Evening journal., 1899-01-28

erect new crematory. $4,000, a total
of 100000. OF a total bond
ed indebtedness OF s2.475,1oO. There
WAS paid during the same period on
account OF loan No. 25, water. 100000,
No. 90. water. 5000; No. % water,
$4,000. No. 30, schools. SS0OOoi No.
So water. $4,000, and the sinking
fund loan Of S1s4,550. a total ol
$4O9 $50. This lcd the total hondeu
indebtedness on July !, 1898, 5000
$50. This aggregate is divided as fol
lows: Balance on loan No. 25, water,
500 100; balance on loan No. 26, water
S4S,O00 balance on loan No. %,
schools, $4,000; balance on loan No.
29, funding floating debit, $4,000; bal
ance on loan No. 81, water. 100000,
balance on loan No. %, water. $4,000,
whole amount of loan No. 33, parke,
$3.50. 600: whole amount of loan No. "a,
to erect q NEW crematory, $4,000; bal
ance Of sinking fund loans, S1,572,550,
total, s2,065 $50.
Separated as to the purposes for
which the several .oans were made the
above 81, ,O65 $50 Of indebtedness is di-
yided as follows: Funding floating
debt, $40, 900; funding floating debt ana
opening streets, 100000; streets ana
sewers, 81 ,OO5, ,OOO;parks, S225 5OOO;water,
s544,l5O schools, $4,000; city hos
pital. Sl7,5OO; cremntory $4,000.
From July 1, 1883, to June 80, 1885,
the Water Department. paid to City
Council out Of its surplus earnings,
siOS, ,O27 AS, and on account Of loan No.
so, $4,000 The total payments by
the Water Department were $42S,
O274S, and the amouns Of bonds Of ali
kinds redeemed. s409,55O.
Now we propose to show to the
members OF the General Assembly, ana
to the waterconsumers by a careful and
lcritical analysis, that this statement
discloseB a system OF fnanciering on
the part OF both the Board OF Water
Commissioners and OF City Council
which is as rotten as a cesspool.
II legislator or water consumer
win select from the list Of loans
the twelve which were isgued for the
benefit OF the Water Department he
will find that they aggregate $677, 900.
n he will take the S,O27.4S, watei
surplus, which, City Treasurer Curry
informs Senator PYLE has been pait
to City Council by the Board Of Watei
Commissioners, and add to it the $780,
600 surplus, round figures, which th'
I Board Of Water Commissioners hal
just paid over to City Council for gen
eral parposes, he will find that thu
aggregate is 5O4,0274S.
II he will subtract s504, ,O274S, IN
water surplus paid, from $677,OOO, tn
total amount OF al water bonds issued
d he will find that the water consumer
have not only maintained the depart
a ment, but also paid enough surplus Il
redeem all but S173. .972.52 OF the waite
bonds
II he will go to the statement O
< the present bonded indebtedness Of th
city. rs supplied by City Treasure
= Curry. he Will find that $54415O OF tn
$677 900 worth Of water bonds still
remain unpaid. although the waite
consumers have contributed. in tn
. shape OF surplus, within S17S,972.52 C
enough money TO redeem every bon
' issued In their behalf.
Now subtract s17S,97252 from S54l
4 l50 and ascertain what amount OF tn
water consumers money has been mis-
applied You will find that S370,147.4
> which should have been used TO rC
deem water bonds, has been used "a
other purposes. or at least an OF IL el
e cepting legitimate interest charge
- against water loans honestly and j,
=" gitimate.v redeemed. and not kept O
p the books while cther bonds, foreig
: 10 the Water Department., were beln
redeemed with the money Of tt
water consumers.
Here we have 81. Nearly S370147.a
!, Of the water consumers money hs
p, been spent for general purposes an
4 after payments OF S5Oi 0274S have bee
a made on s677OOO Ct bonded indebte,
q, ness we find the Indebtedness remain
n, at S544,150 when it should be b.
:. $i7S,972.52. the interest items not b.
no ing taken into consideration. becaus
= under such a rotten financial syster
~ the. water consumers have been payir
=, interest on between SSOO,OOO and SlOC
n 600 worth Of bonds which should hal
n. been redeemed, from year to year,
~ they matured.
We make no distinction between u
" several Boards Of Water Commission
10 ers and the several CFty Council
II which have been engaged in this woi
% during the past decade. They a
ts equally cuipable in the work Of nc