Evening star. [volume] (Washington, D.C.) 1854-1972, 1870-06-24
The Corporation FinanceS-Energet ic
Movement TO put them ON . Healthy
RO0ffnR-

The Corporation RinanceS-Energet ic
Msxsmens 20 put them ON Healthy
Obviously the first and most imperative duty
devolving upon the new municipal administers
tiOn was to devise some means of meeting the
financial difficulties received a. q legacy from
the Bowen rule. We are happy to say that the
first steps have been taken to that end, and with
success that promises satisfactory results.
Ii will be remembered that bill passed the
House last week TO regulate the assessments in
this city, and prevent the Misrepresentation of
corporation funds. This morning Mayor Emery.
Corporation Attorney Totten and Alderman
A. X. Shepherd waited upon the Senate Dis
tTict Committee. and a free conference was had
upon the financial difficulties of the corpora-
ton, and upon the best mode of meeting them,
and Of providing a more healthy system of
management of the corporation finances
To this end Mr.. Shepherd presented several
amendments TO the House bill above referred
to, which amendments were adopted by the
Senate committee and will be reported.
BY these amendments proposed by Mr. She>-
herd and adopted by the Senate Committee. an
Auditor and Comptroller are provided for, the
former being required to audit all CLAIMS against
the corporation, and to certify to the Comptrol-
Ter such as are ascertained to be correct He
II to retain the originals of all contracts
ana orders gwen by the corporation for
work and Improvements of every description
1t is made the duty of the Comptroller to keep
an exact account of all warrants issued from
his Office, and Of all taxes levied by the corpo-
ration; to countersign and keep an accurate
record of all receipts given by the Collector and
Register for taxes or revenue of any kind such
receipts not to be valid unless so counter
signed, and he l. required daily to compare
his books with those Of the two officers named
Money is only to be paid upon warrants issued
by the Comptroller and countersigned BY the
Mayor It is to he deposited the day when
received in the bank or other place selected by
the Corporation as depository, and said de-
Pository is daily to furnish a statement of the
deposits, for preservation in the office of the
Comptroller.
The Corporation is empowered to issue bonds
not to exceed in amount 500. 900, and to bear
interest at the rate of ~ per cent. per annum.
SAID bonds are to be ussd for the sole purpose of
paying Ceb s the city incurred prior to the
Oh OF Jtrs 1870, and are to be ID in nav
ment OF taxes to such an amount as NAV be pre-
scribed b. tie COrporation-no tax-paver. how
ever, to be allowed to pay in said bonds more
than fifty per cent. of the taxes for which he
may have been assessed on the books of the
CORPORATION.
II strikes us that the mode proposed by NJ.
Shepherd for sustaining the corporation creGit
and affording relief for the pressing indebted
ness, and also for providing proper system of
checks and balances to keep matters straight in
future Il the best that could be adopted.
The Is ue of interest bearing certificates of in
debtedness OF the kind propos ed will serve to re-
vive the corporation credit, whereas a new issue
of bonds would not only fall fiat but would de-
preciate those already on the market By this
arrangement 1t is proposed to pay OFF Mr.. Bow
ems legacy Of Indebtedness within three wears.
and the corporation will establish its credit and
show good faith towards those il owes as il couId
in no other way.
The mt eessity for some such system of checks
and balances as proposed in this bill needs no
argument.
We are happy to stats, alsa in this con.
nectiOn, that the new administration is address
ing itself theoretically to the task of provid-
ing the wherewithal to meet current nabili-
ties, and especially to pay the deserving
employees of the Corporation who have
been waiting 20 long for their money.
Mayor Emery, with Aldermen Shepherd and
Moore, had an interview to-day with the officers
of the First National Bank in regard to raising
money to pay the interest on the funded debt
Of the Corporation due July LIST, amounting to
about $4,000; the salaries of the school teach
ers, i've months in arrears, amounting to about
~fo,VVVf anu Ine salaries OF the police force,
due since January last, about $1,000
the whole aggregating about 500 900.
Messrs. Cooke and Huntington with great cor
diality expressed their willingness to do every
thing in their power to sustain the new admins
tration in meeting these pressing obligations.
The accounts received In Washington for the
last day or two from the wheat producing dis
tricts OF Virginia give promise OF a good crop,
much better than was anticipated six weeks
ago. This Is satisfactory as affording another
check upon the speculative movement in wheat
undertaken by the western operators. The
dIouth in France and the late purchases on
French account have excited the Western i'm
agination, and the bold spectators Of Chicago
appear to have secured control of large por-
ton OF the supply in the interior and are dis
posed TO hold their stock for much higher prices
In the meantime the French demand has con-
siderably abated, partly on account of the large
supplies already secured and partly srom the
fail OF rain having improved the prospect OF
the crop in France
The papers are discussiu1 the nennerv Parma