Daily national Democrat., 1859-05-20

Twenty-Five one-hundiedth per cent on Three
Million and six hundred thonsand dollars
for School purposes, less three per cent
commission ......................... 8 s,7SO
Forty-six one-hundredth per cent on $780,
600 for interest funded debt 1855 1856 1850
Seventv-flve one -hundredth per cent on 3d.
100000 for general fund =. 49,. -. $4,000
Total. .. ......................... 9 70, 200
The necessity of an increase Of 2l-l00 per cent
over the levy Of last year, for general fund will
become apparent by referring to the condition of
the Treasury at the commencement of the last
fiscal year, showing balance on hand at that
time of $4,000. This sum with the entire rev.
enue for the year tas been absorbed. II will also
be seen that the proposed addition of 2I-l0O per
cent tax upon the estimated value of property
would fall short the surplus in the Treasury in
April 1858.
Your committee desirous ofavodng an enor-
nous taxation, have not failed to examine into
the condition of the different funds hoping there
by to discover in some of the various departments
of the government either a surplus revenue which
might be used for present purposes or the means
of retreDchmeut and reform, whereby less appro-
priations would be required. The result of this
examination has been that no surplus revenue
save that in interest fund is found Under
this head we find the sum of ssUen thousand doll
drS, surplus interest on the funded debt, has ac-
cumulated in the hands of the funding commiss-
toner's, and been by them loaned on bond and
committee bas no hesitation in recommending the
use of this money for the payment of interest, but
the manner in which the loans are secured would
not give sure guarantee of prompt payment at
maturity. To rely therefore upon this amount as
part payment for interest might cause the credit
OF the city to depend upon contingency, q re
sponsbility which your committee would not in
cur even by recommendation. We would how
ever in this connection give it as our opinion that
neither the letter. nor spirit of the funding act re-
quires that such an accumulation should be con-
| tnued and perpetuated, but only such balances as
must always exist by approximate estimates af-
ter the appropriations are made, shall remain in
the same fund and be used as occasion NAV re-
quire for like purpose; vlz.-the payment of in
terest; any other construction would seem in
some measure to defeat the very object of the fun
ding act, to-wit, the postponement of payment of
the principal for seven years, after which time
provision is made for a sinking fund This view
seems also to be sustained by public economy,
and public policy. The financial policy of accumu-
lating fund when money CONNIE nds high rate
ofinterest for the extingushment of a debt hav-
ing more than ten years to mature, and which
cannot be applied for several years, in the mean
time subject to hazard and loss, may well be
questioned.
We therefore recommend that as fast as the
loans fall due they be collected and that hereafter
loans be made with reference to the time the
sum may be required for the payment of interest,
may be easily and at all times converted into
money.
That some reforms can be inaugurated and re-
trenchment made in the city expenditures is un-
dOubtedly true, but to say to what extent would
require more thorough knowledge of the pract-
cal workings of the various departments and
larger experience in municipal affairs than fall to
the lot of your committee. Our estimates have
been small for improvements affording ample
scope for the judcious expenditure of any balance
which the most rigid economy can create.
Signed, JOHN II: JEWFTT,
I. p. OTIS,
Committee Of Ways and Means.
hereby certify the above and foregoing to be
report of the Committee on Ways and Means
which was received by the Common Council of
the city ofMarysville at its last session, MAY II,
1859, and ordered published in the City Official
Press.
In witness whereof hereunto set my hand and
affx the corporate seal of said city, this 18th day
of May, A. ID. 1859. THOS. 2. PARISH.
Cry CLERK,