The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1903-08-14
|COLUMBIA'S FINANCIAL CONDITION.

current, are, of course, still unpaid.
1t is not fair to presume that all OF
them will ever be paid.
/ The greatest puzzle CT all, however.
is the presence of the city warrants
in the Sinking Fund. 1t has been the
general impression that this fund is
accumulated from the tax levy for that
specific purpose, ana Is held as
/ sacred fund for the redemption of the
outstanding bonds. 1t Will also be
noticed that the bulk of the resources
were placed to the credit of the ac-
count on June 49, 1908. Can it be that
the city was so badly In need of money
on that day that the Sinking Fund was
drained of every cent of cash ana
readily convertibl asests, and sub
stitution made of miscellaneous lot
of the corporation due bills, current
accounts and uncollected fines, costs.
etc2 The Erwin Scott note. we un-
dertsand, is perfectly solvent and
amply secured and to an outsider that
would seem to be about the only Item
which properly belongs where 1T is.
the other notes enumerated having
been given for purposes which have no
connection with the Sinking Fund
AS it will doubtless require all
the money collected from taxes,
fines. accounts and school supplement
to carry the city through until July lst
next year, the net available balance
In the Sinking Fund SINNERS down to
the magnificent sum of So, 795. IS. The
Indebtedness already incurred by the
city is according to the report,
$l13, 933. rs. This is bad enough; but
the deficit must be increased by the
unpaid bills. For instance, the last
outstanding warrant on account of
light was issued to the ColumDi
Water q Light Go. In April, and on
account Of water in February. The
citizens would like to know whether
there is any balance due this concern.
and also what other accounts are being
held up until the city can lay them.
The warrant account shows that
1874, sos 80 was Issued in warrants
during the six months, and $40, 1872 06
was paid, 81, $50. 90 being converted
into another form OF liability. The
unavailable assets are put down n
round figures at 500, $50. W.
1t seems that the principal nf the
city's debt has increased over $780,
600. 90 in two years, besides a large
luCIcdSc Ill bu0 Iui6ItSU uu6. IQlS
interest now accumulates to the tune
Of over $6, 600. 90 per year, and if the
present rate of expenditures IS to be
maintained, it Is clear that the Board
was amply justified in raising the tax
rate to $1.50. In fact much higher
rate Will be necessary In the near
future to make both ends meet.
1t is the boast Of the present admin
istration that, whereas, some years
ago, city warrants We're at a
discount, they are now maintained at
their face value. There Is some salts
faction to the average citizen in this,
but it does not result from an increase
in the cltys solvency or a decrease In
its debt. 1t IS simply because, In
these times of easy money, certain
banks and capitalists are eager to
obtain and hold these six per cent.
warrants, secured as they are by a
lien on every foot of real estate within
the corporation limits
WHAT THE AFORESAID AVER.
AGE CITIZEN WOULD LIKE TO
KNOW IS WHY, AFTER Re HAS
PAID HIS TAX LEVY
FOR STREETS, LIGHTS, FIRE
SCHOOLS, ETC,
The BILLS FOX THESE lDENI1- !
CAL THINGS HAVE ACCUMU-
LATED INTO SUCH AN ALARM
ING EXTENT, AND WILL HAVE
TO BE PAID ALL OVER AGAIN.
1t is not the purpose of the Herald
to lay all the blame for this state of
affairs on the present administration.
They inherited practically empty
treasury, costly system of govern
ment and a debt that was large enough
in all conscience. Perhaps. too, their
appropriations We're all just and neces-
sary. 1t may be that the city in after
years will reap the benefit OF their
wise foresight, and that future gener-
atoms will rise up and call them
blessed. At any rate, it will do no
harm to let the dancers know what
they are paying the piper; to let the
taxpayers see with what big auger
they are boring, ana how large heap
of chips thew are Milling IN.