Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-01-31

ANa'N
Amount which should be assessed to in.
diyidual estates. ....,.,................. 6S5OO0
IOtal' OBSERVATION-DISCLOSURES, 81 100000
The condition of the Indebtedness of our city
is matter which has commended itself to the
attention OF the committee on finance, and in
which there should be radical change. 1t has
been the custom, in past years, to carry a large
portion of the city Indebtedness on what is
known as call loans, or money borrowed on de-
nand, thus diverting from the regular channels
OF business large amount Of capital which is
very much needed to assist the small borrowers
az our savings banks and other institutions, to
help them in obtaining homes for themselves
and families, and which makes the difference so
apparent between city where the property is
owned by the capitalist and one where it is
owned by the occupant.
Your committee would therefore recommend
that large portion Of the unfunded indebted
ness of the city should be placed in certificates
OF Indebtedness, or bonds, bearing six per cent.
interest, and negotiated on the best terms in
some OF our larger moneyed cities.
The report was accepted, and the following
order adopted:
Ordered, that the treasurer be and he is hereby
authorized to issue coupon bonds certificates Of
indebtedness, in the name and on behalf of the CITY,
ana under his signature and the seal of the city to
an amount. not exceeding S500,0O0 and for term
not exceeding ten years. Said bonds certificates
shall bear interest at rate not exceeding six per
cent. per annum, payable semi-annually, on the
first days of January aud July in each year Such
bonds or certificates shall be approved by tho
mayor, and eOuntersigned by the mayor and
auditor; and the treasurer, under the direction of
the joint standing committee on finance, is hereby
authorized to negotiate tor the Said bonds
certificates issued for the purpose of funding the
floating debt of the city.
An order was also adopted authorizing the
mayor to draw his order on the city treasurer for
Il sum not exceeding S640.65, in payment of the
expenses incurred by the committee of the city
council having in charge the funeral of the late
Mayor Blake, the bills to be approved by the
committee and charged to the contingent fund.
A report was received from Hon. Stephen
Salisbury, president of the board of directors of
the Free Public Library, accompanied by the re-
ports of the finance and building committees,
the report of the treasurer of the reading room
fund, and the report of the secretary to the di-
rectors of that institution, the same that was
published in the Spy several weeks since, and
which virtually covers most of the matter in the
other reports. The president compliments this
report, made by Mr.. S. S. Green, the present IL
brarian, and recommends the considera-
ton of its suggestions. His report also
speaks of the faithful services of the retiring Ii
NA"AA0hJ 4Al' IL bdNSiJ anu gives oOluC VI IHt
facts contained in the report of that gentleman.
The number Of takers from the circulating de-
partment during the year past, was 1854, and
they had the use of SO ,618 volumes Mr.. Baker
gave as his opinion that, although the books
were still abused in some cases, they were, as a
general thing, treated much better than in pre-
vious years. The assistant librarians, Misses
Emma Eddy, Jessie E. Tyler, and Sarah F.
Earle, were complimented for their attention to
business.
The report of Nathaniel Paine, treasurer of
the reading room fund, shows that good in
vestment has been made with S11 $50, and the
amount of income expended leaves balance on
baud of S191.6O.
In the report of the finance committee the fol-
lowing facts appear:
The fund of the general account consists of
Balance in city treasury Jan. l. 1870. .. 50 739 70
City appropriation for general purposes. 5000 90
steam heatg apparatus 1900 90
&" for front steps, (unex-
pended dog taxi. .............i.'...... 1881 O5