, 1869-12-01

Elsst !oaDs pei cent bonds {i2.oo0
sseebd sd ssSa ioaas' Pei eest bonds.
Since Apnl 1853, there have been Issued
per cent btuds. ............-.. 1sQ,0oo \
Tota, beverage debt. n ~, ooo !
Additional sum Asked dfor-........-....... 5000 |
Sasssooo
Lees Fam 10 A1nkipE fund. ,0e0
$500 400
This does not include the bonds issued |
for the river Improvement
This debt bears interest at per cant,
which, on s., ,G65 900, is SlsG,550 per an
NUN; but that docs not show the real |
amount Of the debt. OF the bonds sold in
1863, S5o0, 600 vera sold at 81, and $780,
600 atso-ihe proceeds being only S7l0, 900.
A small discount has been sustained with |
all the prcviouA bonds.
The annual expense Of the Sewers al
ready made is us follows:
AIuuaI lntercSt. ..-...... ,Slss $50
Cleaning sewers. so9:a
nepn41o..-s .....t..-s............ 11.&o1
saatlcs rents, Ac..-.-... ...........,.... 1891
Total annual annual cost, In a1dluon 10 cost
OF coLslfnctioo.
The nine miles Of sewer laid in 1868 cost
sl9' 900, OF about s2t $50 per mile. The
annual expense Of keeping Ito milas being
s2!3,ooo, is about $1,000 per mile, which
has to be raiscd hy taxation.
The question which addressed itself di-
rectly to the public is, are We not incurring
an unnecessary expense in this matter By
careless and improvident manner of doing
businease In 1868 we built nine miles Of
sewers, at cost Of Sl97, 900; and We must
raise annually for interest and sinking fund
over $a0O,0oo. Is it not time to stop bor-
rowing money, and apply ths direct taxa
ton to the construction Of sewera3 It
Seems that ns We increase our debt the cost
If construction increases as veil AZ our an
nual tax In lsG9, nineteen miles Of sowor
cs,st, for construction alone, sGl7,0 900, or
over ~, 700 rer mile.
There is no Improvement 50 greatly de-
s;red.snd ST. generally useful as that Of sew-
crage. But if We nro to 60 on borrowing
| $50, ,OcO gear, selling the bonds at 50
cents and paying per cent interest on Tho
bcrds, We are spending n vast amount Of
money moro than is necessary to attain the
sauc result, We cIpend annually s., ,500,-
GOO fur street Improvements. Suppose, in-
stead Of collecting tLis sua annually from
tho property benefited, VIC borrowed tho
money BY selling bonds at 30 cents, ind
paving per cent interest, how long would
it be before our debt would call for au az
nua1 inte1es; far exceeding our annual sx-
penditu1e for sewers? It is very easy to
e1pend borrowed money; but improve
ments ronds with borrowed money aro ter.
nhly expensive.
There wero lOl ,G0s feet Of sewers laid
IN 1860, at cost of sGa7,0o0, or nboui
:.:.:::: per foot. Tho average cost Of laying
sucl sswr1, on The sams principle that
: 4:r",! yavementa are assessed, would be
:.l,s;it :, per front foot, or Sl25 for 2255
| .:..r: ;...
.1nr owner Of such lot, by paying
s;v a,oa. would have the sewer, and b
sr-z1er discha.,,rl from any future ta1 o.
!; j-.--.---o.~. How il it IS the case nov
stands: Estimating the lot and improve
: ments 1t IS, 900, he il ta1ed annually Gu
mill and = half, or $3.50 for interest on TIM
. Eum,-the tax increasing with tho value O
, hia property md tha increased sewezas'
debt. In twenty 5eans he will have pait
Sl50 interest, and Will still owe the origin.
have paid, in addition to the tag for inter
est IN the shape Of an annual tar for .
sinking fund, the cost Of The sowar twict
over, LIT the tax on the existing sevel
debt will bang over him in perpetuity- II,
will never be able to escape from it, and il
, thirty years the lot will have paid, perhaps
95400 for tho sewer, and Still be subject tt
, an annual ta1 of une and half ia thre.
!, mills to pay the interest on the sewer debt
Are We not practically paying, under Til
| system, two or three times over the cos
OF our sewerage? And is it not time t.
, return to tie only just and equitable mod
: OF paying for such improvements Their
, is no property-owncr who will object t.
; paying the cost Of laying the sewers il
a front Of his lots, and Of s.1ch n,ains E
+ benefit the same. But when he pays thn
:, tax, he ought not to be taxed for that pm
70 pose any more. There are 1:so miles Of SOW
e1agel laid; there are 0Grniles Of streets i
n Chicago; and the property On these SO lille
i, Of upscwetedst1ee is Ill taxed for sewer
J. elsewhere, and for interes. on tho more
:, borrowed to build them. There is othe
!. property which has paid three times owe
n ! the cost Of the Sewers by which ii
n benefited, md which is chargeable yet wit
a the debt snd The interest thereon.
~ The Board Of Public Works. two yeal
Al ago, called attention to this subject, b.
n the Council took no action. Such actio
will soon be necessary, for the sewers uau
II 60 On, and there must be limit to Il
Il debt for that purpose. There is no dificu
=, ty in changing this system. The prese1
: sewerage debt, up to The LIST of Decembe
r. is 15ghtfully cha1geable to the real esta
=. fronting on streets which have been se,
u, cred, or which have been drained thereb
r competent surveyor, like Mr. Clark,
~ the Sewerage Department, could, in ty
~ weeks, prepare list Of ali the property
,o tho city benefited by the savers now CO
~ ktucted, snd to which this debt is charg
w Nv hblc. This property should heuceforth
" released from all tar for the construction
new sewers, and should be taxed for t
amount necessary to ray the iutert
e. and retire the principal Of t
in existing sewerage debt Tho Pre-
mt erty having no sewerage benef
10 should not DO taxed for Improvements
~ which they have no interest. AL d
all sewerage should be taxed as special i
tu- psorement upon the property benefit
,ay theseby--the city, as in the case Of str
he pavcmenss, paying the expense of sire
be crossings and connections. The cost
,rd repairs md cleaning should be assesscd
to all tbe property benefited by the sewe
th- In this way new sewers would cost bu
is, comparatively small sum to oach lot, Al
ire once paid for, would he paid for all tiu
,.i- On the other hand, the sewerage d.
ICES wonld be reduced annually, aca the ann
,eir tax for interest thereon would in Ii
,rk. cease.
,ea- II is desirable to extend the sex'aEt
ner as fast as possible, aud there will be
I it difficulty in finding property-owness q
, Of ious to pay the tax for the improreme'
the Tie change in tho system will not stop
rail- construction Of sewe1s on the contra
ped will tend to increase the demand for the
tain no tax levied by the city will be moro chs
.,ist fully paid, and tho city will find itself I
he bar.assed to perform the work, FOR WI
lock the money will be p1id in advance.
ock- Something will have to be done,
the done very soon- We cannot 60 On add
.oss, every scas 20 to e5 per cent to the cost
es Of constructing sewess with borrowed mo,
the Detto1 stop that nov. Let those who b
is to the sewers pay for them, and let new sss