The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-09-27

II,
Should the Court decide against the legality of the
which do not anticipate it cannot be doubted that
legislative action will be had to defect in exist
ing laws, TO revive the subject in another shape So
that in my judgment there is nothing certain than
this of the city Having myself originally stood
In the way of decar 'tion of this dividend deem it my
duty to state that action based wholly upon the
ground of ezpediency in the then condition of the Compa
ny My reports, when President of that COMPANY will
show that recognized the large accumua
ons of net earnings justly belonging the stockholders,
which had been used in construction and which it was
always my purpose to divide when the finances of the
Company in a situation justify it, In any event.
the interest upon the bonds must be divided the
stockholders the only Legitimate mode dsposng
surplus profits in the hands of the Company.
The amount of taxes due the city for the years 1852 go
and applicable to the floating debt and expenses of the
fiscal year ending the 3lst December is according to
statements of the Collector, as follows:
lS59-Toal amount Of levy 81 1871 170
Deduct abatements. nts...................... 10000
s., ,3o1, no
Total amount of collections up to 31st August, 1860,
S1O7S043 Balance uncolected, 1928 127. Estimate as
collectable up to December 3lst, 1860 $4,000 Estimate
coectabe up to April LIST, 1861 S25000. Total sci 900.
Estimate of total collection April ls 1861 said levy
sl139O43. Estimated balance uncoleced April Ist, 1861,
$l62, ,l27 Total, 81 ,SOl,F0
lS60-Total amount of levy. 400 700
Deduct abatements. ents...................... 10000
s1.s7o,7o6
Amount collected up to 3Ist August 1860 $5lS O97 SIS.
Balance uncollected 1852 As Available up to Decem
Der 3Ist 1860 s266 i56 Available to April ls 1861
s2750G0 Total, s54 ,456 Estimated total collection mp
The estimates of collections assured, (see appen-
dix b. are within bounds, and may be safety relied upon
1t will be perceived that the aggregate collections
of December, 1860 stated 1902 456 90
And to the lst of April, 1861 ........ 500 COO 90
Making s6o2, ,l56 90
the Baltimore and Ohio Railroad Company,
less Northwestern Railroad instalment.. 1889 90
Making on 1st of April, 1860 .. sl,215 90
Add estimate of collections by the Auditor. 100000
Total..... s696, ,215 90
REGISTERS ESTIMATE OF EXPENSES FOR RESIDUE OF PIs
1t is of course impossible to give more than prox
mate estimate of the requirements of the city, from
month to month. The amount stated by the Register,
needed up 3st December, for city expenses interest
&c $500 ooO-exclusIve of interest on water debt
which is paid by the Water Department.
The amount colectable 3st December being S3024
And dividend on Baltimore and Ohio Railroad
STOCK, Is570
Gives total Cf......................... 1881 O26
But of til. taxes of 1859 and 1860 still outstanding
after 3lst December there will be available before the
1st of April $500 000 and after that period s473 297
making total of S77327945, less the discount for bad
From this the floating debit as before stated, and
amount due Commissioners of Finance and the depart
ments are 10 be deducted.
GENERAL REMARKS
AS the fiscal year terminates the 3lst December and
the levy usually deferred until the lst of Apri of
the succeeding year. resort to credit has been found
avo!dabe at the commencement of the fiscal year and
until the receipts from taxes begin to flow into the
ury. The measure of credit required by the city
always depend upon the receipts of the Collector in
izng the public dues There have been periods when
have found it necessary to borrow large an
tcpaton of overdue taxes, which the city had power
to realize at maturity.
RECAPITULATI0N.
The aggregate bonded debt of the city of Baltimore
upon which she is paying interest," is SO 274 SS9l7
LIABILITIES.
Bills payable and all other liabilities, exclu
sive of bonded debt as per Registers state
ment that is to say:
Floating debt. t.....,..............S S232, 1850
Commissioners of Fnance........ 100000
-- s4ll,77S69
interest on Water debt, up to close of fiscal
year. ending 3ls of December. SOC 900 co
Total s7I7,77s69
Taxes due and unpaid in 1860 ........ ss52 COS As
" 1S59.............. 223, ,127. 90
sl,o757S5 As
Deduct amount supposed to be worthless by
collector for both years.......... ..... 200 10000
Leaves...::. ......... .............. ss75,7S5 Is
October Dividend on Baltimore & Ohio rail
Note of Baltimore and Ohio Railroad Com
..................,......... 4,5OO 90
Dividend bonds in hands of Register 105O 900 90
81 o9S 9s5 As
Current liabilities s717,778 60
Assets on hand 2,09S 9S545
Surplus in favor of the city on the 31st De
cember, 1860. 81 3Sl 206 70
have the honor to be- with great respect obedent
servant THOMAS SWAMI, Mayor
ArPENDIx-lAI
REGISTERS OFFICE,
Baltimore, Sept. H. 1860
Thos. S'cana Esq, Mayor:
Dear Sir-Accompanying please find statement of float
ing debt, amount due departments and estimated
penses for remaining part of fiscal year. exclusive in
terest on water stock paid by that department.
BILLS PAYABLE.
IN III 4S437
ioOZ........... ...-........., 100000
loo5.... ................ 100000
s23277s69
Commissioners of Finance. ....... 100000
Departments, about. ut............-......... 90000C0
SHIFTS 60
Very respectfully,
JoHN A. THOMPSON, Register.
[Bl
CITY COLLECTORS OFFICE.
Baltimore, Sept II, 1860
sIR,-Beng absent from the city the time the report
OF estimates was made out by the cashier of this Office
and having examined the same since ny return, l en-
trey concur in the correctness Of the Based as
they are upon the collections of former years and those
OF the present exceeding, thus far, of them feel
assured that the amounts stated will be fully and proba
bly, more than realized
WIN. THos. VALIANT Collector.
Hon. Thomas Swami, Mayor. 1t
BOARD OF TRADE.