The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1901-03-22
DEBT REDUCED $4,000
Republicans Had a Hand in This
Accomplishment.
The Annual Interest saving is $685.
and the City is $4,000 Better Off
Than Two Years Ago.

The sinking fund commission at it's
meeting Friday afternoon decided
to pay off all of the remaining eight
per cent notes outstanding against the
city. These amount to S1,720. 1t
also decided to take up $500 of seven
per cent notes, making total reduc-
ton of 81, 220, and grand total dur
ing the present administration of S21,-
SIS. This reduces the floating indebt-
edness of the city to $685. 90S.
There is 81, 100 in the bills payable
fund that the council can apply to debt
reduction, aside from what was in the
sinking fund, and if it does this to-
night the total reduction of the float
ing debt will be $22, 975 in two years.
This will reduce the debt to $34, 74S,
or only about three-ff what it was
two years ago. If the good business
policy of the present administration is
continued for another two or three
years the entire floating Indebtedness
will be wiped out and the city would
be in a position to reduce the tax levy
and thus lower the high taxes which
the residents of Mankato are paying.
The reduction of the floating debt
which has been accomplished during
the past two years has reduced the an
nual expenditure for interest by about
81, 700 But this is not the only saw
ing in interest that has been accom-
plished during these two years of good
business management on the part of
the mayor and council, supported by a
healthy public opinion. There has
been S15, 900 of waterworks bonds that
bore seven per cent interest refunded
at three and half per cent, thus saw
mig the city $515 annually. There has
been IS, 900 of bridge bonds that bore
seven per cent interest refunded at
three and a half per cent, thus saving
the city $3.50 annually. There has been
S12, 900 of waterw orks bonds that bore
six per cent interest refunded at four
per cent, thus saving the city $240 an
nually. This makes total saving in
interest of 50. 1876 annually, not to
count the saving that will result from
the taking Up of notes by the council
tonight.
Besides reducing the floating debt |
about $23, 600, there is $4, 600 laid aside
in the treasury to pay for the library
site. At the beginning of the fiscal
year two years ago there was less than
two dollars in the treasury. At the |
close of the present fiscal year the city
will be about $50, 900 better off than it |
was two years ago. At the same time
there have been more water mains |
laid than for years previous, |
more new sidewalks laid than ever be- |
fore, all the sewers laid that have been |
asked for by majority of the pro-
perty owners, and various streets |
graded, storm sewers and culverts laid, |
etc. The work necessitated by the big |
storm in June of year before last en-
tailed an expenditure of about So, 900. |
The Republicans should be given |
due credit for their share in the SPLEEN
did showing of the past two years 1t
took good business management to
keep up the improvements and pay off |
so much of the floating debt. Waste
full expenditures were stopped, men
whose services were not needed were
dispensed with and in various ways |
expenses were kept down and the in
come was increased somewhat. With
out detracting from the credit due to
Mayor Currier or the Democratic alder
men, it can be said that Aid Meyer
took leading part. AS chairman of |
the committee on claims and accoun is
he was instrumental in saving the city
a great deal of money. AS a member
of the street committee, he did excel
lent service. 1t was ne who started the |
system of checking up the city officials
twice year. In the council proceed |
ings he has always taken leading
part, and his sound business Judgment
has had weight.
Republican aldermen have almost al