The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1900-11-01

redeemed, as there will be no money to
and our supreme court has held that both
warrants and bends must be considered
in arriving at the limit of Indebtedness.
1t was therefore necessary to submit the
question in the manner stated in order to
make the bonds valid. Another matter
that should be considered is that while
the bonds are nominally 20-year bonds,
yet the statute under which these and
all other bonds outstanding are issued,
provides that "Ten years before said
bonds shall become due, the county COM
missioners Of the county issuing them
are hereby authorized and required an
nuallv to levy tax sufficient to liqui-
date the said bonds at maturity. Said
tax shall be collected and kept as sepa.
rate fund for the sole purpose of liquidat-
ting said bonds in accordance with the
following section" That section pro-
vides that whenever $4,000 is in said fund
the treasurer shall call in bonds num-
bered from upward, and interest shall
cease in 80 days. 1t will be seen from
this that Is years is the average length
OF time for which the indebtedess is in.
Cured.
As to the ability of the county to pay
Its indebtedness in shorter time, have
this to say. During the past ten years
the county has not levied sufficient taxes
to pay it's running expenses by $65, 900,
and even for the past six years 1t has
simply held it's own. It is true that q
large number of warrants have been
called since Janury LIST, 1899, but this is
due to the fact that large amount of
delinquent taxes have been collected and
applied to their payment. Some idea of
the amount so collected may be had from
the fact that during the last fisca, year
the amount Of delinquent taxes has been
reduced $4,000, and there is now ap-
plicable to the old warrants less than
$15 900. which includes all the worthless
personal property taxes aud several thou
sand dollars on real estate that can never
be collected. If the county does not is
sue the bonds, the warrant holders will
not wait more than five years. II the
old warrant Indebtedness is paid within
that time it means that $62, 500 in war
rants, $4,000 more in interest, and
$37, 800 in bonds are paid off within the
next five years Gas under the law half of
the 1892 issue must be paid during the
next five years., or $4,000 in all. The
quetion then is, does the county wish to
pay off $4,000 of its Indebtedness dur
ing the next five years, or would it prefer
to take more time to it and leave the
money with the taxpayers and pay per
cent interest? As a matter of fact the
rate OF interest will be much less, as large
savings in interest will take place during
the time the per cent warrants are out
standing. If the voters think the tax
rate for the past six years has averaged
mills too low, and that we ought to get
out of debt faster than we have during
that period, then the task of the county
commissioners will be easy; but if any
of them thinks that his money is worth
more to him than less than per cent
and does not wish to pay out all his
profits in taxes, then he should vote for
bonds. There are many other consider
ations that should influence the voter
There has not been single case in this
state including the Pressey shorta *
where public funds have been embez-
zled that it has not been done through
warrants running for several years.
JOHN j. RuDKM.