, 1859-06-24

say that they admit it tn be trae that ull the :h
day Of April, 4. u. lss. ts s,ty council Of said
cit: Of Chicago. passed Ill ordinance as il c!Iar.-
I'll in said bill, but whether the cupv Of sud Or
dinanec in said bill contained is correct copy
Of the same they arc not advised. but for great.
er certainty refer to the orig sinal ordinance on
ti'c in tie office Of said city, and ready tu br
produced as the court shall order.
tnd these kcsponcntS state that the object
and design Of tue said ordinance was to cu4bc
the city tu realize in advance upon its income to
te hercafe received from the collection oftaxcs
and that the passage IF such ordinance was ne
ccssary to enAblf the c:y to meet its ncctssary
expenses, and 10 carry IN the citv government.
Illa. at the time Of the passage VI said orli-
nance there WIS no money in the Treasury and
10 means of meeting, its Obligations, paving its
bonds and interests when due, or defrasiug the
necessary expenses Of the government. That
tire income Of the city from taxes could uot
year l,6O, and for tue purpose Of realz n. por-
1'on Of such inc"me Us was needed to pay the
accruinG indebtedness, and meet tie current OK.
renscs Of said city, the said ordinance was pass.
I'd, and bunIs were issued by authority thereof,
rs hereinafter stuffed
And 1llesr respondents further answering aI.
nit that the bnus Of said City Of Chicago is.
were sold to Geo :. Robbins d Son, to the
amount Of one hundred thousand dollars, sald
hunds being dated April II. l.5:. and payable
April Il, l>'n, without interest. That there was
realized from the sale OF the said bonds the SUI,
nf 81 900 in Ncw York funds.
Aiso. tia: there we're sold on the cd day ol
May 1859, bonds issued under and in pursuance
thousand dollars to said Geo. ). Robbins, said
bonds being dated the I'd day of May, 1859, and
payable April l, 1850, without interest. From
the sale OF which said bonds was realized the
sum Of St!,sl>.52.
That the difference between the amount re-
ccivcd is aforesaid and the face of said bonds
was the amount allowed by way of discoun, upon
tic sale thereof, the city having in each casr
tEt benefit Of tile exchange on New York.
And these respondents luEther shcv that the
snnl Of t2-l,';ls derived from tile sale of said
l,onds to aid Robbins as aforesaid, WAS used
and appropriated i'll manner following, viz:
The SUM of $l .,"e realized By the sale OF the
b"nds Ut April Is, 1s;:', was given and used 10
take up certain bonds which! lud been given tu
.e ye4r l>;,>.
Of the sum Of s?l,tls realized by the sale ci
the bonds Of MAY =, 1861, $';1,l"hl wAs used 10
take uT 4ud pay the bonds given to i, +. Car.
yer April l, i>5S, before referred 70, and falling
due By extension May /. 1o5s; $loueo was
used III take up and pay il bond given to Swift
l. Johnston, Sept. l>5>, and duo t.ay. l>::. The
which had been drawn from the general fund in
March, ls;:, to pay bond for x:2.l:4 81. due
Sewerage Commissioners for moneys collected
Tor them III l>'G, and due since thar time, and
in part payment Of bond to u. F. Carver, dated
April !, l>;'>, due in March. is5:, before re.
TERED to.
And these Respondents further answering
admit that there was issued 10 +. +. ". PccE
on the 18th day of May. i>:'s, 1--WE bonds Of SIt.
'"n' each, payable April !. lsGt, nnl bond c
81 800 for the interest, Ut the rate OF ten pei
cent. on said amount. and that the cop*idera
tion Of tic said bnnls WIS us follows:
TN the list day Of June there was borrowed
af said Peck 1900, with which to pay tht
scnli-annual interest on the funded debt OF The
city, due in July Of said year, which amount
"as borrowed fur to days At tcu per cent. \
the maturity Of the said amount, $S,,uu NOR,
was borrowed Of sad reck. a:1d tue whole t.:,,
"H extended 10 May 4. ls:3. On the 18th da,
of Marcel. 1>':, }4",oe' more was borrowed .
| said Peck to pay certain bonds for SAM
amount dne J. II. punhan', Esq, Prest, !Apri
| LIST. 1s'i:'.
At the time the new bonds above n,enione.
were given to said Peck tile old obligations wcr
surrendered and cancelled and are Oh file in th
office Of the Comptroller. ready to BE- produce,
as this Court sl,nl! direct.
And these respondents further answering
admit that OIL the :,tth day Of April, 4. D. Isl.
there was issued TO Seth uap:ood io,d 10
| $l,"ea. due Fcb'y. 20, 1>t'', bearing II pc
ccut. interest. the same being for noncy boz
| rowed Of said llapgool in pursuance Of th
said ordinance. and to be paid out Of the IA
receipts Of said city for said year 1852
And these Respondents further show, that b
Common Council, April ~, 1859, a copy
which marked Exhibit d. is herewith annexed
# appears that the total amount required I
meet the debt and meeting expenses OF the cit
government for the year 1>5?, is tue sum
S?25. 5.sS+.4o, and that the annual income. apa1
from taxes. amounts to about the sum Of $l.1
tAs1, which leaves balance Of $7,II5, 900 10
provided for. That tue amount Of property
sAid city subject to taxation is estimated
about $:6.10I 900. That the entire amour
which can be raised by taxation during sal
year, Gun not much exceed the sum of 3;1s'o, ,et.
That This amount would be amply sufficient
meet nll the current expenses, If not absorbe
in tho payment Of debts Of former adnliaistr
tons. That if the power given by the eli
charter to add 3lto,t"J to the funded debt in Il
year Isl. and l>ls had been exercised, it wou
have relieved the present administration Of
its difficulties. That these respondents clai
the right to pay the debts Of such former yca
BY the creation Of 4 funded debt to meet II
same. not exceeding in amount the sum authe
That If the city is compelled to pay the nmou
, Of this past Indebtedness out OF the annual I
celpts Authorized by law to be leyied in tue &c
1859, it will leave it without the funds to car
on the necessary expenses of the govcrnmc,
and your Respondent, said Haiucs, submit
tbs Court that it is bis duty to provide for I
: debts Of the city, and to sustain her credit, a
;. to fuldlltho duties imposed upon him by Ia
and to carry on the municipal government, a
that the only mode in which It is possible
q this to be done, is BY the issuing of new Dor
5 Of obligations to take the place Of those 6,
T. Faetsd IN former years, and fully due On t