, 1859-06-24

dent IN said Office Of Mayor to have made pro-
vision tor by the issue OF bonds of said civ to
the amount Of $lvo,ur>, the sale Of which! would
have discharged considerable amount OF such
| debt; and to enable Mayor Wentworth SO to
do, the Common Council of said city did, on the
18th day of May. 1851, pass ordinance author
lz'ng the issue and sale Of city bonds to tue
| amount Of $l00, ,01u-1 copy Of which is herr-
| unto annexed, marked Exhibit c. That tic
bonds authorized to be issued under said o,d.
nancc we're prepared aud were duly executed
| by the Mayor and Clerk that said bonds were
sent To New York, but owing to tic ertraord;
nary financial depression then affecting the
money zaurket, they could not be disposel Of
except at Il heavy loss, and were therefore never
offered for sale. with the exception Of four.
which we're sold in November Of that year.
That the said Wentworth instead of Icarjnr
said bonds to lie disposed Vi br bus successor
this respondent iHaines>. as the market should
permit, caused tue snmc to be cancelled and DE-
strored, thereby IeaEing to his SUCCESSOR the
UNPAID debts for whose payment thcy were DE-
signed, without the means 50 provided for their
payment.
And these respondents further show, that tho
power conferred BY the said ordinance, of bor-
rowing $lM',o9o as an addition 10 tue funded
debt Of said city for the veur le:,', was not for
the reason aforesaid exercised during the said
year ending on ls1s, and that said ordinanc,
Las nercr been repealed
-AHu lucst 1tspou0eutS 1uF1ler SHOW tn1t
the income Of the city is derived chiefly from
the taxes. Where the taxes for given year
are raised, it is Ut the close of the wear and for
Tie year just closing. not in udyluce fur tile
year about TO commence. The great bulk Of
The taxes is not collected until ncar the clusc Of
the fiscal year. viz. from January to March. Til.
result of this is, that eacl administration closes
with an empty treasury, leaving nothing to its
SUCCESSORS except its unpaid debts
From the middle OF March to the following
January or February, tie city government las
no funds except What is derived frnm licenses,
tines: DC, amounting I" about ::75,@p~ per year.
The interest on the funded debt, unlounlilgfo
:3a,'""', has to he provided for. salaries Of
officers. police and tiremen, amount IL 5l..y'",
month. Lumber has to te bought for Cash,
School houses aud other bu,iuinSs, if bnilt at
al, must be built in tue building SEASON. hi iscs
are required. Street labor requires S3,+v ;rr
Eontli and various other items which it is no,
necessary to detail. The monthly requirements
"i tue city for lis necessary expenditure are not
less than *fn,."Hl on lu average. This ainount
Is needed from mouth to month. To provide for
il, II Is necessary eiller to anticipate tie rev.
cnnc OF the current year by short loans, to b:.
J'aid from the taxes when received. or to
pay for work, labor and materials by orders
IN an empty treasury to be hawked about tue
streets and sold at 4 heavy discount, niuring
Tie credit Of the city, and causing her IL nav
ior all her work and labor nj prices far higher
than the sanle labor and materials could b. 81
cured for cash.
In view ol these facts, it has always been,
ever since the passage of the city cIlarter Of
l>51, tic uniform understanding, as t.,esc re-
siondents are advised, upon which every nd
instration has acted, that the :,tii section Of
the act Of said charter referred only 10 the cre-
ation Of permanent loan, and had no refer
cncc IL the temporary loaus of money which
should be- made from time to lin,c during each
current year in advance Of the tax receipts, and
III. revcuuc being, as stated. al paid in in Jan.
nary and February, these temporary loans bare
ter:s regarded us advances upon ihc tax lists
for the purpose of meeting the current c1pen-
scs. Tic charter was passed III 1s'1, aud the
practice Of meeting Tie expenses BY advances
in tie manner stated has bccn uniform from
that ti,nc to the present. and thy propr!ety or
legality Of it has never before, to the kslowi-
edge Of these respondents, been denied or
questioned. There WAS luaned in this way