The Money Is Here: Seattle's Sewer Bonds Land
A New York firm wires $125,000 to the city treasury, clearing the way for sewer work—and setting up a test case over the funding bonds.
The story, cleaned up
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Not a shadow of doubt as to the Seattle sewer bonds and Seattle funding bonds. The money is already in the city's possession. With a promptness which is as creditable to N. W. Harris & Co. as it is gratifying to the people generally, that firm yesterday telegraphed to City Treasurer Dune the sum of $125,000, and it was at once placed to the city's credit. The remaining $100,000 will probably be here by Tuesday. The amount is $225,000, but as the 1st of January, when the interest will be due on part, is near, it was discounted and held. The first exchange of over a quarter of a million dollars from New York to Seattle was made without the actual transfer of a dollar and without a cent's expense to the city.
Comptroller Carson telegraphed to Mayor Ronald yesterday confirming the previous reports and calling for not only $100,400 more to complete the sewer bonds issue, but $145,000 of the second series of funding bonds. Judge Dillon has not yet decided as to the first series of funding bonds, amounting to $135,000, but it is probable a test case may be required before their legality is placed beyond question. He declares unequivocally in favor of all the others.
There was great rejoicing at the city hall over the news, and men will be put to work at once upon the projected works. If the work is done in five or six months, the expenditure will be at the rate of $1.50 for every minute of the twenty-four hours during that time.
“There was great rejoicing at the city hall over the news, and men will be put to work at once upon the projected works.”
Seattle's 1893 sewer financing depended on Eastern bond buyers, and the city celebrated when the money finally reached the treasury. The same questions—how to pay for infrastructure, how quickly work can start, and which bonds will survive a legal challenge—still shape Seattle's growth debates.
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