Daily capital journal. (Salem, Or.) 1896-1899, 1899-01-04

warrants. IL would also be saving ia
interest, as follows: We are now pay
ing per cent. on the face value OF
these warrants, amounting to $685.
243 so, the interest being $5,059,5l per
year, whereas by funding these war
rants, including the accrued interest
to December II, 1898, amounting In
all to S7S, ,645,23, at per cent, the in-
terest would be $3,932.26 a saving
thereby OF Sl,l27 25 per year in in
terest. This would also give our own
people Of all classes an opportunity TO
invest their savings, large or small, In
good securities.
The city warrants at per cent,
even with a question OF legality, are
much sought after, and we see no rea-
son when the legality question is set
tied, and the city's Income made ade-
quate TO its expenses, why its war
rants will not be negotiable at 8 per
cent, aud to futher solidify these war
rants, and as evidence Of good faith
on our part, | suggest that provision
be made In the new charter that, be-
ginning with the year 1900, at the
discretion of the council, special levy
three lis nc ml1s for the pay
ment OF these warrants ouly.
"There are two ways OF liqudatlng
Indebtedness. One is by honestly pay
Ing and the other Is by reputation.
trust that there Is not a taxpay er
In our city who would for a
momeCt entertain the repndiation OF
our debts. l, therefore, suggest that
we have our charter so amended as TO
bring into use sources of revenue now
dormant, that our annual income may
be increased TO the highest point pos
slble without being an unjust burden
on any OF our citizens; aud that our
current expenses be adjusted to the
lowest possible limit, so as not TO
cripple the efficiency OF any OF the
city's departments, Then If there Is
no balance to apply on this old debt
the application OF the three mill levy
would be apparent.
much as l regret TO suggest an
additional levy, deem IL the best so
luton Of the payment OF this float
ing debt.
"The consummation OF these sug-
gestions and amendments TO our char
ter l realize will largely depend on
the patriotism and cooperation OF our
citizens. If they come 10 your aid,
and these provisions be made and
these lines followed for a few years,
am confident that this burden OF debt
Will be so reduced as not to be men
ace TO the welfare OF our city, but II
they withhold their cooperation
your usefulness will be greatly him
dered in the adjustment OF tue status
OF our financial affairs.
"With the dawn OF an era OF pros
perlty now approaching, suggest II as
an opportune time To consider the ex-
tendins OF our city limits.
"Salem, surrounded by a rich and
fertile soil, being the hop aud fruit
center OF the Willamette valley, aud
the capital OF the state, hundreds Of
Of dollars are annually dis
tributed In our midst. | know ~ no
reason why we should not throw of
the discOuragements that have hung
over us the past few years, aud avail
ourselves OF these advantages 70 put
ourselves Ia line with the general de-
aud uphOlding Of our pOr-
tlon OF this Northwest. The taxpay-
ers OF the state OF Oregon, whose money
Is paid out here have right TO de-
mand that the citizens OF the state
capital shall, at least, keep pace with
other portions OF the state.
ALREADY we hear rumblings OF NOV
ing the state fair, and without posing
before you as an alarmist, we might
say that Ia another decade oT so IL Is
possible that we may hear rumblings
VI ulbl iuR Olucl hldIc luslllublohSt
that will not be harmonious N our
ears. The responsibility OF the future
Of,our city rests as much On the su.
burban residents as those who re-
side within the corporate limits. A
on their part, that while
they are enjoying the luxuries OF
fairly good streets aud sidewalk, and
as we'll lighted city as there Is in
Oregon, 10 share our burdens will
greatly accelerate our upbuildinR. /
suggest that the chamber Of COM
merce take this matter 10 hand with
the proper spirit. This Organization
Is we'll equipped. and h composed OF
business men and taxpayers, and well
prepared TO undertake the matter OF
extension Of our city limits, and l be
lieYe n asked would do 80.
"One special feature Ia the new
charter will be the providing OF an oc-
Concluded on fourth page.