The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-07

Tenth ward-A. H. Franc:scus ta.), No. Us Market
fs15nTES Tn%SdA va, 'sSt SS
weiith wsld-wn lam LItteton' tR.,, No. sl4 York
Thirteenth Ward william Palmer (B.l, No 7os Coates
thirteenth ward--JOhn L. shoemsker' (R), No s2l
,Fourteenth ward-H.. C. Dram tR.), No 1910 Spring
FouTieenth wnrd-JOseph B. Hancock tT.>, No se4 n.
fifteenth wSrd-RObert NJ. Evans tR.h No. sls N.
Fifteenth ,wSTd-Josepo B. COnrow' R), NO 1915
Fifteenth ward-Thomas POttei' (R), No. 1910 Green
Fifteenth ward-GeOrEe W. Smith" CR), No. $50 n.
sixteenh wGrd-Charles Eager tR.) No 1iA Frank
Sixteenth Ward George j. Hetzel (o), No 1855 DOCK
seventeenth Ward Lewis Drlesbach. to)
seventeemh Ward-J. O'NeIA' % }, Filth and Jeher-
fis6fesn,h Ward Daniel p. Ray CR), No ll2 N.
Eighteenth ward-Daniel W. stOckham CR), Norris
Sineteenth Ward Joseph Earnest tE), No 1924 N.
Nineteenth Ward Nicholas Shane Ca.), No. 2l4e N.
Nineteenth waid-Francis Martini CR), N s47 East
twentieth wGd-Joseph F. Marcer (R), No. Sl5 n.
Twentiet6 ward-Jsmes II. Bn fugton (R }, No. Ds.
twentieth wsrd-Henry c. Harrison tR.), Master and
! Tebtieth ward-Aneus Cameron Or J, No 10 $.
I enty frst ward-wnliam A. Simpson Or }, No. 21s
Nv Snty -hTst ward-GeOrGe W. Mevers' tR.), Twen-
Iweniy second .ward-Joseph Hill R) No. 50 N.
twenty second WaId-Lewls Wagner (R.), No. lss
S TWen Ss1i y-tSrd ward-ssmuei c, wits R }. Homes
Twenty third wArd-JOseph t. vankirk CR.), Frank
Twenty.fourth W ard-winam Stokes (R.), No. 4s N.
twenty fifth Wards ii. COlehower 20 y Port Rich.
twenty sixth ward-John Keter R) No. 1923 South
Twenty-sixth ward-RObert Armstrong CR.J, No 1887
OTI,s twenty Seventh ward-wnllam ogden' ), King
sessing P. o. :.
Opposition
join ballot Republican majority, 35
Proceedings in select Council.
The Select branch met at 10 o'clock, Presi-
dent SperlDg in the chair. The credentials Of
OF President was proceeded with, resulting as
fo.SHa fSll0ws;% soeriug Republican i5 i5
Samuel D. KING, Opposition .I&D
Majority for spering -. 1.a4iaai .sHasi 8
Mr. Spering then took the oath OF office, after
which he addressed the members as follOws:-
Gentlemen of Select Council: :-ln taking the posi-
ton to which have been chosen by the favor Of
my colleagues, it wli, trust not be considered out
OF place TO briefly review the financial condition of
the city with reference to ITS debt and the resources
it possesses to meet 1t.
By reference to the official statement, prepared by
the Control er on the Isl of November 1885, for the
| use OF ouncls and upon winch the estimates of
receipts and expenditure tor the year 1867 are
based, 1t appears that the amount OF tue existing
| funded deot that day (not inc udinQ that aus
thorzed for special purposes, but not IssDed)
TO this NUT be added the amount OF "a
warrants outstanding. ..,.,,,,.,,.... 1sss,652l II
March, 1867. NEUTRALITY-SUSPICIOUS.. .... 5N,1u4s
Making the whole amount of the debt.
funded and unfundeo, on the LIST of
Nov, mber, 1866. .$87 991. 46279
Included in the amount of funded debt F',-
is 81 93l 800, issued ior the extension
Of the Gas Works, the interest and
Sinking Fund Tor which paid out ...
! of the income of inc Works, and
| which might, therefore, properly be
deducted in the statewen OF funded
debt, II having a special provision
the property OF The Gas Works for -.o Ir. s
To pay this debt the same statement
of the Controller shows resources as
| Cash in hands of Commits
sIoners OIL the Sinking .o.., - --
City S loan in hiking fund 7Ss, s,is5 81
| Other securities. ued at lS 81. 346'00 'r r1.-
| Outstanding taxes collect -r .-- --r
.','', : '''' - 2S1O6.s64 81
Leaving balance of debt not repre- -
sented By assets IN the sinking fund
s14, ,s74 GO7 es
ralst by loan during the four years -.--
OF the war, Tor the purpose OF paving
! bounues and supporting the families r
of volunteers. which was about go. 1850 OOooO
The balance OF debt unproUded lOr
would lave been only ................ l,724 607'98
submit that, with this proVlson Of the sinking
tund, there cannot be DOUBT of the ability of the
! city 10 provide for al her obligations. -
There is no eNaggeratlon in the valuation OF the
assets OF the Sinking fuud, which carefully
made by the Commissioners, ut the actual market
value OF the several securities composing It.
Some OF the items of assets of the Sinking Fund
are improving IN value among which aro;-
The stock OF the North PenOa. r. X. -. 81 100000
do. PhIla and Erie r. 80. 2.250,000
Amounting together to- .......... .SS,6b0OO0
1t Is hoped that these will soon become dividend
paying and thus relieve the CITY Of the payment of
on the loans Issued TO them TO the extent
Of $4,000 per annum.
In the valuation of the assets OF the Sinking Fund,
thtIe Is not included the Parks, Squares Vacant
Ground, Public BUilC ings, Bridges, Prison, House
OF Refuge. Police Stations, Almshouses, Municipal
Hospital, Gas Works, SchOO. Houses etc., which
have cost many millions, ana exceed in value
the balance OF the debt beyond the sinking fund,
and all OF winch have long since been paid for.
fercelVinR the uneasiness OF tho public mind at
the rapid increase OF our debt during the last four
years tall of which out OF the war directly
indirectly have thought that statement Of this
nature might serve TO reassure the holders Of the
city debt OF tho entire certainty of the regular pay
ment Of their interest and of the liquidation of the