, 1873-12-24


TILE CITY FINANCES.
The Common Council Oh tho 90th Of June last
passed an ordinance making appropriations for
tho year ending March 81, 1874. An effort waa
made by the Mayor to have theso appropriations
reduced. but tho Council was "courageous,
and insisted upon fixing tho amount at 80. 100,-
600. At the date Of this ordinance, three months
Of tho fiscal year had already expired, aud tho
expenditure had been going on. During tho six
months that have elapsed, tho expenditure Inns
been In accordance with the appropriation then
made, 80 tint during nino months OF the year
tho city has been living, 40 to speak, at tho rate
Of Sc, 100, 900 year, That is tho amount voted
to be spont, and 1t is nearly all expended al-
really.
To raise this amount Of money. with the de-
ductions and Losses, required a levy Of 20 mills
Of tax on total assessment Of 9911 1854, IT'S, not
including 9350,000 to be raised from licenses
anl other miscellaneous objects. Now, tho
Common Council on Monday last, six months
after tue appropriation had been mado hxoa the
512. This will leave deficiency Of 5000,
which will 60 over to next year as floating
debt, bearing interest at 10 per cent, un1eas tho
M1sor and tho several Boards cut down tholr
expcndituros. Tho condition Of the city tlnan-
ces, already doplorablo, owes much Of its con-
fusion to the culpablo weakness and corruption
Of the Common Council. Tie taxes Of each
year are always anticipated. Before tho ta1es
are collected, the appropriations have already
been expended. The taxes Of 1871 were short Of
was only by tho use Of tho Canal-R Redemption
Fund that tho oity WAS dragged through. A
large deficit WIS thrown upon 1879. Tho ta1 for
1879 was not collected until September and Octo.
bcr, 1878. and did not equal the appropriations
and actual expenditures made in 1879. The
result is now MI aggregate deficit in tho shape
Of floating debt Of moro than million md
quarter Of dollars. No provision for this noat-
Ing debt is included in the 1eyY Of 1873. aud tue
city will begin the fiscal year In March, 1874,
with f}oating debt OF million and nalf Of
dollars, aud deficit Of 5000, 900 iu the tax
levy for 1878, unless tho expenditures arc re-
duced below the appropriations. In June, 1871,
the Common Council will make the appropria-
tions for the ensuing year; the means to pay
those appropriations will bo tho proceeds Of tho
tux for 1878. As tuore will be an aggregate
floating debt, for which no revenue is provided,
at the beginning Of tho fiscal year, Of nearly
two millions Of dollars, the Common Council
next year, in ordor to bring order out Of chaos,
should reduce Its appropriations to tho not
revenue applicable utter paying the floating
debt, or to about s9.5000oo. II IT., like its pre-
deceHsora, appropriates from six to Aeyen
millions, and leyies taxes for much loss sum,
then there will be another large deacteucy noxt
year, and in year or two moro, instead Of being
ono year behind, the city will have expended
two yours reyenuo in advance Of the annual
collection OF taxes.
All can now 500 tho folly OF the Common
Council last Juue in making enormous appropri-
ations Ia oxcess Of the probable revenue to bo
collected Wo aro running tho Government In
1854 upon tho taxes levied In 1879. For the
year 1915 NC shalt hayo only the tax Of 1873.
As tho Council persists In making the outlay Of
tho city from six hundred thousand to million
Of dollars year creator than tho annual income
from which that outlay is to be paid, It is only
| question Of timo when tho city will be ahlo to
pay its expenses at all. This business must be
stopped. 70 meet tho probable oxponses
Of tho year 1s74-5 including tho accumulated
doatiug dobt, will require a levy Of 81 per cont
The ouly way to obyiato this will be to cut down
next years appropriations, 80 that the lovy OF
| 1873 will cover them ~ well as pay tue floating
dobt. 1t is usolosH to expect that the Common
| Council will do anything of the kind but tho
failure to do 30 will only plunge tho city moro
deeply into dobt md tts affairs into creator con-
fusion. We trust thnt tho Comptroller aud tho
| Mayor will have tho nerve to do what the omor-
gency demands, aud put M end to appropsia-
| tiona In oxcasa Of the ravonua from which tAay
are to be paid.
Tho tax'levy Tor 1873 is "a follows.
| 2.7e-loo mills for contingent and oshsx e.
a.'...s..ss."& SeSt24a