The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-16

The average assessed value Of taxable property
in Milwaukee, by the lists of three years past, is
sl2, 600 900, and the average annual tax for city,
county, State and school purposes s2s0,0o0. Add
to this the 100000 shown above as the In
terest demand against the city, and a tax levy Of
four per cent on the valuation would be necessary
to meet the two. To this add the cost of collection
deficiencies, &C., and |: is probable that levy Of
five per cent would be necessary. The report
says
Ysur committee are o! opinion that, however humii-
atng confession tbs. conclusion may involve,
people not able 10 bear great BURDEN that the
above per centage greater than any people
yearly pay; that such annual burden would be
great as to compel men and capital 20 seek other fel1s Of
enterprise and SO dry up tho sources Of revenue. Al
least that 10 to be feared. We profoundly i'm
pressed wnh this conviction whom remember that
direct TAXATION ID only resource We have, city
no revenue from gas works, from water works,
from markets or docks or from any other productive
property The city has no income except by tie npoe
lion Of direct tax We are also compelled 70 remember
in this connection that very largo share OF these
In raised from entirely un.mproved aud upprOductive
perty-ssy one half OF The entire amount 30 thai
nearly as we estimate, this annual tar would
be a. least forty per cont and something Of
the annual rental Of the whole Of property sub
ject to taxation or 81 leas. ten per cent the
sessed value of the taxable property which improved
The second report Of The joint committee bears
date Of December "a, and gives little more hope
full account Of the aspect Of affairs. The COM
mittee say
Whereas at the date Of our former report we oonem
plated the probability OF the city being Obliged TO
adjust the whole debt therein mentioned railroad az wen
as municipal proper with doubtful aid rom tho 70 roai
company and the inference seemed hen inevitable that
large reduction IN the principal sum Of our bonded in
debtec well IN tho rate OF interest thereon
must be obtained 10 render u blo for the city
and keep up the regular payment OF interest,
far hopeful regard 70 The ability Of
the railroad companies 70 meet and provide sos Their
bonds In where they arc legally binding and
relieve the city 10 that extent thai beore thai
will not be necessary for 10 have any reduction OF
the principal OF bonds issued Tor other rail
road purposes but only Of tho rate Of interest thereon
We also Of opinion that " Ia not 10 attempt TO
eadust 10 make any further provision for bonds
issued IN aid o; railroad companies until we shall have
ascsrtanod more clearly FIRST tho line sopa alton be-
tween those which arc valid In Law and those which arc
not valid and second " what extent tho railroad
panics are abe 10 provide for ihem.
Under the state Of facts as they now exist The
committee do not sec the way clearly 10 raise at
present more than 10000 20 s76 900 yearly 10 APP
ply to interest and sinking fund, and the problem
is to relieve and readust the debt to bring the
Of the annual interest and sinking fund surely with
in the amount named The committee say
We think more attemp, further provisions
by the city the bonds issued TO railroads for the pre-
sent or until IL shall be how far Tho companies
take Of such Of them az arc hold valid by tho
courts and seek to readust all debts created for
strictly municipal purposes such basis that can,
with the amount q tan 10 DO raised for such pur.
poses meet the annual interest and sinking iun1 mere
and leave a small margin 70 meet snch deficiency shall
arise from failure collect the entire tar in time 10 be
used and, II possible sman TO meet any deEcen-
CIV that may arise from the railroad companies failing 70
take Of the yearly interest city bonds Issued
10 them.
For this purpose the bill has been prepared
which Is now before the Legislature. The follow
ing extract from the report will show the general
features:--
We then recommend that the city procure such enact
mept In substance and tina. she propose the creditor
bonds 70 run lees than twenty Ave than
thirty years (soely for the purpose Of taking up and
settling the existing Indebtedness aside from and
inc hiding bonds issued In aid Of rsdroad companies the
new bonds 70 he made pay able in New York city, to
interest NJ Ave per Mt per annum, payable semi
Ally except when they 70 be given 70 settle
old bonds which bear per cent per annum Tin which
last case the bonds shall bear elk per cent per
NUN and under and pursuant 10 such exchange
such new bonds at par dollar for dollar for the out
standing evidences Of such old Indebtedness 70 be taken