The record-union., 1899-01-17


the taxpayers about $4,000 Further,
our tax levy, at present. is the high
rate OF 81 O4, upon the hundred. BY re-
tiring these. bonds OF 1883 there will
be no necessity this fall of levying the
30 per cent. soslong levied on our citi-
zens to pay off eur bonded Indebtedness
# we had not retired these bonds, we
would again this year be obliged to fix
our tax rate at $2.O4, whereas, now, I
confidently assert, it win not be over
$1.5O, a very material and long-wished
for reduction to our oppressed people
Since assuming the position OF Mayor
have devoted most of my time and
such ability as possess honestly to the
conduct of the affairs of this munich
pality. Financially, the position mas
been detriment to me, as I have SUI
fered more in nay individual business
than two fold the salary of the office.
But I feel a pride in the city, and cared
nothing for the individual loss or IN
convenience, so that the. city and my
fellow townsrnen could by my admin
istration, be benefited, have, at all
times conducted the business of the
city upon the same business principles
that actuate me in the carrying on
my own, and will continue for the re-
mainder of my term to do the same.
L freely state that it is my opinion
that the suit now pending cannot be
won, and the city's case is hopeless.
The city has been in litigation for six
teen years, and it has resulted in de-
mic Il nici
rality; in fact, We. have lost almost
every material point contended for. 1t
is time to cry a halt, now that we are
virtually out of debt, and clear the
small balance remaining away. The
city has been muleted and it's taxpay-
erS burdened with an enormous and OPP
pressive tax rate long enough. l be-
lieve that the interest of our city de-
mandedi immediate action and did what
any business man having regard for
the city's welfare should have done.
am one of the largest tax payers in
this city; all that I have was earned
and is still situate here. l am affected
by the tax rate, and it is strange that
should be accused of bad faith and
my motives impugned in this matter.
However, permit me to- say that, mas.
much as your honorable body has re-
newed the contract with Messrs. Bishop
& Wheeler, I very respectfully urge
you to request them to proceed with
and hasten the case of Bates VS.. Frost.
to an early decision, confident that the
decision of Judge Hughes will be af-
firmed, the wisdom of my course dem.
onstrated and the people afforded an
ns,n To %, ho,, Of
the Righteousness of my action. real
lied that the only way to wipe out the
old debt, and obviate the necessity of
levying the 90 per cent. for the sinking
and interestfund causing another high
tax rate this year, was to retire these
bonds, and I did so, and would do so
again tomorrow, if necessary. My only
regret is that there was not enough
money to pay off the balance of the
1883 bondsf at this time. / offered some
time ago to advance to the city, with
out interest. $4,000, which, if accepted,
with the cash and securities then on
hand, would have rendered unnecessary
the tax rate of S2.04 levied and collect
ed during the past year.
I notice that Senator Earl of the firm
of Bishop & Wheeler stated that 1.-The
subject matter of thei litigation had dis
appeared" This is not true; there still
remains about $44 600 of 1888 bonds.
with about S29, 600 interest due there
on, unpaid; besides, the legal questions
involved in Bates VS.. Frost can be de-
termined upon the bond in issue in that
case, and if the action should be won
by the city, Messrs. Bishop & Wheeler
will have earned and be entitled to
their large contingent fee
The fact of the matter is that Bishop
& Wheeler, realizing the hopelessness of
the city's case prefer to take 81, 600 as
SO much money found and quit, rather
than expend time and labor upon a
fruitless appeal to the Supreme Court,
city, and thereby precluding them un-
der their contract from receiving any
whatever. Very respect
fully. WILLIAM LAND,
Mayor.
Devine moved that the message be
received and placed on file. He then
handed Clerk Desmond a statement
from him to be read, as follows:
The Funded Debt Commissioners
sold $4,000 worth of the levee bonds
to secure funds with which to purchase
the outlawed bonds Of 1888, with ac-
cumulated interest thereon of 60 per
cent, in the face of the fact that the
bondholders We're willing to sell all the
bonds they possessed of the '5S bond
scheme, except the bonds of 1903, for
92 per cent. of their face value, and
give the city half the total amount of
interest during the time of refunding,
which was earnestly debated in 1894
and 1895, and which opposed for the
reason that 1 knew very we'll we would
be out of debt in 1899 and have over
100000 with which to take up later
bonds"
He said that in 1894 and 1895 the
bondholders proposed to sell the bonds
at 92 cents. and later proposed to throw
off such amount as to save the city
S230,000 The Mayor wanted to refund.
Would it be good policy to pay $64O, 900
and put off their payment for forty
years? The Mayor, he claimed, had not