, 1859-04-11
39rcsa Gribttttt,
CHICA GO.

tH ~ A w.
city Dcbt--Conxtructlon Bonds-Ths
FlrHt step Towards bankruptcy.
A determined effort is On foot to induce the
CITY Government to issue construction bonds
in payment for loca! improvements. The plan
proposed is that Whenever m improvement
is ordered, 10 bc paid for By special assessment
upon tie property benefited, the city slall is
sue special bonds for the amount payable out
Of the City Treasury, the SUNS thus paid to be
reimbursed when tue assessment is collected
1t is also proposed that the city issue bonds to
1,av The ha!ancc due contractors for deepening
aud widening the North Branch above Chicago
avenue We understand that this project is
being urged npon the Council with great per-
tiIlacity, All persons who arc how contract
ors G'r city work. and all who expect to he
lic:c after, are Interested in having the policy
adopted as it will inevitably lead to an inf
n::u'ie If jobs, high prices, and prompt pay
rie.i;.
We say 10 tic Council, and especially to Re-
publican Aldermen, beware Of this scheme Of
tno contractors. 1t will prove, if carried ont,
tie swift f'rtraancr Of bankrupt Treasury
ami ruined c,-dt. Ti'rre ;s 1JGt one safe rule
in rcsurd to improvements Of this character,
aud that is, to lay as We 70. five are tol.ayc
any change from the mode heretofore adopted,
let it he the very opposite of that proposed.
Instead of paying contractors out Of tue City
Treasury, and thus rendering the collection of
special assessments more slow and uncertain
than ever. let llu improvement he undertaken
until collections are made and the money is i'll
the possession Of the city Such policy would
Of course hc unpopular with contractors, lu,
the people will hail ~ beneiactors to the city
the Common Council By which it is ilaugnrat-
ed. No set Of men ever lad u better chance
tn make themselves popular tlan the members
Of the present Council lave, 1.y turning Il deaf
tar to thu solicitations Of contractors and their
little army Of uLdcslings, and establishing the
,piicy Of ordering M work 10 he done until
tue money to pay FIR it slau lave been col
lcctcd.
Money obtained by borrowing or by the
issue of construction bonds is easily expended,
.a,rl tl.c taxpayer only becomes aware Of his
burden, at the maturity Of his paper. Tic
1retcncc that this system will lessen the cost
Of city improvements is entirely fallacious,
On the contrary. it holds out Inducements fer
ordering improvements that are not absolutely
demanded ly tile public necessity, and extrara
caucc of this character viii soon bcgct ex-
trayac;l,stc as to tue cost Of the work But if
the assessment rolls are first collected, the
city authorities arc then in n condition to Sc
cure the work ut fair rates; there will he
Il healthy competition utter tic job. and no
trading or Intriguing among contractors to
x4,u.c the city and divide tile profits.
If our city enters upon this policy, her hank
7uptcy Incomes inevitable. See how it will
work in practice. As contractors will get
tlIcir pay directly from tue City Treasury, Or
in bonds for which the Treasury is ho!den.
there will, Of course lie no special preference
for thu, collection If assessment rolls These
collections will he sadly neglected and the
amount Of construction bonds issued over tie
aggregate Of collections made, will grow lar
ger and largrr every year.
Tw'.l this sum the city will ll;svc to pay i'll
to, est, Which hy the action Of courts i'll setting
asia assessments for irrcgnlarity other c:11sc
10th principal and interest become Il tiual Charge
upop tic Treasury, and thus all the property
Of the city will l'r subjected to a tax to pay for
local improvements Tie amount may he
small in the beginning. but year by year it will
crow in magnitude, until. like New York, ouF
tity will have expended millions Of dollars in
this WAY, with nothing to show for it Int !:
mass Of uncolcctcd assessment rolls. Most,
If not Ill., of these will have to le tested. one
J,y one, before the courts: and the small pro-
,xr1iou of them which will lie ultimately col.
lccted after years Of litigation will /" Insult.
tient to iiqnida,c the expenses incurred ly tic
the city and the interest which she has paid on
the original sum. Such has been the c1le
rlcnCC A NeN 1 brhI suGll VIII ne 'AAE W.
adopt this rllilous system III carrying out ou'
city improvements.
We 1y;,sl our Common Council will rcnlcm
Der tia, they are the representatives ol th'
Taxpayers and not Of the contractors. Th
latter arc in position to take care Of them
selves, their interests will certainly promp
them Ia do SO; the former arc ut the mercy G
.Irose who ret tho public jobs. unless protccte'
hy the Co,s4ei;. Ne especially urge Rcpnbli
can 4 ldcrnlcn to lie OIL the alert to defeat TIL
srhc1ne If the contractors. They arc lar:c
in the majority i'll the C"uns'1, and will bc llcl
rcsnousihlc fur whatever action is taken i1ptf
the subject. Tic Republican party i'll cicag
i. pledged ,o economy in the city Covern'nen
Let the Republican Aldermen. one and all Fl
slcir faces like flint against any and ever
tcLl.crrating lnlicy.