The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-03-26
LOCAL MATTBH9.

n
Couneu was held In the Chamberisin,s office ves
terday afternoon At O'Clock, Present: Messr.
Dove, Sannders. Stokes, Gretter. Talbot Whit
neid, hodoy, Richardson, CrutchGeld. Richards
Quarles. ''o0'' Mf
read and approved. sNns "ess
Aaertng Grade-The report OF shs f,sv Ene;.
neer, for Regarding Franklin street from e5tb h
snn, was adopted subject to the approval Of The
GatteranS-On motion, the sum of ssoo v..
appropriated to have dished gutter on tbs w.ss
sde OF 4th street. from Leigh street 70 .IscL son
street, and for putting wood oondu ustor on ,bs
slope OF the street to the mouth of the stack: a
further appropriation Of Sl00 was made to r.,as
the wall and stack on the north side Of jackson
stgeet, at 4th street. @"S~'o"
Rooks-Mr. Saunders, from the committee In
examine the ChaTberiains books, reported the
books properly kept, and the accounts correct. A
shown by proper vouchers.
Finance cs-Mr Saunders from the Finance Gam
mittee, presented the following report, which was
read, adopted, and ordered to be printed Ia the
dally papers of the city The report reads ss fol.
lows: ~ 80 "
The Committee o. Easanse herewith report to the
CouHci TIE Nhatoeratns statement of the re cei nts
rLd disbursements of the last, and his estimsts a.
tne Ieceipu ana disbursements for the present ssca
year, with his statement of the city dsst and "a.
.pso!lu submit the following ,srasrks and rscom-
The comG:ttea ssrswith return statement A.
snownf ssSIssate receipts from all sources amount.
on hand the lst of March, 1856. Also, statement
shewiug disbursements for the same SINE. smopnt
10 the aggregate, to e46S 7a7 50 leaving balance
ot t 70 the Chamberain's hands the lst
statems.ts 3 are the Cham in's estimate, of
and for tho fiscal year ending
18th February, 1858.
The estimated receipts from ell soureea ot her thar
taxes, amount to S22 l70; to meet estimated dis
bnrsements amounting to S7s6 1873 85-showi.s a ds.
nsi. o. SosS zI TO- to be raised by assessed taxes
Included in the disbursement, 10 B4'5 274 of the
city dset miturins during the fiscal year ending on
now due, and not called for.
1t cann,t be fairly calculated on to rails. more
thsn $500 from taxation. leaving Sa53 2s7 Is to
De provided for in some other way which arnonnt
the Council should take steps to provide for.
The statement of the Chamberlain exhibitu the
amount of appropriations for ths year, ending the
tendeat a Streets and City Engineer, to be less san
they have been for several years past --
The statement Of the Chsmberlaip, marked c,
the lst March, 1856. of &8 O9S 6S -'A''
From such part of the city debt as was incurred for
Water Works. Gas Wo;ks, and the erection of Mar.
ket Houses fair income ~ been derived but fror,
toe stock of the Jsmas River and Kspawha Comma
ny, which cost 1876 800 the stock in the Richmood
ana Dssviile naro.d Company waich cost $3.50 Coe
Company, which cost LOG 900; aad the stock in the
Virginia Central Railroad Company which cost $500
making together vi all of which are M.
produstive OF direct revenue to the city. Yet we
have 10 provide for the punctusl payment of the
annual interest o1 the whole amount Of the city
debt inclusins as we'll what has been incurred for
these stocks ss for other and under the
visions OF the charter, set auart sinking fund of at
least one per cent. beyond the annual interest.
When we see that for he last two years tae citi
have had to be taxed heavily to meet the in
tsrest on the permanent dsb, part of that debt
as has fallen due. Was. 10 annually required for off
c,rs saara. pay THE Night Waich, support Of the
poor, edusation of INDECENT children and such other
necess .ry current expenses it 10 very obvious that
auch nsome as he's been at disposal fo- ths i'm.
provemsnt of the city has been very SMALL compared
with the many or jscts which press poq us and call
for tha application OF money. We have de sired to
do with that income 81 much az we could toward,
city improvements ana to svoi any further increase
In aacGi dance with resolution passed at the f-s.
meeting OF tho present Council, recommepcipa
strict nomy" 1t will be perceived has been strict
statement Of the Chamberlain, that less money has
been disbursed for improvements during The fiscal
year ending the oath February, 1857 than has been
anylyear, for several years past.
