, 1870-06-01
''-'-'+'ss.--.--...85.t1O 9u
Inc amount WAS stated nv Mr. T.r1.r ~

LIE amount WAS stated by Mr. Tu1ey. The
corporation Counsel, to be 81 O0o. ooD. bn,
Tor what purpose the other seeo. 600 ara to
De used We do not know. Those bonds
must be actually sold before the sth OF Au-
gust OF they cannot be sold ut MI, and the
question before the Common Council is.
whether they shall be SO sold, and the
money held in the Treasury, or whether the
pnFllege OF disposing Of them and spend
ng the money shall be given up. If sold
the bonded debt Of the city viii be abont
81, ,ooo, 600, or 5 per cent of the actual
Valne OF the taxable property Of the city.
We understand that the sewerage bonds
have already been disposed Of, and that
.nele Is no authority to issue any mora,
1nls would make it necessary to Issue
specaa1 assessments for new sevara and =,
require the present sewerage debt tn ba
assumed by The property benefited. Tho
tunnel Will be completed during the present
5eaI, as well as the Bridewel1 and Cifv Hall
and the money will be needed to nav for
| them- Ihe water fund has reached that
s1age that 1t yields m annual revenue Of
S-ao,ooo in excess Of its ordinary e1pendj.
tdres. This sum may be used to extend
the mains, and to furnish those sections of
the city where there is no water, The sa,a
OF the 8, 500, GOO OF bonds can only ba
justified under the demands Of an imperious
necessity 1t should be borne in mind
mat the interest on the debt has already as
sumed Immense proportions. The sewer
age debt is s., ,454, 900, the water debt
3,s2o, ,0oo, the school debt 800, 900. and
II all these bonds be sold, as proposed the
annual tax for interest will be in axcass of
81, ooo, ooo. That much will be added an
hnauy to the original cost of the works for
~h1cn the debt wne contracted.
We have expended $4,000, ooo upon the
canal deepening, and the Board of Public
"otks tell us that not to expeud tho otayr
million of dollars Will be to lose vhat We havn
already put IN What is theobje@t sought bv
TINS improvement It is to drain the Ch;.
cago River. When the canal Improvement
is completed, the bottom of theriver. vhana
it eonnecta with the canal, will be consider
ably lower thnn the bottom OF the canal.
Ihe surface water will flow INTO the cana1. |
but the insolnble deposits discharged into
the river from the sewers will remain in
the river. The canal will not carry of any
more OF the surface Wnter than can now be
moved BY the pumps, and in few years
the canal itself will be wholly inadequate to
the work Of draining the river. The river
is now sort Of catch-basin for all the filth
of the city, and all that the canal will do
will be to drain this basin from thei top,
leaving the sediment where it IT, That is
not the drainage the city hoped for, nor
vii it BET an equivalent for the IS, o0o, COO. Il
another million Is to be expended for river
let u portion Of it be expend-
ed upon canl from the lake to the North
Branch. That is an unavoidable expense.
whether the canal deepening ahall prove to
be success OF failure.
'Ths Council should borrow no more
money than is actually required for the
present municipal year. To heap up S4,- +
700, 600 in the city treasury is to excite an
desire to spend it. The
Council viii be assailed BY an army OF
obberz, contractors, politicians, confidence
men and confidence women. People "with
! mission" will 60 for it in troops, to build
hospitals, s'homes'' and asylums. Alder
nen may cry peace, peace, but there will be
10 peace ill the bottom dollar is reached
The taxpayers are willing to be assessed for
ny expenditure actually necessary, but
hey sre in full accord with the letter and |
pint Of the new constitution. They want ,
be borrowing business ostop. They want
D see some of their debts paid before any
CIV ones are incurred -.