The Providence news. (Providence [R.I.]) 1891-1906, 1901-01-07
THE MAYORS MESSAGE.
Gentlemen of the City Council:

The MAYORS MESSAGE.
Gentlemen OF the City Councils:
II has become the duty OF the mayor TO
present to you at the first meeting OF
the council some statement of the pres
ent condition of the municipality togeth-
or with such suggestions as he may care
20 make as TO the future administration
OF the city. / should be untrue to myself
If did not express at this time my deep
appreciation OF the confidence shown me
after eleven years service I'm the city gov
ernment. by majority of the voters OF
Providence in placing me in this office.
am fully aware that / could not have
been elected without the support at the
polls OF several thousand voters belonging
To another political party than that OF
which have been a member. and in taxi
Ing this office today l assume II as the
representative OF men of all parties In
this city. To them and TO all the citizens
OF Providence l pledge. so far as within
me lies. a careful. painstaking and firm
administration: from them i ask an In
creasing interest In civic Affairs that
may have their intelligent criticism, ad-
vice, and support From you, gentlemen,
i shall expect that cooperation, without
which II will be difficult TO efficiently per-
form the duties laid upon me by tho
charter. To you belong the Legislative. to
me the executive functions or the govern
ment. Ii is not my intention to encroach
upon your field
IL is not I'm my opinion necessary for me
10 give you extended quotations from the
reports OF the several heads of depart
- I'D
day, and from them you can obtain a de-
tailed account OF the administration OF
the various departments during the past
year. | ask. however, attention 20. certain
conditions OF the city at the present time
FINANCES.
II is a matter of satisfaction that the
city has been able to maintain the sale
OF its ..onds at the highest price paid for
municipal securities not exempt from tax
alton. Under authority of tne city coun-
ell, az city treasurer. 1 sold In April. 1900.
$3,26G,000 three per cent thirty-year bonds
at par and 13 This enabled the city to
pay the A.0oO.000 water bonds. bearing five
and six per cent at maturity July /. 1900.
and effected saving I'm our annual ap-
propriation for interest OF sl2S,220. The
high standard OF our city bonds Is largely
due to the position taken in 1891 OF maxi
ing all our bonds payable In gold. At
various times during my administration
as city treasurer gold has been demand
ed by holders of the bonds in payment OF
interest. and such demands were invaria-
bly, met. although on at least ons occa-
sion gold was at a premium. IL is 10 be
hoped that early action will be taken by
congress to place beyond possible doubt
the currency system of the United States
upon gold basis.
While IL is gratifying to be able to bor-
-.
such ability is not without its danger OF
too frequent Indulgence. That the city
should not borrow for current expenses
nor for n length OF time which exceeds
the life of the object for the construction
OF which the loan Is created, are trite say
ings which you have repeatedly heard,
but which are today as true as ever. and
the repetition OF which may he OF service
So far as Is In my power l shall endea-
vor 10 see that these rules are observed
during the coming year.
The net debt of the city has slightly de-
creased during the fiscal year, being S0sh
September. 1900, A4lS3, ,60lS1. as against
$4,35I,6l2.so 3Oth September. 1899
AS these figures are not exactly those
of the city auditor In his report. desire
10 explain the difference and to make
suggestion i'm connection Herewith
ON page 1G OF the city auditors report
you will find the net debt given as Sll..
15s.S56.6O, which is y2i.7i52l less than the
statement ] have given, taken from the
trcasurer's books. OF this amount. 5000 is
the balance of the water bonds due July
l. 1900, outstanding at the end OF the fiscal
year and si9.745.2l is the amount To the
credit OF the committee on city debt. While
this committee has the power To use
funds standing TO its credit for the pay
ment of any portion of the city debt. yet
the city council can by ordinance transfer
such sums from the credit OF said com
mittee to any appropriation. II Is there
fore not certain that the amount at any
time standing to the credit OF the commit
tee will ever be used 20 pay the outstand-
ing Indebtedness of the city. In past years
very large sums OF money received from
the sale OF lands have been transferred
from the committee on city debt TO pay
current expenses. The committee on city
debt has placed 10 Its credit OsD the
balances remaining in the treasury fr,m
general appropriations unless carried cor
ward by the annual appropria ton resolu-
tion; I'd. all taxes paid after the end of
the fiscal year I'm which they become due;
Cd, all cash receipts for the sale OF land
or buildings owned by the city. with GER
tain exceptions. and 4th, all receipts on
account OF the principal OF any bond or
note owned by the city.
IL will he seen that the above sources
constitute two distinct classes: The nrst
and second being from the ordinary reve-
nue. OF the city, the third being from the
sale Of permanent assets OF the city, while
the fourth might belong TO either. IL Is
evident that ~ is contrary TO the simplest
rules OF municipal finance 10 use for cur
rent expenses proceeds from the sale OF
land: such proceeds should be used alone
for the payment OF permanent additions
20 the citys assets. while on the other
hand there would seem 10 be no goo0 rea-
son why money saved from one year. and
taxes collected after the expiration Of Lae
year I'm which they became due should
not be used 90 lessen the burdens OF the
following year and added Co contingen-
cics therefore recommend that the ]
committee on city debt be abolished that
nm act OF the legislature be secured d-
recting that all cash receipts from the
sale OF land or buildings be transferred 20
the commissioners OF sinking funds for
the payment OF the city debt. that all bal
anccS ~ appropriations aud receipts FOR
taxes after The ycar in whirh The same