Show NO repudiation NO KO the logan correspondent of the deveret makes the following mistake TO losa rn city is likely to lie he involved in fit a number of wv lw suits as me new council las has reaud repudiated bated all on outstanding ingwar war rantson the ground the city aning 9 to A reduction of 25 per cent on the tho assessed valuation made on account of 0 tile bard times limes had exceeded its bor 1 lonian ing rapacity at the tiline the outpoint outgoing co council until issued the marron is maling ro akini ill alie illegal the amount is ia not very verv larye large being principally the galaris of ou toina officers the question now arises if it vas illegal to lo pay for or the services of trio tho old officers can the itie new ones be legally paid 1 As a matter of fact the new council has not repudiated all outstanding warrants but the old COMM council 1 I left no money in the treasury with which to take ill up the warrants it il issued during the close of its career not only that but the outgoing colin council cil reduced the revenue at tile the last moment after it had reaped the alie benefit resulting durin during its tenure of office there is no repudiation at all only a lack of funds for either new or old ld salaries the financial condition of the city as found by the new administration at the first of abo year was as follows 11 liabilities ABILITIES OF LOGAN CITY dills dilla payable 7 note gives soren fouli eri due one year from dec 1 1893 int at 8 pt pr r pent cent payable quarterly 0 00 note civan ast 1st nai bank L losan og a n 1 itce JuneL 7 due dais dec ua at 10 percent per cent int dit paid it up p to dec 20 20 11 93 3 inclusive 00 N bote oto given iven C T d ilitch eted reb feb 8 1893 due feb sill ISO 1893 i lilt at G 6 per cent per tin annum burn nurn 1500 00 waterworks Water a er works bonds 00 liquidation bonds 00 warrants outstanding 1187 72 col fuel S A iron co cil al due on yr TT works material 1334 1331 OS 03 A IL 11 II palmer bal due on oil W works material 54 00 logan school dist bal due 00 cache co bal ba due clue colage view add sales ag awl 26 borrowing Bor rowine limit 00 arnt aint borrowed in excess of limit am 2989 ag G aliu it will be seen that log logan in cit city y has no money on hand band and as a matter of fact owes a great deal more than she c can an lawfully borrow and pay on the day of december 1893 tile the old administration passed out leaving logan some gome further in debt than the law says that logan 0 may go this thia or iu in round numbers this borrowed beyond the legal limit is consequently an all I 1 illegal I 1 debt whoever pays this simply takes the load upon ili liis own shoulders and makes it his personal obligation but the officials who borrowed this excess are arc liable on their bondi bond for the amount however the present city officials have no delaire to repudiate a single dollar of the cites indebtedness but there is no way under tile the sun to pay these claims at present the city has no lioney money 7 there is no way for it to get all any money it has none for current running expenses and even the revenue was cut down by the former city administration just as it went out there is but one way for logan 0 to borrow another cent in order to cash these outstanding warrants or to carry on oil the city government that is by congressional action if a sufficient number of citizens desire the bonding capacity of logan C increased thy may petition congress to that effect otherwise these creditors must await the accumulation of funds |