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This however will not be the result. It
will merely call in warrants upon which
a discount of 4 per cent has already
been carried by investors, who knew when
they bought the scrip that is only be redeemed
by the sale of bonds yet to be issued, or
from taxes to be collected next year.
No injustice is therefore done to any-
body holding salary warrants. The only
effect it could have would be to allow those
investors to turn their money over once
more and make another 4 per cent.
The only saving to the City would be
the 10 per cent interest on the scrip already
issued to the extent covered by the pro-
posed ordinance but that saving will
be fully offset by the increased revenue
from the extension of the Water system.
On the other hand I cannot think it
wist to divert money from the water or
sewer fund. thousands of people are suff-
ering for the want of sewers and water supply
The City needs every dollar it can devote
to those purposes, especially as all money
spent on such work goes to the maintenance
of laborers of course, whoe will continue tob e
paid in coin by virtue of another ordinance
but is needed to buy materials for the work
from local merchants who do not derive their
profil from scrip discounting, and who
should get the benefit of cash payments
whenever they can be made. If the money
is spent upon this material it affords add-
itional opportunity for the employment
of labor.
Respectfully Submitted
(signed) Harry White mayor