The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-09-26


given, and sums due to two of the
city departments, amounts to SHIFTS 60
The estimated expenses and interest
exclusive of the water interest uD
to the 3lst December, 1860, as
made cut by the Register, and ap-
proved by the Mayor, amounts to S3O6 900 90
S7l7.77S So
1t has been ascertaned that the
Judgment obtained by the Messrs.
Reynolds amounts to s2o,503.39
And that the assessment for opening
Holiday street against the city,
amounts to SlOl ,G27.Ol
Total of the liabilities up to 3lst of
December, 1860 S848, ,999. 90
This sum, large as it is may, and doubtless will
be, much increased, inasmuch what is called the
floating debt is confined to notes given, and does
not embrace liabilities assumed or incurred. The
special appropriations for 1850 with the exception
of those which may be embraced in the above sum
of S3O6,000 not included in the above, and are
not given in the Mayors communication, nor has
he embraced the various outstanding liabilities
other than the notes. While, therefore, the Mayor
has failed to put down the liabilities at their real
amount, he has put down the assets at more than
can be realized from them the 3lst December,
1850.
The assets from taxes which NAV be
collectable to the 3lst December,
lS6O,will amount to S302 ,456
October Dividend from Baltimore
and Ohio railroad stock S7S,75O
1891, ,2OG
The liabilities therefore, up to the
3lst December, 1850, amount to SSlS gg9 90
The assets available up to the 3lst
December, 1860 amount to S39I, ,2OGOO
Showing deficiency of SlG7, 1900
Out Of the bills payable, included in
the Heating deht, those which viii
fall due after 1850 will amount, ac.
cnrding to Mr.. Swami, to Sill 29l 80
If to these add the amount of
judgment of the Reynolds and as
sessment for opening Holiday ST.
as not being required to be paid
before the 3lst December, ISGO,
amounting to I3I ,22O 40
Making, in all, S2l5,5I4.72
And deduct from SlG7, 1900 the amount of
S245,5l472, as thus made up, the difference S222-
27S.37, will be the amount Of cash to be made up to
the close OF the current year. The successor of
Mayor Swami will be greatly favored, indeed, if he
find the deficiency Of cash up to the end of the
rent year does not prove to be more than S222,-
27S.37. In the statement made by Mayor Swami,
he does not mention the amount of cash on hand at
the time of making it. This is a strange omission,
and the inference to be drawn thcrefrom will be let
to those who may peruse this reply
FLOATING DEBT
This subject is one to which frequent reference is
made in the various communications of Mayor
Swami, and it may not be out Of place to give some
attention to it la the year 1858, we find the fol-
lowing in the Mayors message: ''Thc whole in
debtedGess of the city at the close of the fiscal
year, other than its bonded debt, including arrear.
ages of former years, and the interest borrowed on
the first of January, to make up deficiencies of
the Baltimore and Ohio and Pttsburg and Con
nesville Companies, together with the balance
due on the new Jail, say j2,G45.69, is stated by
the Register at 1852 600. Against this there are
uncollected taxes in the hands of the Collector be.
ieved to be available, amounting to 100000, and
in hn1 nT tha AIiit Ii
aggregate of about S3S0,000. With fair success
these ought to be made available, and the
whole floating debt paid off without encroach-
ment upon the levy Of the present fiscal year.
1t is apparent from the above exhibit, that with
reasonable economy after the present year. and
with no unforeseen contingencies to interfere with
prospects, the finances of the city must go on
improve and the increase in the value of real and
personal estate may be expected, from year to year,
to make a decided deduction in the rate Of per
centage required to meet our necessary expenses"
The promises herein set forth, have not been re-
allied, and yet there has been an increase of taxable
property since 1858 to the amount of nearly
300OO,0OO, and the Baltimore and Ohio Rail-
road Company which, in 1858, did not pay
dividends, has since paid them, thereby increas-
ing the income by S2l5,00 per year; and yet
the condition of the city, so far from improving,
has become worse, and the rate Of tax so far from
decreasing, has this year exceeded that of 1850
And there is every to fear that it must be
vet greatly increased. There must be something
causes, but it is certain that great and decided
change must be made, in order to do justice to this
community.
REHABILITATION.
have endeavored calmly, fairly, and impartiay,
to review the communication of Mayor Swami. If
had found that in the address to the Reform meeting
there had been any, the slightest error it would have
given me great pleasure to correct it, but have
found such. If the affairs of the city had been
shown to be more prosperous than | supposed
them to be, no one would have rejoced more
than | would, but | have looked in vain for
anv evidence of such a condition. The i'm
pressions made By Mayor Swann's communication
most unfavorable, and any intelligent man
who will carefully examine it, must come to
the conclusion that it is in many important particu
lars most unsatisfactory. The attempt to include
among the assets of the city on the 3lst December,
1850, and applicable to the payment OF the current
expenses and liabilities of the city up to that pc
riod, the dividend bonds to the amount of 1885,
600 is undoubtedly a gross mistake and it is
difficult to understand how it could have been
mitted.
1t must be admitted that these dividend bonds
cannot be disposed of by the Mayor and Register,
in payment of the current expenses and liabilities,
and that as the law now stands no such applica
tion can be made. The Mayor states in his commu-
nication that S50O,000 of dividend bonds are de-
posted security to the tax payers against risk,
for the endorsement of the Western Railroad bonds.
Whatever may be thought of the wisdom of this
pledge it must be clear that ifpedged IN TINS way,
to the amount of this pledge they have been with
drawn and cannot be used 10 nceG current Idollt-
tics and expenses up to the 5lst December, 1861,
and therefore have place among available assets.
independent OF this, these dividend bonds from
part of the income of the city, but are as much
capital as the stock of So 500 900 in the Baltimore
and Ohio Railroad C0mpany-in fact they are only
bonds convertible into stock. Again these dividend
bonds may may not be available to the city in
any shape, for if the Circuit Court of the United
States should decide against the legality of the ex-
ira dividend, these bonds will be valueless
If, when Mayor Swami approved of the resolu-
tons passed by himself in 1856 against this extra
dividend, he sincere, or if Mayor Swami be-
eved in the truth of the allegations of the Bill of
Injunction filed by him in January, 1857, then in
deed he must consider this extra dividend and these
dividend bonds illegal, and issued without lawful
authority, and consequently valueless. The time
NAV have passed when consistency may be expect
ed. and resolutions and allegations in Bills in
Cbancery NAV now be considered as amounting to
nothing, and as having no binding force, but this
community will not be prepared to receive sat
sfactory the statement of the Mayor this point.
such as this injunction, settled it was, and then
| to have the fruits of this settlement paraded
| these have been, and as exhibiting the wonderful
results of fnancerng on the part of the Mayor of
this city, who had opposed the whole scheme from
| the beginning. If there ever was case which
should have been maintained to the last, ut the
facts stated in the resolutions and injunction bill be
| true this injunction was, under the clrcum-
stances, in that situation.
There is another view which strikes me with
great force. An exhibit is made of floating debt,
| which is confined to notes given, excluding all
other liabilities of the city. The special appro-
priations for 1860, not included in the Registers
statement, and not already paid, seem to be gnor-