The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-05-12
LOCAL MATTERS.

Mk We ADie ann interesting report made by Tho
MAS w. McCANcE, Esq, Chairman Of the Finance
Committee, TO the City Council, which shows the
importance of rigid economy in the "City Fathers"
tor sometime to come The large amount invested
In works OF internal Improvement, none of which
are yet paying dividends, swells the city debt enor
monsly, and Of necessity viii cause The Ieyvinp Of
high taxes until the city begins to realize something
from her heavy OUTLAWS. Read il:
"The Committee return herewith the Chamber
lain's annual statements of receipts and disburse
ments for the fiscal year ending the osth of Feb,
1884, and his estimates of receipts and disburse
uents for the fiscal year ending the 2sth of Feb,
1855, with statement Of the city debt to the Let of
March, 1854, and submit the following review of the
fiscal condition of the city
Notwithstanding the large deficiency of si02, 29s
oil OF Income to meet the expenditures for the lis
cal year commencing the LIST of March, 1853, and
the obvious necessity to curta expenditures, the
operations OF the year ending the 18th OF Februa
ry, 1854 and the estimates of expenditure for the
year ending the 22h of Feb. 1855, exhibits deficit
OF S2l0,44T o. This large deficit viii be consider.
ably increased If the usual appropriations for the
Improvement of streets Ia made the estimates Tor
which are not included in the Chamberlain's state
ments for the reason that since their appointment
the Commissioners of streets have not made their
annual recognissnce OF streets TO see what inn
provements are necessary. The appropriations
for repairs and improvements of Streets culverts
etc amounted to SCI ,073 Is for the year ending
the osth of Fen, 1882 to s3s, 94 90 for the year
ending the 22th of Feb, 1853 to Sia9 $50 81 for the
year ending the 2Sth of Feb, 1854. In the est
mates for the year ending the 2Sth of Feb, 1855,
is included unexpended balances of approp, iatons
for improvements of Streets culverts, halls, ETC..
ISL $685. which, with small amount for absolutely
necessary new improvements, will be as much as
can be iudicously expended the present year.
The amount included in the estimates for the ex-
tension of the Gas Works at Rockets, will be
likely to cover the payments on that account this
year.
The Water Works will most likely require a
much larger amount than is included in the esti-
mates as there seems to be an immediate necessity
for an increased supply OF water.
Whilst most of the items of income for the past
wear show an increase the estimates in the ae
gregate amounting to about $3.50 the disburse-
ments exceed the estimates for the year about $780,
1913 The actual receipts of the past year from the
usual sources of income, have been increased by
the sale of City Bonds 100000, with two per Ct
premium making S3O6 0oo which, with the other
revenue of the city, has been absorbed by the pay
meut of $l50,000 to the Virginia Central Railroad
Company, and other demands, as stated by the
Chamberlain in his account of disbursements, eX.
cept balance of $le,9l2 81 on hand on the 2sth
of Feb 1854.
The above balance, with a temporary loan of
$40, 900 since borrowed of the banks has been alb.
sorbed by the payment of SIS 600 on account Of the
balance of $4,000 due the Virginia Central Rail-
road Company, and drafts on the Chamberlain for
the authorized extension of the Gas Works, Water
Works, Streets and other improvements, and leav-
ing the Chamberlain without means to meet the
demands the city and pay off the temporary
bank debt except by further sale of City Bonds
The City Debt to the 1s of March, 1852, was
81 1896 7}2 O.; to the lst of March. 1853 was ST.
43S 932 67, showing increase during the year of
$112 200; to the LIST of March, 1854, was 81 676 992
CT; showing an increase during the year of $239-
060; besides paying $4,000 of the natured City
Debt and exceeding the requirements OF the law in
regard to Sinking Fund of one per cent. on the
amount of the city debt.
The City Debt is represented by stock in the
James River and kanawha Company, the Richm'd
and Danville Railroad Company, and Virginia Cen
trail Railroad Company, costing in the aggregate
81, 300, and all unproductive of revenue. Also
by valuable improved and unimproved real estate
from part of which, say the Market Houses Sea.
the city is receiving considerable revenue.
The examination of the Chamberain's report for
the past year will show the expenditure of heavy
amounts not contemplated when his estimates
were made-say $780, 900 to the Virginia Central
Railroad Company, So, l22 SO for City Grounds and
$l2 1898 for enclosures, erection of Sheds tents
etc., consequent on the holding of the State Agri-
cultural Fair, besides increased appropriations to
the Fire Department and for the Improvement of
the markets, etc.
The increased rate of taxes will add considera-
bly, to the revenue for the present year, but debts
already incurred, and the necessity to provide for
their payment before the revenue will be available
leaves the Committee no other alternative than to
advise the sale of City Stock to the extent of $780,
000 and they therefore recommend that the
President of the Council and Chamberlain of
the city be authorised to issue bonds of the city to
able thirty four years after the first day of July
1854. Which recommendation was adopted by the
Council, the Finance Committee being authorised to
determine in what manner the said Bonds shall be
disposed of, and whether they shall be issued with
or without coupons attached. l