The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-12-19

I The present commission, after
many months Of careful research,
prepared q statement showing exactly
what the city owed and from what
fund the money was to be raised and
paid. By his method, we shall be
able to reduce to a positive fact the
obligations Of each fund n by
knowing this condition, we shall be
able to put into force a system of city
financing so that by making a stated
levy covering the necessary period Of
years, we will eventually be able to
take care Of the city Indebtedness.
Because Of the failure to keep the
improvement districts separate and
because Of the overlapping of the dis
tricts n because Of the further fact
that in all Improvement work, suffi-
! Clent levy was not made to lake care
Of the general interest on the war
rants, we have found the city or most
Of its improvement districts in partic-
! uIar, short OF the necessary funds to
liQuidate their obligations.
THE old policy of %refunding bonds
and letting the future generation take
care of the Indebtedness has not in
any sense appealed to the present
commission and from all Of our labor.
we have evolved a system and levied
a tax, which will result, if properly
applied. in the positive liquidation Of
SIITS6 lIlII ONSlIlGll warrants,
You are aware that warrants
drawn on any fund Of the city by the
laws Of the state of North Dakota
draw I per cent, if not paid. This
high rate Of interest Is due to the in
definite time as to when the obliga-
tlOn will be paid.
THE present commission have TAX
en- all these warrants, many thousand
of which were past due, and by the
consent OF tho nann1o hoXyo rnf,,pL9oj
the entire obligation Of the city. re-
ducing at the same time the rate of
interest from I per cent to 4 per cent
and this upon In Indebtedness Of
$4,000 which we have at the present
time, Will alone amount to a great
saving covering a period Of several
years, but in addition to this saving.
we have by our budget system prepar-
ed the way whereby we will collect
every year exactly what We a]pprOpri-
ate at the beginning to cover the ex-
penses during that year, assuring that
the financial affairs Of tho city will be
taken care of yearly and that the sur
plus coming to us from the different
sinking funds and improvement funds
will be used in paying these old obi
cations as they mature.
1--WE have endeavored to handle the
affairs OF the city exactly as though IT
were our own business and we believe
n we nave evolved a system and
laid the ground work that will event
ualiy reduce and pay off the bonded
and floating obligations of the city of
Fargo and that during this time in
stead OF paying 7 per cent, we will
MY be paying the state 4 per cent.
Fargo is reducing it's special debts
at the rate Of 100000 per year and if
we are only permitted to carry out
our present plans, it appeals to US
mat II we can continue to reduce the
D IN excess of what we have to pay
every year, Fargo will soon be in AN
env1aIble financial position. Do not
understand from me that Fargo's
finances are in a dangerous condition
now ecause under the laws of North
Dakota, cities have the right for GER
tain purposes to bond up to 5 per cent
Of us taxable property n even up to
chls time the city has not reached 4
per cent, while you are aware, most
cities have exceeded their bond limit
and most Of them are engaged in the
almost impossible task Of %refunding
any further paper.
w have looked the matter square,
~ In the face and have endeavored to
take the people Of the city into our
confidence and If they will permit us
10 continue u present arrangement,
We feel proud to say hat in a very
rev years the financial condition of
the city Of Fargo will be in excellent
shape"
Other Speakers.
j, H. Matthews, Of I.arimore then
spoke briefly on the subject, Is the
Country the Support of the City or Is
the City the Support OF the Country,
He expressed It as his belief that the
country is the support Of the city. and
outlined reasons. He then spoke
briefly Of his connection with the Pho
neer Life Insurance Co., with which
he III been connected since It's incep-
ton n predicted for the company a
brilliant future.
Sec. j. P. Hardy Of the commercial
club was hen called on, I'M delighted
his audience with a speech in his
usual vein, in which hunlor and serd-
BUSINESS We're mixed in proper proper
tons.
J. s.. Watson, president Of the Fargo
Commercial club, spoke Of the value
and effectiveness of boosting, whether
1T be boosting for an insurance COM
pany or for the progress and growth
of q city. The agency force goes to
every orner OF the state, and Mr..
Watson urged that they put in a good
word for the city OF Fargo wherever
lpossibla- and help to boost for the