The present fiscal year commenced with bank
and floating debt of $50 $40 IS. 1t cloaea without
any bank or floating debt The funded has be en- re-
duced sS e96 &C. leaving balance in hands of the
Ch amberaia, to the credit CT the city of $50 47444
With strict ecoESaY for tbs next twelve months the
tunded debt Of the city may be reduced from
pr,vided three hundred thorsand dollars nett rsve-
IL raised from assessed taxes which il about for
ty tn ,usaud dollars less than has been raised the past
year. The deficit then remaining to pay off the
funded dsbt falling due In July and November OF
1857 and January 1858, must be provided f,r by the
sale of sush city property has been ordered to be
sold BY the Council and new issue Of city bonds for
the residue.
In compliance with reqoIStiaa Of the COMMITTEES
Of Fsancs presented to the Council and adopted On
the l9tb of May, .issd the said committee were au
fed the proceeds of such sale to be applied to the
payment OF the funded debt of the city aliifg due In
July and November, 1851, and January, 1898 far
pressed state Of the real estate market the commit
tee have only made sale of small portion of said pro.
perry, which their report to the Coqacl viii show.
past Two years 10 rsins money to meet the demands
Of the city, which hsve not heretofore existed The
city stock ss we'll d all other stocks both State and
eoIporatiohs) has been SO saseh below par that no
sales could be elected without st rate of runous
sacrifise. No temporary loans could be effected ex-
cept to very limited amount. We have been com
PEELED therefore to resort to taxation .ons % rsiss
pay off such portion Of thst debt 40 became due 70
sustain the credit of the city, which has borne vafy
heavily the citizens and retarded In very sIsst
pursuits particu aIy In t.e neehanica depart
ments The committee will not recommend any
mode Of ta1a.ioa for the present year In ia.'
Council to pass upon the tax bill, the Assessor not
hsvina advanced fsr enough with the assessment Of
property to report the committee satisfactory In
form alton TO part tax BILL and 1t desa not become
the committee make ssson - to the policy OF
the committee and Courci sooa e take their Piaces
There being no bonds falling due after the Lot OF
January 1885, till ist January, 1860 the taxes asy
be reduced with economy to about one-hAi what
they at present, uoisss some large appropriation
ahould be called for not now contemplated. ana -
the amounts of the funded debt falling due IN any
year from that period up to 100 are % small tas
shown BY statement accompanying this report may
period of eleven yesIs the sum OF s1<o s4osI tails
due which amount can be fairly calculated on, 70 20
met by iaeome from nsw buiidinss ereeted In the
CITY, increase of populaton In creAse Of income hom
Gas and Water Works, and In ell pohabilify divi.
dend from some of the ssoets held ~ the city II In
teTnal improvement companies- Ihe committee
conRrstpsts thsm selves and the Council that they
car present 10 favorable statement OF the financial
condition Of the city, for while thsrs has hssn much
rumor az ot about her depressed financial condition.
we can sssurs the Council that sush Tumor has not
been we'll founded; that 20 Tar from 1t we hass. du-
ring the past fiscal ysAr, sadinG the 18th February
1857 paid Oh $50 6a bsnh and 6oat'ng debt which
the oath February, 1885, and In addition, rsducsd
the funded debt. and lsaviag IN the hands Of the
Chamberlain, tbs credit of the city. 953 474 ~
srsipst credit al that time Of ol5 S4a 20 with0nt
one dollar bank or floating debt now due. We herA'
with present Q statement Of the funded dsbt f.aine
due from le5a to 1870. which viii show that the
smounts falling due ere - small IN sach yssf tass
one-half, above stated. aad stiit ieeve IevsaAe
sufficient 70 pay of the irtsrsst, set Aps aaaias
fund Of ons psr cant, end mess ell nsessssfJ e.
viii Be seen, shsrsfors. from the exhibit thus
made the part & yosr o enmisIss anS = 49,.