Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-04-13
THE CITY COUNCIL.
Ex-MAYoR RICHARDS vALEDrcroRY

| Gentlemen Of the Common Council:
| Our official duties have been performed.
| Ihe annual election for city offices has de-
! sIgnated others to take our places. and we
are about to surrender the trusts reposed in
US to our successors in office. The unfn-
Ehed business remaining in the hands of
committees, and upon the Clerk table, as
lar as Know, has been disposed Of All
expenses incurred, and all claims arising
Turing our ot1cIal year have been acted
1 upohi so that we are leaving no old alters
! 70 be closed up by those that may come az
| ter us.
fhe report of the Committee on Finance
% thelr settlement with the City Treasurer
| embraces detailed statement of the pres
ent condition Of the several funds within
MS keeping, and the amount of recei pts and
| disbursements of each fund during the wear.
| by comparing this statement with a similar
| statement made by the City Treasurer, at
! the close of the last fiscal year, it will be
seen that you have materially reduced the
ordinary expenses of The year You have
| SO lar adhered to the recommendations made
| by me, and the determination expressed by
! you at the commence ment of the wear. for
winch you are entitled to, and | have no
doubt will receive the thanks of the tax
payers of the city.
our official term has been one of great
dl1hculty and embarrassment. Extraordi-
nary expenses have resulted from the yex-
atlous litigation in which the city has be-
come involved upon its Railroad Bonds.
judgment creditors have been diligent in
Applications for, and in using the writ OF
mandamus, to compel levy and collection
by taxation of the amounts due upon the ir
f. I lo ~
IN this direction have thus tar been unsuc
cessful.
Two new suits have been commenced
during the year upon Railroad Bonds and
coupons, and are now pending and ready
for trial in the United States Circuit Court
An action has also been commenced in
the name Of the city against the Milwaukee
s. 81. Paul Railway Company to comnel
that Company to take care of the $50. 900 of
bonds, and the coupons belonging to the
same, issued by the city to the Milwaukee, &
. Wattrtown Railroad That suit is now
pending in the Circuit Court of this county.
and we hope that early decision therein
will relieve the city from its liability upon
that issue of tonds.
On the 18th day of September A. D. 1866
John H. Brewing obtained judgement
against the city in the United States Dis
Cour for the sum of $2558.l2 upon coupons
OF our CITY Improvement Bonds. BY some
neglect or oversi ght that ju lgment has been
allowed to remain unpaid until the Interest
thereon has increased the amount to the
sum of $3l33l2. This Judgment has been
pald and satisfaction entered thereon during
the past year. You have also redeemed |
and taken up $500 more of the Improve
ment Bonds, with coupons attached, which |
have been duly cancelled ard deposited in
the Bank. sufficient sum has been raised
oy you and now remains in the Improve |
ment Bond Redemption Fund to pay and |
take up all the remaining bonds aud tou-
pons OF that issue When this is accom- |
pilshed all our honest debts will be paid, !
aud the only remaining Indebtedness OF our |
city will be the Railroad Bonded debt.
The great injustice and hardship which |
tue payment ofthis enormous debt imposes
upon the taxpayers Of the city is univer- !
sally admitted, but our legal liability to |
pay this debt is equally well settled.
Tue depressing aEdsinjurous effect Of this |
large Indebtedness upon tue prosperity and |
material interests of the city was seriously |
ieIt at the time we entered upon the dis. |
charge o. our duties, ami the constantly in
creaal ng value of these bonds n the market
induced the Common Council to attempt an
early settlement with Bondholders. and |
Jour efforts to accomplish this object SO far
as the powers CONFERRED by the laws of 1866 |
and 1867 would permit needed only the |
united cooperation Of the memUers Of this
body, and Of the taxpayers of the city to /
insure their success. Time will demonstrate
that better time and a more iudicious
plan OF compromise could not have been
selected.
But other councils prevailed, and we
have not been able TO accomplish all that
we desired for the city. Another plan of
settling these bonds has been adopted. its
Board Of Commissioners is now fully o ryan.
lied and has already entered upon a dis
charge of its important trust To that
Board we cheerfully surrender all our re-
sponslbihty in thi matter, hoping that er
cry citizen will by his hearty cooperation
and assistance contribute TO the successful
and settlement of these bonds,
and that the city thus relieved from this
crushing weight, may enter again upon
that growth and prosperity which its local
and natural advantages are calculated to
produce
JOHN RICHARDS