Daily capital journal. (Salem, Or.) 1896-1899, 1899-01-04
MNYOR'S MESSAGE
He Makes a Comprehensive Flnan-
ciaI Statement.
Advocates Refunding the Floating In.
debtebness Into Five Per
Cent. Warrants.


1.-THE bonded Indebtedness of the
city Of Salem is as follows:
"SeweT bonds, issued Dec. l.
1889, 20 years, per cent. $ $4,000 90
"Bridge bonds, Oct. 1. 1886
20 years, per cent. .... 10000 90
bridge bonds, Oct, 8, 1890
20 years, per cent. 10000 %
"Funding bonds, Nov. 2
1892, 20years, 8 per cent. 10000 90
"Fundi1g bonds. Jan l,
1894, 20 years, per cent. 10000 90
"Street improvement, jan,
|, 1895, 10 years. per celt 6,l0l 90
"Total .. go. ..... Sl55, l84 so
"As TO the street improvement
bonds, amounting to S6,lSl50, the
city has lien on the abutting prop
erty for the repayment of same with
interest, leaving the net boLded
Indebtedness sl49,000
"The floating indebtedness is as
follows:
"General furd warrants. .. . S5l ,56l 70
"Accrued interest on same
10 Dec. II, 1898. .......... 1860 90
Building fund warrants. 1852 IA
Accrued interest on same
to Dec. II, 1898. ........... 4,725 80
"Floating Indebtedness $7S,644 %
"Total bonded and floating lidbil-
tiles, less street imp ovement bonds,
S227, ,045 90.
"The bonded p rtion OF this indebt-
edness we can, like our predecessors,
cheerfully bequeath to our successors
In office, to make provision for as con-
dltions and opportunities present
themselves When they become due.
"But this floating Indebtedness OF
S7S, ,645.23 can not be so easily set
aside, and there seems almost an i'm
peIatlve demand from the taxpayers
that you make some disposition Of IL
looking tU It's payment.
"If the city was not already bonded
fully adequate TO the demands OF all
well-governed cities OF equal size your
mayor would suggest the bonding OF
the debt on such terms as might be
thought best as solution Of this MAJ
ter.
"But, after much and careful con.
Of this Important subject,
we refrain from suggesting the bond
log OF this debt, the leaving OF Si49,
600, the present I bonded debt, for our
children and children's children TO
provide for, is, we think, as much of a
legacy 10 the way OF Indebtedness as
they will appreciate.
"Again, in bondih x, say at the rat
OF per cent. per annum, interest
payable senlaDnually, we at once
create a fixed expense Of S3,0i5.S0
that must be provided for 10 our an-
nual expense bill, aud at the expir-
alton OF twenty-five years we will
have paid iL Interest on this in
debtedness, not including the interest
On The semi-annual payments, the
sum Of s76, 1900, and still be owing
the original S7S, ,645.23.
"A provision will probably be made
at the coming session Of the legis-
lature, Ia our new charter giving you
the authority 10 call in outstanding
warrants, and issue In lieu thereof
new warrants, Ia such amounts and
At such rates OF intrest as may be Of
fered you, at not TO exceed o per cent.
per annum.
lit is presumed, aud l am assured,
that with the abundance OF Idle
money now on hand that these old
warrants can be reloaned at o percent
per annum.
Another feature favorable TO this
is, by the action Of the
1t would legallze the whole
AMOUNT of this floating Indebtedness,
md would put stop TO the question
II the legality CT this over'issue OF