Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1864-03-23
DAVENPORT. IOWA WEDNESDAY EVENING. MARCH ss 1864,


| n. psstsss1 Aassales.s - - cis,
| - las CAosoos. FFEEA f
EDrros Or DnoocsxS:-1hsre seenl
70 b some eoa6asioa inthe pablie 1isi
il regard 10 the effect Of the. proposet
mssstnsst to the City Chartss. Hav-
led. te0 sseenity, givea setDe attsntioa
= he mstter, l haze thoaght that
might aid those Who havs given the sub
ject lese attention, % thaE Shey may bet
Ter usdesseand how their iatoeesas sre
TO be effected BY socspting o rejecting
the proposed aznendoent. u 8
I've alteratio NJ are proposed
let. h regard 70 sjdss67ks. y
Under the present Charter the City
Council has the power 70 10y down side
walks q the expense Of the osssrs Of ~
adjoinisg land. But y this power dosa
not crsaSs siiss upon the land, tAe
practical eject q Il il, that os-sss;lssss
owners pay nothing, vhils sssjdsas own.
ss sss compelled 70 pay.
The proposed smsndnsnt makes the
tax, when levied for thse purpose, : lien
upon the land the tar to b inelUdsd
10 the ordinary tax for that ysas, and "a
b collected BY the MAMMAL In the same
manners - othsrs taxes collected. The
effect is simply - compel non.resideot
owners to pay their part Of the expense
Of suoh improvement.
I'd. In relation to the renSss0l Of thS
bonds.
The interest on the bonded debt haa
been bat partially paid for some thres
years past. There remains unpaid from
1l2, 900 to $4,000. The ordinary rev.
enue is sufficient 70 pay about one hall
of the interest, and there 10 . scramble
among those having equal rights to see
who shall get paid frut.
The bonded debt Of the city II. ..... .936l ,Oea
OF this sum S55, 900 ere Of the n. : n. bends
and the city 10 sajeinea fssn paying thsu. Nel
could the city renew then while that ipjuaetioa
remains. This injunction 10 IN pssfsst aesord
anss With the disision a The 6ta4s Courts. The
aolast' St :Aoss sosd, A:s:vss. .ay sss y sas
Dubuque bonds, and judgoeas nay b giysa On
then asaiaet the city.
Dsdastisg sAses bcsds, thsU, the beodsd
debt tof the city is.... SIT, ,ooo
The baek inlsssGs % thsse bsads il prob
ably sbout.... .......-............. 10000
Maxim. in ali ........ ......... .S7is, ,seo
- the present ol the city, dsductinG
the n. = u. bsnds.
II The bonds ase renewed on this basis,
according = the proposed plan. adding
one half o. the baek interest, the re-
nswsd ssadsd debt would bs........9 .91o6 ,0oe
Upon this basie the city 0aves, % the
present paaa, half of the back interest, 1o,00l
And savss yearly in addition. 800
By rsduetion Of interest - 5 pr ooat. And
the yessly interest would bs......... $500
II the n. : N. bonls are inclsdsd, the
bonded debt. whsn reoswsd, would b
Annual interest. ...................... u 1900
In no event would the annual interest
on the renewed bonds exceed @18,6O0.
That sun can be easily paid out Of the
general revenue at the present time.
The city holds about 100000 (at par
value) Of the n. q N. R. r. stock, and
in the event that these bonds are held
binding upon the city, whatever the value
Of this stock turns ouu TO be, il will
diminish the debt ON these bonds BY
that much.
Under the present arrangement, ~
we have seen, the dept of the city u &C.
cumuIating At the rate Of about fran SIS !,
900 to 81, 900 year.
The proposed arrangement contem-
plates the paying Of al the interest here
after. ~ it accrues, and TO raise sinking
fund that will ultimately pay the princi-
pal. The sinking fund gets 81, 900 from
every 81, 100000 Of the annual valna-
ton. sfs5
This found will begin with bout ts,
600 year, and will be increased, with
the increase of the valuation, io each
wear, by the larger balance that will
remain from the general fund from the
same cause, and BY the paying Of parts
of the principal, whics will leave, every
year, less interest to be provided for.
The holders Of the bonds, then, will
have s,ukiDg fund offered TO them, -
an inducemest to come the proposed ar-
rangement.
And for the two mills additional tax,
the city eets the conceiation Of one half
Of the back interest, the reduction Of
the interest tor the futare from 10 per
cent to S per cent, ond the ultimate
payment Of the entire publid debt. .
!. In twenty years this plan viii savs
to the tax psyeo, at the calculation, $500
600. erttrnsk ~
whether they will take the chances Of
having to ,,sy, q the valuation Q: pro-
uertv increase. the wk6ls of4ks largely
;sereased public debt Or whether they
viIl pat II now in process Of liqsidstion,
and from hencslorth free our city 6nan-
[ees from all embarrassment.
s # these juggestions viii help any voter
Ia : bettsr understsndiod Of the subject
here Diseased, ] shall have accosPlish-
"a my whole purpose. D. i. 8.