The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-11-10
FOR POLITICAL EFFECT.
City Council Made Economy Rec
ord Which Now Bears Fruit.

City Treasurer Hale states that there
is an interest bill of 81, 026. q coming
due in December and that the city has
only $4,000 in the interest fund to meet
the payment. The result win be a de-
felt of $500 with which to start off
the new year.
No one is to blame for this condition
/ except the niggardly policy of the city
council in years past. It has scrimped
and scrimped on the interest fund SO
that the tax levy was mills. Since
| then the city has issued $4,000 worth OF
/ city hall bonds and 500 900 worth of
Santa F'e shop bonds, and instead of in
creasing the levy to meet the increased
| interest charge, it was actually reduced
to liz mills during Hughes admins
tration. For 1904 it was dragged up to
| 2 mills again. II should be ~ mills TO
meet the $22, O52.44 annual charge and
pay up the deficit of $500.
In the year 1908, the city actually re-
ceived for the interest fund S19.917e20,
and as the amount to be paid was $Z2,-
052.44, the deficit for the year 1903 is ex-
actly 50, 1924. The rest of the $500 is
a heritage from previous years.
! What will the city do? Probably do
what it has done for the past nve Yeas Is
in a similar crisis namely: appropriate
enough from next years taxes TO pay
| this years interest.
/ A levy of 1 mill is supposed to raise
about $1,000. AS matter of actual
experience it brings in not quite SlOOoo.
The other 81 coo is delinquent taxes
which is swallowed up in some myster-
ious process of bookkeeping alchemy
/ at the county treasurer's office ana
never heard from again. For years the
city has suspected that it has fab
| ulous sum in delinquent taxes side
! tracked at some bookkeeper's desk at
the court house, but it has never been
able to get its fingers on the money. or
| even discover the amount. So it is like
] a bequest from 1ong-lost European rela-
| tions: not worth counting on.
THE OMNIBUS BOND ISSUE.
Another big item has been discovered
To he added to the issue of refunding
bonds, which will bring the total to at
| least $50, 900 instead of $1,000 as was
expected a few days ago. The addition
al item is $8890.41 in old sidewalk
| scrint' held by the city, with accumu-
/ lated interest which will bring the total
| to $4,000. The interest on outstanding
| warrants amounts to $1,7S3.12, and TINS
| too. will be dumped into the omnibus.
| Whether or not the sidewalk script
should be paid for by the city at large IS
a question for the council to DECIDE
City Treasurer Hale explains the sltua-
4 ton as follows:
| ssWhen sidewalks are laid, the city
| issues its warrants to pay the contrac-
tors The cost Of the sidewalk is taxed
up against the property. the supposltlon
being that the money in these sidewalk
funds will take up the warrants There
are many pieces of property which rail
to pay their share. They are not worth
the tax, and are not worth Ihe elt Us ;
this deficit This has been accumulat-
ing for four or five years. Some of it
may eventually be paid in, but when 1t
is it can be turned over to the general
funds. AS present the banks here in
Topeka hold these old sidewalk * war war-
It would be a good plan to refu<i them
along with everything else, and save
per cent interest, as the bonds will draw
only 5 per cent.
Monday afternoon Mayor Bergund-
thai issued to the Barber Asphalt com
pany the city's warrant for s.. 5410e. in
summer. The company agreed not to
cash the warrant till December IS.
BY that time the new bond issue will
be sold The Barber company will
probably discount the warrant at some
bank, and thus get it's money at once.
The following is a detailed state
ment UP to the hour of going to press,
of the items to be covered by the new
issue of refunding bonds: