The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1909-03-04
VOTE NO ON BONDS
The Total Floating and Bonded
Indebtedness of the Village
Can Be Wiped Out
in Five Years.

YAH OS VAPSN OuI
in Five Years.
All That is Necessary is Careful Bus
mess Management and the
Levying of Direct Tax
For That Period.
In another column appears the an
nual statement of the village recorder.
On March l, 1908, there was balance
OF 81, 7O5.72 in the treasury of the gen.
eral fund.-. On February Is, 1909, there
was deficit or outstanding orders
against said fund of S81. 80. On March
l, 1903, there was S239. IS in the electric
fund. On February Is, 1909, there was
S433. 10 in the electric fund. The total
receipts of the general fund, including
the balance on hand of ST., 7O5.72 at
commencement of fiscal year, we're
SO, 597.88. The disburseme n IS
amounted to SO, 679.27, leaving deficit
as above stated of S81.39. But it
should be borne in mind that there
was some extraordinary expenses in
Cured during the year. The council
was compelled to erect new Jail
building which cost S78O.45; village
scales cost S4O3.25; $500 was appropri-
ated to aid in the construction of the
new bridge across the Rum river
south Of the village; the team and
sprinkler, etc., cost 81, 1924; wages
of teamster, feed for team, etc., came
to S707. 80; and the income derived from
the village scales was 1926. IS less than
the wages paid the weighmaster. We
do not care to discuss the purchase of
a team and sprinkler. The figures
speak for themselves. The village
scales should be turned over to some
proper person who will attend to them
for share of the receipts. Certainly
the village should not conduct the
same at a net loss at the rate of
$235.35 in eight months. But in any
event there was an extraordinary ex-
penditure of over $4,000 for the past
year that will not have to be met this
year.
On February Is, 1909, the outstand-
ing floating indebtedness of the village
was ss'Sl4 ,697.28 and the bonded in
debtedness was SIG, 1000, making total
Indebtedness of $50, 264.09. But from
this should be deducted the sum of
ST, 202. 25-the amount in the county
treasury from the tax levied direct by
the state auditor to meet the interest
and principal on the bonds of the vii
lage held by the state. Thus the net
Indebtedness of the village at the
present writing is $29, O6l.84.
The only argument advanced in
favor of almost doubling the bonded
indebtedness is that the village will
save interest. There is nothing to that
argument. Village orders bear six
per cent interest. Bonds will, bear
four per cent interest if the state takes
them, and at least five per cent if
taken by private individuals: But it
is hardly worth while to discuss the
bonding proposition.
This year a direct tax of 50, 900 has
been levied, there will be at least So, 900
less extraordinary expenses, even al
lowing far a new boiler at the power
house, and it should be an easy
matter, with any kind of decent man
agement to pay up $4,000 of the
floating Indebtedness. By levying a
direct tax of 81 900 annually for four
more years, and good business man
agement, every dollar of the floating
and bonded Indebtedness can be cam
celled, and every level-headed bust
ness man will agree that that is the
thing to do.
Of course these figures are based on
the presumption that the village will
continue to receive the same revenue it
is now receiving from liquor licenses.
It would require an additional tax
levy of 40 mills on the real and per-
sonal property of the village annually
to produce the amount that is received
from liquor licenses; that would mean
an additional tax of $1.64 on every
one hundred dollars of valuation.
For instance, if a PERSONS valuation
was $500 he would be obliged to pay
an additional tax of $500 annually.
The total valuation of the village, real
and personal, is s349, 779; the amount
received from liquor licenses last year
was SIS, 731; divide the license money by
the valuation and it will give you the
rate. It is simply question of
division-no fraction of q mill less
than tenth is considered in extend
ing taxes. We are making no argu-#
ment for or against license simply