The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-04-24

4
/ be in a very healthy condition.
II those in charge of the city's af-
fairs, were spending more money for
current expenses than the income of
/ the city, then the situation might call
for a more judicious management
than it has in the past, but when the
city government is being maintained
on a great deal less than its current
! income. and when the excess current
income is being expended in pernlan-
ent Improvements. such as extensions
of the water system, the sewarge sys-
TEN, for fire protection, and adding
to the electric light and ice plants, to
nay naind this does not establish such
a condition as calls for alarm. If an
individaul In the operation Of his bus
iness pays all Of the expenses out of
the income and has left S50, 900 and
borrows another $4,000 and invests
100000 in additional property, ]
would not call that a condition calling
for different management than the
management which saved the $4,000
above operating expenses and invest
GU IL. tOSClICl WILL C''iOlAASA yo".V"N
borrowed. This is the city's condition.
We purchased the electric light and
ice plants. which will cost in round
numbers s550.900. We are to issue
only s350.0O0 worth of bonds, and will
be able easily to pay the other $780,
900 out of the city's income. Which
would have been better business? To
have issued s550,0O0 of bonds and
pay interest on same for Is years. or
only issue s35O,00O and temporarily
borrow the other 100000 and pay it
out Of the savings from the city's in
come after paying the fixed, expenses
Of the City?
When the $350.000 bond issue is
sold then the city's total bonded in
debtedness will be sS04,750, with a
sinking fund in hand of $41.127.57,
which subtracted from the total bond
ed Indebtedness will leave s763.622.43.
To offset this the city has its sewer
system, waterworks, streets and it's
electric light and ice plant and 9TH
er equipment.
The assessed value for taxes OF the
property in the city is s4,432.5so. and
/ am confident that the property is
not returned for more than 20 per
cent of it's market value. On this bas-
is the actual value of the property
within the incorporate limits is not
less than $4,000. .006-not copsider-
ing hundreds of thousands of dollars
of bonds and mortgages held by tax
yr,t,s snI.
taxes at all-with an Indebtedness OF
less than $1.80e,000. For myself. I
would rather have this Indebtedness
and have the watreworks, sewera &c,
streets and electric lights and ice
plant than to have no bonded indebt-
edness and have none Of these things.
If, when you say care should be TAX:
en- to elect a strong man who is a
tinapcier, as successor to
Councilman Booth you mean man
who will judiciousiy spend the citys
finances in extending our water and
sewer lines. light lines, and properly
equiping and maintaining our fire de-
partment so that every one may en-
JOY these convenienccs and fire pro-
lection, then I fully agree with you.
but if you mean that we should elect
a strong man who is a conservative
fnancier, who viii act in a misery
manner with the city,s funds and try
and keep a large balance<in bank, IN
stead of using the same for the eX-
tension of the public utilities, and for
the purpose Of Keeping our city
abreast, il not ahead, of other cities.
then l do not agree with you. l do
hope strong man will be elected,
but forward looking man who has
faith in our citys future and who has
nerve to use the income of the city
for it's upbuilding.
AS long as / am on Council I shall
always vote TO use the surplus in
come which is over and above the fix
ed charges Of maintaining the city
government in extending our public
utilities. and if it appears to me to
be wisdom to borrow additional funds
to add to these to properly make these
extensions. / shall vote to borrow
same as long as it is within the law.
am perfectly willing for the pub
lie to Judge whether the city's affairs
have been handled, since have been
connected with it's government. in a
business-1ike manner. or whether they
havA been handled in such reckless
and wasteful manner that the city
should in the future elect stronger
and more conservative fnanciers. 1t
has been my motto in life that l can
get more out of what money will buy
than by boarding UP in bank, SO long
as my expenditures do not exceed my
income, and 1 am satisfied that the
people OF the city can get more out OF
their public utilities. than they could
by boarding the surplus income i'll the
banks instead Of investing 1t IN these
utilities. together with additional
funds. If it be necessary to borrow and
gradually repay the same.
am writing rather at length. but
the article referred to herein. which
was printed in your paper of the 18th,
seems to reflect 1IDOn City Council