The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-28

AS1hS IoNV0HA0N " Wv M,
Loans cancelled by Com @'''''''
mtssioners OF Sinking
- L2O4,25s az
Actual increase Of the funded debt
during the year, Sl,327,S27 80
Total funded debt OF the city, Jan.
hand Jan. /, 1869 s35, ,1G5,62l IS
sury during the past year were 9,42O,sO2 s4
the same period were ss,39237O O2
From which ded duct-
Amount of temporary loan
and interest paid Sl,O6l,60l Sc
warrants OF previous
- SO, 1O5,Ol6 10
And the amounts paid for the actual
shown to be 5,237,362 90
To which add the outstanding war;
rants OF 1866 h2V4'o4l 9'
And it results that the total cost of
the Departments for the year was S6,492,SO4 81
The receipts for taxes Of 1866 amounted S4,-
elO751 %, after allowances Of $i27,563 50 Tor
prompt payments as authorized by law.
The total amount of taxes outstanding, as ap-
pears by the Controllers statement, is S3,350sl5 49,
In addition to the above, there was collected oy
the Receiver during the past year. for taxes OF 1868
The Sinking Funds now form an important de-
partment of the finances OF Philadelpnla one
were consolidated, to cover all the loans which had
been previously made by them, and were then un-
paid. Thirty one funds have been added as new
loans were made, each being designed by its own
operation TO provide for the payment at maturity
Of the loan It represents, AS the loans run LOT
thirty years from date the effect Is 10 distribute
their burden by taxation through that perloo. NO
debt is now created without provision for lts
payment at maturity, and thus such connection
is formed between debt and its discharge as ought
to the most serious consideration before IL is
contracted. The taxation required for the annual
l
30-1OO per cent. on the value OF the property as
sessed or S43l,445; to which add l 37-1OO per cent
for the annual interest on the loans or $2,2jOOOO
and the total is 63 1000 per cent, or S26sl4l5 for
1867. A sufficient burden OF the kind 70 satisfy
every one that only improvidence could nave al
lowed its accumulation, and that nothing but very
extraordinary causes will justify its increas?
The statemento of the funded debit presented oy the
Commissioners of the Sinking Funds, and the docu-
rnents connected with 1t, will be read with inter-
est The property held by the city is OF great
value, and were it not for the eleven millions OF
debt created for war purposes, would represent
total exceeding the whole dent. Inc IeVeHu9
contribute largely towards paying the interest on
the debt. .,.. .
rious difficulties encountered in the administration
of q city like Philadelphia. With population OF
over seven hundred thousand people, which is ra-
pidly increasing, and with an area OF one hundred
and forty four square miles, constant pressure
ON The treasury, from the circumference even to
The centre arising out of the need OF essential i'm
proVements which must Keep pace Win tine
growth of the city, is nevitablei ana oey ona that
provided for, others continually occur which no
foresight can prevent. Still, experience ought 10
determine with sufficient accuracy an approGl-
mate amount which should be raised at the be-
ginning OF each year, 10 cover bon the certain ana
uncertain requirements. unfortunately now
aver from causes which easily understood
loU rates have been often levied, with conscious
ness of their lnsuficiency, and thus deficiencies
from wear TO year have occurred, TO be covered by
loans The representatives OF an intelligent COM
munity should be governed by hxed principles
and it is due both themselves and their constltu
ents that the provision by taxation, with the reVe-
nue. from other sources, should be always equal tC
the expenditure for the year. The title OF Con,
troller would imply the existence OF power eqns
20 the adjustment of the expenditure 10 the IN
come; but no such authority has been conferred OF
that oficer, and his recent exhibit OF the finances
of the city shows existing denclency OF aoou
S1,5OO,O00, which it is proposed 70 iuno. uen
cheney in the treasury prevents the PIompL pay
ment Of warrants drawn upon IT, Ihat oepIe
ciRtes their value, and the extent OF tneir uepre
citation is loss to the city in the increased cost
labor and materials. Motives Of economy alon
should induce more careful management, even
the dishonoT, which is inseparable from unpal'
obligations, were not consequence.
The finances of several of the other large clue
in the United States are more systematically man
aged than our own in the adjustment Of their re
venue and expenses, by which funding 10 cove
current expenses is avoided. The advantage pos
taxation produce larger results, is a relatively
larger basis for taxation, in which is included bot
personal and real estate, arising from the car
with which their assessments are made ana Wnlc
will be apparent from contrasting their returns o
the value of real estate with the returns mace ner'