The Portland daily press., 1900-01-22

sion. I win Join with you In greeting and
welcoming them and also TO express the
earnest hope that the present relations
Of business with them may never suifsr
from Interruption, bet 20 on TO the oom-
(AppIauss.) regret that l am not pre-
pared this evening TO deliver what my
Newspaper friends might term set adj
dress. In the discharge OF my duties as
your servant attended a recent meeting
Of the city government 70 attend to me
Sss n the %.s sso % Vi
lasted until midnight. did NOS feel In.
olined the next mcrniug 10 devots myseii
to the preparation Of n speech. but called
upon the city treasurer for some facts
and figures which I might present to you
this evening. Unfortunately found that
that gentleman was confined 70 the
rarest Of good fortune that am able to
present for your consideration some fig
ures pertaining 10 the city's financial
"Ths people OF Portland are we'll intsn-
toned, but they are not we'll informed
ernment OF thu city's financial condition.
So far AZ concerns the oity's financial
condition, can report . stsady progress
In the right direction and In the main
q municipal naturalization conducted
on broad lines, sound and we'll approved
ny preceding administrations, BY the sn-
nsxation Of Desring the valuation Of the
oity Of Portland was Increased 70 So.
aIb, $50. Our polls are now 1902 The
total valuation In 1899 was e34. 620. 335,
and our polls we're 9.3ia
"The appropriations last year whom
compared with those OF 1ss9.90
show that the city expends sa7; coo
more now than 10 did ten years ago. The
one million dollars. There has BEEN
added to the valuation and expenditures
by the annexation Of Dsering an average
OF 10 per cent
tour gross debt on March s1st last was
%, 9eS, 0SS IS. Deering brought to us .
bondeo debt Of sol. $50, while the bond
The total bonded dspt 10 now 81, 1851. 80,
and the net debt OF Portland IL 81, 49,, :
$40 %. In lf02 the city has the option Of
taking mp $751;, 900 Of per cent bonds.
The city will be able TO pay cash TO the
amount Of 600. GOD for this Indebtedness.
taking the amount from the sinking
O20. 81, and will to increased BY 81. 669. :
80 this year. The state Of the money
market will determine whether or not IL
will be good policy TO take up all OF ths
4 per cent bonds and refund them ct q
lower rate. In 1907 debt OF q. 200, 900
win mature and this Is bearing intei est
fund has In trust 90, shares Of the
Portland and Oadsnsburg stock with
par value 1t sl00 and quoted in the mar
ket at $50 per share. This will allow rs
to wiIe that entire debt out, with the
exception Of t3I,945 (Applause.l
"1hat stock Is placed, am pleased to
state, where u cannot be diverted from
nal II ~ AnnnaIIV = dtUfdnnd
OF J per cent. rate Of per cent on the
market value OF the stock. which affords
nearly enough interest to care for the
interest payable upon the bonds.
On March !, 1877. the city negotiat ed
its last loan. Il was to Ply interest On
Portland sSas: ': sns osa.n.D aa 9 a'
It has borrowed no money sincs
except in rsfunding operations.
Each year now the oity pays Its cur
rent expenses, the interest on the debts
OF the past and lays by something for the
future. Our credit IL excellent. The
o.ty's loan of $3.50 coo Of 1897 at per
cent, was sold at such q rate that 1t pays
one bank which holds 1t hut per cent
on the investment.
Not over one and oue-half psr cent Of
our taxes assessed In previous years re-
mains unooilccted and ON the present as
sessm emit not over Is per cent remains
upalos ~ 40 ealo tnat ~ - tao RoAASI
Of TIE city to pay as 10 goes. Well, ii
this 10 SO. have only to tay that IL IL
making q virtue of necessity. Its policy
10 compulsory. And now gentlemen I am
coming to that portion Of my talk which
l hope the gentlemen present win follow
carefully.
In order to save over confident COM
munities from self destruction constitu-
tional amendment limiting municipal
indebtedness was adopted In 1877 by
constitutional amendment. There it 10,
the organic law Of the state, safe from the
assault of any town or city government.
1t provides that the debt OF town
or city shall not excead five per cent OF
Its valuation with the exception that 1t
can contract loan temporarily to be paid
out OF that years taxes. In consequence
Portland is prohibited from increasing
It's permanent debt. Today Portland
has no floating debt and 1t can't make
one to extend beyond March 3lst next.
AZ result ever y dollar that is voted out
must be collected In taxes Of thar year
People come into my Office to demand
that certain things be done and orders
are introduced In the oity council for the
same purpose but the persons who do
this are not aware that there II NO way
in which tn, city can take care Of any ad-
ditionai expenditures. Men have no idea
how these demands are pressed on men
In the city government who cannot ac-
oede to them becauss they have not the
cash In the city treasury to fall back up
on. Men who haven't been In the city
government have no idea how trying the
situation IL TO men who desire to do their
duty and to man who tries TO do his
duty, one year In the city government,
under such conditions. is as rule
enough. / appeal to you as hard headed
business men to stand back Of him who
is wfthstanding thse demands. II means
either to increase the taxes, the fooling
with the city's books, or q dishonest
official to acosde to them under these con-
ditlons. / do not minoe matters In
speaking on this subject aud don't care
who 1t hits. These are the facts.
We have SO miles OF streets Of which ~
miles have sewers and IL are without
50 wers. You may wonder why 10 10 that
the demands 60 on Tor public improve
ments. The city government can't keep
pace with these demands. Now you I'M
derstand why IL Is impossible to do IL. II
you are ready to submit to tax Of $50 or
t35 on thousand you can have all you