The daily journal. (Salem, Or.) 1899-1903, 1901-08-26
EDITORAL

Editorial
The finance committeeoi OF the Portland
charter commission has bounced its
brains about the tax limit proposition
and has raised the limit, as they say in
the poker game. So in that game Of
city politics all the astute municipal
finanelers have brought forth is more
power TO tax, more power 10 take for
public purposes from the many and
transfer 10 the few. The limit in the
Portland game heretofore has been 6h
mills for city purposes and 2Ik for in
terest. That made mills. Under tho
proposed charter the limit for city
purposes is TO be mills and 2Ik mills
for interest, AT present in making a
levy and appropriation the council 10
bound not TO exceed the estimate made
by the city revenue officer. Under the
new charter they are not bound TO any
estimate. This is clear gain for official
ism aud for the transfer Of millions from
the pockets Of the gullible voter TO the
pockets Of their very smooth lords and
masters In city pOlitics, the lawyers and
bankers. The bonding clause contains
two Inconsistent propositions for re-
funding the city debt at four percent.
The bonds shall be sold "only" 10 the
highest bidder "but preference in the
sale and allotment shall be given
bidders residing in the city Of Portland
and subscribing for the smallest
amounts." That's In the interest Of the
"widdys and kids Of the poor, because
the banker "only" can offer the highest
bid. and as they can ''onlyp be sold TO
the highest bidder nobody will get any
Of them but the Portland bankers. Az
this report IL made by a committee Of
bankers they will Of course correct thiI
manifest Inconsistency aud make clear
their intention Of letting the common
herd have a chance 10 become
stockholders In their own com.
munity At fair and Hat price
Selling bonds 10 the highest
bidder is an old game that is fraud OF
the face Of Il, because II the bonds ar'
really worth premium to everybody
they are bearing too high q rate Of In
terest. II they are only woIth premium
10 select class Of people II is a suspiei
ous monopoly that should be destroyed
Itwould seem that 10 80 plain matte
as owning the debt Of the community |
would be better 10 have the largest mum
her possible interested, who would the
be interested in good government, tha
70 have the sale Of city securities cor
rallied by one man, even though II wer
20 good man az W. NJ. I.Add. AZ
matter oiiaet, the wisdom Of the Ayeras
banker hasnot been = protection againl
high taxes and bad hnAneiering. Ba
iinanciering means big Indebtedness an
high rates Of interest and tho more n
pid transfer OF pablo wealth 10 Il
hands Of our dnanoial lords and master
for In reality we have in thiseountry Il
three estates as In England, the Con
mons 1.-THE polIticiansl the Lords Ten
poral 1.-THE lawyer) aud the Lords spirl
uAl (the Finnneiera. } rhese are the ~
ing powers iu public, aftairs and il
only ON rare occasions, that tho plal
people get = whack At anything but
step up 70 the captains desk and p.
the bills
a = .
n there Is any dlffcreaes hetween
hoidlng 10 tfsin aod going through
he 1eposliofa. oar aamlfaii0n leans
loWart sac trsin,pthsn
Q eo
Rev. Frank r. Coulter, young preael
g has iekaa iemporarily tbepulpit
Canssnpasy church - Portland. whel
Ae lsss R1. q. washInsion Clue VI
neeuneaasd y dlsh up religious canns