The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1904-08-24
Shall We Vote The Bonds?

ANth hAAtAA DOhAR DHN fF(tNNA fiNAAA
than myself would advance some
potent reasons why the city Of
Chickasha should vote down the
FIVE per cent. interest clearinghouse,
with which it is proposed to liqui-
date the present outstanding script
Indebtedness Of the city
/ understand The advocates OF the
bond issue contend that by the
liquidation of the present outstand-
ing script, it will place the city on a
good, firm financial basis, and as
the city for the past fifteen months
has been self-sustaining, with all
its past due indebtedness cancelled,
script could be maintained approx
mateiy at par.
I am creditably informed that at
present the city is allowing month
y bills, and script drawn for the
same to the amount of $500, twenty
per cent. of which is in excess of
the actual cash value of the com
modify furnished, that in addition
TO this, about $500 worth Of script
is drawn monthly for street lights,
standing contracts, some general
Indebtedness, etc, but that this
script is taken at par as per con
tract with city.
understand that a salary fund
has been created by which all the
city officials get their salaryin full;
the twenty per cent. collectible un-
der the law has been apportioned
By the council and the interest and
sinking fund has been set aside for
the school and water works and
sewerage bonds; provision has been
made for the longest term Of school
that has ever been had in the city,
street and alley fund has been
created leaving four and four-ff-
teenths mills for general fund.
ave cannot expect parties who
have lumber. .cofiins. hardware, etc.
to Sell to The city 10 the extent Of
one hundred and sixty dollars worth
of material to take therefor script
upon which they will only realize
one hundred aud twenty eight dol
lars. and prudent business men Of
the city viii charge the city $500
for the bill aud then after deduct
ine the 10 per cent. discount realize
sr6o on the sale. The city has lost
$40 on the transaction; in one year
She viii lose $3.50. Had we not
better stand the loss Of this paltry
sum than to issue bonds in the sum
of sa2, 900 running for twenty
years.
III bonds could Sc issued payable
in fye years, the proposition would
be different one, but in view Of
the fact that in 1906 the realty Of
the city will be taxable it Will
sa safe to presume that this will in
crease our revenue at least SS,
per snnum enabling rs in a short
while to pay mp our Indebtedness.
Again am informed that a good
proportion Of our script indebted
ness IS non interest bearing and
was sold as low as forty cents on
the dollar. The parties buying
this script were charged with the
notice. and as ordinary prudent
men knew that they would likely
have to wait a long time before
their script was paid, hence the
small market value OF tho same
Ordinarily an investment that
donlaes itself in ten years IS con
sidered by money lenders a good IN
vestment. Most Of Chickasha
Indebtedness has accrued within
the past four years; it does not ap
pear to me a wise business prop
osilion 10 vote sa2, 900 hvepereent
interest bearing bonds TO pay of an
Indebtedness part Of which bears nC
interest and the holders OF which
could not in good conscience con
tend that they were entitled to th'
immediate payment OF their de
mands; besides it woald be estab
fishing a bad precedent.
The general assessment of thi
wear was gT.7TS.I37 as agains