The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-12-02
THURSDAY, DECEMBER ., 1882.
TIE CITY FINANCES.


contains number of interesting and impor-
tant suggestions. 1t appears that the muni-
cipal credit is not, after all, at such a low ebb
rs superficial observers are apt to consider it,
and in view of the many defects of the present
financial system, it is surprising that Phla-
delphia is not more hopelessly involved in
debt
The aggregate of the funded debt of the
city on November /, 1869, reaches the large
sum of $44, 797, ,O96'34, which far exceeds the
indebtedness of any other city on the CONT
nent and would in former times have been
considered an obligation of no mean impor-
tance by tho whole nation. There are, how
ever, 80 many legitimate offsets to this in
debtedness in the shape of city loans in the
Sinking Fund, loans unsold, stocks, railroad
water, and gas loans, and City property that
the real balance of Indebtedness unrepre-
sented by actual assets is set down at $12,-
304, ,27i'13 which exceeds only by $3.50, 900
the amount expended by the city for war
purposes Nevertheless, the interest on the
entire bonded debt must be provided for an
nually, and it now reaches the large sum of
$500, 600, forming the largest item in the
appropriations. The estimated receipts for
1870, from other sources than taxation, how
ever, amount to 81, 56i ,345, and large por-
tion of this is obtained from the property or
investments which form a partial Offset to the
debt, SO that in reality taxpayers are by no
means compelled to bear the burden of the
interest of the whole indebtedness. BY pru-
dent and energetic management and wise
State and municipal legislation, these receipts
from other sources than direct taxation could
be greatly increased, and it would not be a
very difficult task to swell them to an aggre-
gate equal to the entire amount of interest
payable by the city. The Commonwealth
should surrender to the municipality some of
the revenue which it now derives especially
that obtained from tavern licenses; the exist
ing sources of city revenue should be made
more productive; and all the important Row
offices should be made to yield municipal
revenue, instead of enriching the partisan
adventurers who habitually strive to extort
from the public the largest possible amount
of fees for poor service.
Philadelphia, unlike any other large Ameri-
can city, derives no considerable amount of
revenue from taxes on personal property
= For 1869, the entire valuation of furniture,
horses, and carriages on which she can
levy taxes, is set down at 1892, ,23j. If New
York or Boston had acted on this system they
would have been bankrupt long ago. They
obtain every year, from taxation on personal
property, nearly as much as they derive from
taxation on real estate and thus get immense
sums from a source which is here unproduc-
tive. It is grave question whether Phila-
Il. Oh L. Ill I
under so great disadvantage as compared
with other cities; and she will certainly be
obliged to either fall far behind them in the ex-
tent of her modern improvements, to swell the
volume of her indebtedness, or to impose
extremely heavy rates of taxation on real
estate, if she continues to rely on the latter
as her principal source of revenue.
But the most startling statement of the
Finance Committee is that even the pro
visions for the prompt collection of taxes on
real estate are practically so defective that at
this moment nearly six millions are due to
the city from this source alone, large por-
tion of which, judging from past experience,
will never be collected, mainly on account of
the neglect or Encouragement of city Off
cials! 1t is no wonder, under these circum-
stances, that repeated new loans are necessi-
tated, that large amount of warrants are
outstanding, that the erection of new public
buildings is indefinitely postponed, and that
the city credit is impaired. We begin by
restricting the sources of revenue, and end
by neglecting the main reliance so grossly
that very large percentage of its Legitimate
yield is forever lost to the treasury. The
Finance Committee, after full consideration
of the whole subject, giving facts and figures
in detail, say
"We have been unable to nnd from the records of
the city, that any property has late wears been
sold for unpaid taxes, and from the figures nre-
sented above it is apparent that any man DESTROYS
OF eyading the payment OF taxes has fun opportunity
lector OF outstanding taxes or his ward in good
hum0r, and provided he has no occasion to sell thC
property upon which the taxes are que and the IRE re
ingy not only pays his own fair proportion of thu
expenses OF the city government but from ten tt
twenty TO twenty-five per cent additional by reasoI
OF the dishonesty Of his feow-citizens."
The mode of procedure by which the de
falcations that at once impoverish the trea
sury and oppress honest taxpayers are facili
tated far exceeds in iniquity the show not t.
do it" process Of the circumlocution Office
1t seems thatliens against properties on whicl
taxes have not been paid are not prepared
until five years after the taxes are levied tina
this duty is entrusted solely to the Solicito
of the Receiver of Taxes, who is responsible
only to that official, and not to the city anC
that the whole business is conducted in sucl
aloose and careless manner that the liens be