, 1873-11-25
CITY FINANCES.
Erroneous Statements by the
"StaatB-Zeitung."
Present Amount Of Bonded and
Flontlng Dobt---How Made,
aud for What Purposes.

AAu 1Or "uAL i urp06css
Yeaterday'd 8!aats- -Zet.un9 contained an olito-
rial which began AZ follows:
Eight days henco tho now OltY Government Of Chi
s.g9 ~ g3 into power, md Mayor 0olsn will have to
an.ne!al condition Of the cty. We haSs Saason to b.
Aeye that thls statement viii bo very painful one md
tho md waatoiu syssm aieh la I prsyaied
duFng tho lat iopr years under the government Of
atolls|, Hupported by The Chicago TRIBUNE, In tie
name of order q w. and especially 0f docenoy, tho
rupoy. and how il Is 10 10 saved from d not appar-
ont st thts omqnt During tsse -four
miliens q park witch fal On tho sepa-
S s1s ara aaa Me H9'Y
stration tho sum Of treo mlonH repaid to ths city
y a a a ds,,: tho Ss
haVo been run up to such IN tntolcrabc degree tat
ss nS s III IT. s2 M % SSvs1 Ths
tro!or nus|eys reports @ as money money Oh hand but IN
public works. water mains, eo., docs not ho|d much
moro than while betwoan the LIT Of Dscetnbsr
a9a S % s 1p a.na aGa 5 qss ist 5
and principal Of Tic bonded 1ebt. whore can tho
money bo obtained without stealing is7
slnce somo Of those statoments wero evidently
incorrect, our reporter waa direotod to call upon
Comptroller Durley, and obtain from him tho
correct agurcs regarding tho financial condition
of tho city. The iuformation2thus obtained, and
which la decidedly ut variance with tho al1oga-
tlonB OF the Staats-z -zeitunq, Ia gtyon below.
Firstly, aB to the increase Of 81 900, 900 In tho
city debt.
When Mayor Mason came into Office in Doccm-
bor, 1860, tho bonded debt of Chicago waa S10,-
o40, 800, and tho floating debt was 9714, 4,879.2s.
During 1870 tho Council ordered tho Issue Of
school, wator, Hower, Bridewol, and rivor I'M
provcmcnt bonds to the amount Of e8,700 GOO.
This Was done prior to tho time WHOM tho new
Constitution went into operation, and exhausted
the power Of tho city to iBsuo bonds. Since
that issue thero has boon no inoreaeo In
tho bonded debt. In December, 1870,
tho bonded debt OF tho city WAS s18,0 1884,
GOO. There WAS no floating debt. The
honting debt Of $700, 1000, the legaoy Of tho pre-
ceding administration. had boen paid of. Tho
money raised by tho sale Of the bonds ordered
Issued in 1870 has boon used for building sew-
ers, for tho erection Of tho Bridewoll, and tho
deep cut and part Of 1t is now boing used for tho
now tunnel and pumping works.
When Mayor Modill entered upon tho duties OF
his Office, two years ago, the bonded debt was
81 4, 103, 900, but, since bonds to tho amount OF
e557, 900 wero held by the sinking fund, 1t was
In reality only s13,548000, having boon de-
creased $685., 900 during Mayor Masons last year.
But tho floating indebtedness, due in
gfoas P"ft ~ ~ VI" aoianse'1ens caasoa Dy
tile .hro,-$2ou ooo bo1ng Tor current ex-
pensos for ACKNOWLEDGEMENTS 4G86,707. At
4h;u .x,o,,,n&,t H., h,,ao5 7oh4 T., 90 ,ot nm
Su'n taoA'''' WV oo"asu uoos 10 ~!olaos,ooo'
than in 1868. The bonds hold bv the sinkinr
NV" 49, Aoes' ',AN N0'1 ~ NV e'I"e
1uu nave been caneolcd, 30 that tho real and
apparent indebtedness arc now tho same. Thfg
1oroo f,sro ~ ho,a, 4, 1e7o uo, ,raor,a H.. a.
Co,,,o,, Viii 1.,t th-no J;s.,,,.,,,s, ,.o.ea rho
s oeNe4, Wv, NV sSo ",a'"s ,o:e'' o
money tney ntoughe mas oeen uaea IN making
improvements ordered by successive counoila.
Tho present ftoating debt OF tho city consists
In mart of moneys borrowed in nnt;cnation of
+ho t.r law ~ 1p7e mi vot co11ootaI o,;, T.,
Wv ~. As.5 ~ .oo' ~ ~ 'ssea, ., ., AAa ="
pat' VI hloney oo[to"eu Asot1 too 1uno 1os the
restoration OF public buildings. For moro
years than tho four roforrod to by tho Stdats-
Zeitung It has been tho habit OF the city to an
tlcipate the collection OF its taxee and to spend
tho money before 1t received 1t. It Waa the cua-
tom in l8G7, and it is In 1878.
The floating MM debt lei It, to to bo paid out of the city
taxes to bo collected between now and August,
1874. ts made up OF tho following Items:
Demand loan made by the Relief and Aid
Society Dec o e: e7'ooooo
hnrrpx.d frnn, III ia,rp irnI ~ '''s an 7as7
ccrtiHe"te 1no % juno c i. 1s74 4. Sooon1
0ertiacato due Jan. IT, 1874 1600000