Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1862-04-18
Common Council.

Common Council.
A regular meeting Of the council was
held last Monday evening. But little
business was done by the old beard, when
it adjourned sine die.
Mayor Dennis and the newly elected al
dermen then took their seats. Mayer
Dennis read his inaugural address as fol-
lows:
GENTLEMEN OF THE COMMON COUNCIL:
In entering upon the disch arge OF the duties OF
the position assigned me by the people of this
city at the late election, can only promise to
act with impartiality, fairness and integrity;
and / trust, in such manner as will not only
merit your appreciation, but meet the approval of
our constituents.
1t is not intended on this occasion to enter into
an extended discussion of the affairs of our
city, but to briefly allude to few subjects of
paramount importance.
The funded debt of this city consists of bonds
issued by authority of an act of the Legislature
of this State, passed in the year 1856, to aid
tain city improvements, and known as " City
Improvement Bonds" The whole amount of
these bonds outstanding on the lst day of April,
1861, was 800, 100. Of this amount, the Com
mon Council, during the past year, have retired
and cancelled $4,000, at cost, including arrears
of interest, of So, 564 All this issue Of bonds
draw interest at the rate of per cent payable
semi annually and the principal is redeemable
in twenty years from 1856. The whole amount
of these bonds now outstanding against the city
is reduced to $I3,5U0. Upon these no interest
has been paid for the past year. | would rec
ommend that some provision be made for the
sinking of the remainder or such portion as
the finances OF the city will admit, during the
present year.
THE RAILROAD DEBT.
The liability of the city, i'll consequence of
loaning its credit to Railroads, is $3.50, 900, as
follows:
Milwaukee and Watertown Railroads. 80 900
Chicago St Paul and Fond du Lac R. r. 200, 900
Watertown and Madison Railroad 900
When these bonds were issued it was not an
ticipated the city would ever be called on to pay
any portion of the principal or interest, but that
the Railroads for whose aid and benefit they
were given in pursuance of the agreements
entered into with them, would faithfully dis
charge their obligations. In this expectation,
regret to inform you, the city has been sadly
disappointed, and we are left with the entire re-
sponsibility of providing for their payment.
These bonds all draw interest at rate of eight
per cent, and the arrears of interest now due on
them amount to thirty two per cent of the prin-
cipal.
This liability, already so large and constant
ly increasing at the rate of $38 400 annually the
holders cannot reasonably expect US provide for
its payment at par, or even at any reduced rate,
unless it should be nominal consideration.
1t would tru y be source of qualification 10
every inhabtant of our city, if some arrangement
could be made, by which load that is now
weighing down the energies of our people and
seriously imparing the value of property within
our limits, could be removed on terms satisfac-
tory to the bond olders, and within our ability
to comply. In every effort having this object
in view, it is confidently anticipated, that the
representatives of the several Railroads that have
been greatly benefited at the expense of our
credit, will cheerfully cooperate with the Com
mon Council and our citizens, to effect settle
ment of these claims.
ASSESSMENTS.
The aggregate assessed value of the real and
personal property of this city, for the past year,
is about $660,000. Upon this estimate, the fol-
lowing taxes were levied and collected:
county ,ol5 W
County School Tax---- 3S5 10
City School Tax------------------2, 446 %
City General Fund, including tax to
Purchase Improvement Bonds 5,l9s 81
Ward ACKNOWLEDGEMENTS TS9 40