our stores and shops and
for labor. To keep this money at home
VIII bring prosperity and comfort, will
make business and increase our population
during the next ten years, even though our
streets should not be asphalted. During
ten years this half million OF money would
be the nimble penny Of trade. II We Drain
Il out and have to send It East to pay
for asphalt pavements, we must do with
out the prosperity that the money used at
home would have given US; and most like
ly at the end of ten years we should not
have this advantage, nor our money, nor
asphalt pavements either-they would
probably have worn out.
Let US honestly admit that we cannot
afford such extravaganza. The cost per
lot is absurd-out OF proportion to the
means OF all classes. even the richest. We
have quite enough to do that IL necessary
and imperative: and let US all keep out Of
debt. Going headlong into debt Is the
curse Of Western towns. Fortunately, We
do not need to boom Seattle with humbug
and lying and sham assets. Let Us keep
up the Seattle spirit more than ever be-
fore by enlarging our trade. commerce and
manufactures; but lei us not commit the
fatal folly Of increasing our already large
Indebtedness, public and Individual BY
pursuing this course, Seattle will be the
finest city Of the West and will soon d.s-
lance every city on the Pacific coast. Let
every Seattle man be resoiute on this SUBJ
3ect. Let us have no booming. no shams.
but let us all be honest and keep out Of
debt.
This matter Of debt ie so important, that
II has engaged the attention OF good bust
ness men who are In no manner interested
In this district Many OF them think II
could injure the city more. In the long
run. than 1t would benefit II. and that this
improvement II premature. They think
that what In needed IL to keep out OF debt.
TO make the whole city prosperous. TO make
some money before We spend II. and then
to manage to keep our money At home.
On the other hand there il a class who
advocate this gigantic extravaxance. and.
like chronic boomers. disregard all real
facts and all experience. They will claim
that II will double values at once, ana
double rents. advertise thu city, etc. But
we know this TO be untrue for a boom never