Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-01-26
The following is the Banners article:


An article has been going the rounds of the news
! papers for some weeks past, aud has finally ap-
! pesred Ia Hunts Merchants Magazine stating that
the total debt of this city is 1905 1913, and that sits
means of every description are put down at SS4l,-
350"-And further, that ''the revenue this year is
estimated at SIG6 l30" The statemer also assert
that the Liabilities for the present year. exclusive of
ordinary expenses, are put down at Sl54, 776, and
the ordinary expeDsss are at least Sl20 O0O-so the
deficiency at the end of the present fiscal year will
! be Si07 GAG -
These statements are palpably incorrect in seve-
rel particulars aud convey altc ge:her
/ impression. We bave taken some pains to ascer-
tain the facts il regard 90 the financial condition of
the city and are indebted to our obliging friend
a. NELSON, City Revenue Collector, for the neces-
sary information.
The amount Of the funded debt, at the beginning
of the present municlpalyear (0ct. J. 1885, was as
now, S6G2, 500; but the renalning Indebtedness or
home debt was only $50 838 making a total debt
Of $3.50 33S, instead of $500 33S as stated in the
article mentioned. "The means ofeVery description
are put down at S84l $50" say the papers The
means of every description, belonging the Cor
poratiOn Of Nashville, amounts 10 81 300 900, in
round numbers. The revenue for the present fiscal
year will amount 10 at least 500 coo, instead Of
$l66, l30 The liabilities for the present year was
officially stated to be SAP S3S Instead Of Slj4 77G
as above reported, and this includes all the
bonds just due, amounting to $4,000 land which
included inHhe funded debt Of SG6z, ,500) and
Sl1I26 for notes for water pips maturing in 1859,
together with the large of S26, 400 for out
standing checks Of the Recorder, nearly all of
which have since been paid. And the erroneous
sta'ement says that the defciepcy at the end of the
pres, mt fiscal year will be SlO7 GAG. This is a
gTatuitcus assumption, made without any data
whatever. Half he amount would be nearer the
truth, but the sum will depend entirely upon the
extraordinary expenses TO be incurred for the Water
Works. The only reason for any deficiency at ALL
is the fact that $4,000 or $50 900 have been ex-
pended within the past Two years for putting down
additional and larger water pipe, new buildi.
ected at the Market House, and her eXtraoTdi-
nsry improvements made.
The truth is. that the city of Nashville is in
healthy financial condition, notwithstanding the
fact that she has few bonds matured and unpaid.
1he heavy expenses for the Wafer Works has
alone prevented their payment, but We have full
two miles of large water pipe, recently put down,
which affords an abundant and ample supply, and
without which our property IN constant jeopardy
from FIRE.
The management Of the finances cf the city de-
wolves, OF course, upon the members of the City
Council and trust that no new schemes for spend
ing money, or any extraordinary expenditures for
any purpose whatever, will be coupteranced, till
the entire present iEde btedDess due discharged.
TIE expenditures for the present year will not
ceed $3.50 0O0 ana AS the income viii be 500, ,000
fifty thousand dollars will be paiG the former
debt, or that sum paid on the funded debt In
other words, the revenue is only sufficient to psy
the ordinary expenses, but exceeds them by $780,
600
\ law has recently passed, creating sinking
fund, which, if faithfully and properly managed,
will ultimately free US from our entire funded
debt.