, 1873-12-21
Ube Gblfagp U3ibn41e.
Sunday Morning. December 81, 1873.
a POPULAR LOAN,


Wo understand that tho Mayor will shortly
recommend to the Common Council plan Which
has been suggested to linn for raising money to
moot the deficiency in tho city rovcnucs. Thls
plan consists Of issuing certificates Of
indebtedness of various sumH, down as low
as 900, to be taken by popular cub.
scrption payable ut tho end Of aix months,
and receivable In tho meantime IN pay
mout Of city taxes. Tho plan Ii worthy Of
serious consideration, and it has certain ailvau-
tagcs which nro likely to mako it successful if it
III adopted.
In the first place, 1t Is imperative that the city
should hayo $500 600 or 81 ,000, 600 between tLs
und the time for tho payment of the next city
taxes. Bonds amounting to 100000 fall duo on
Ja1. !. at tho san1o time, S4GS, 600 interest be-
comes due and must 10 mot. In addition to
these items, there is u floating indebtedness of
months. This il q total indebtedness Of over
0o,o0o part Of which mt,st 10 pnid mud all Of
which should 10 paid before March, while tho
new taxes do not begin to como in before that
time. Tho available caHh i'll tie Treasury is less
than sC00,0o0, and the indebtedness Of tho city
already exceeds tho limit fixed by tho
Constitution for the issue Of bonds. The
city is perfectly solvent, since It las
tax-ccrtitlcates enough to moro than counter
balanco tho deficiency bue these cannot be con-
yertcd into cash at tho present timo. Tho
scheme Of popular loan is the only one which
suggests itself Us the way out Of tho present
embarrassment. Such ioan would ap.
peal TO the people in various ways. Firstly,
it would enablo all those who desire
to savo tho city from an net Of bank
ruptcy, which a default would 10, to con.
tribute according to their individual means. Sec
ondly, it would alrord absolute security to all
who layo small sums Of money lying idle, to in
vest it for Il short timo. Thirdly, all rax-payers
to tho amount Of 800 would simply bo antici-
pnting by q few months the money they would
have TO pay tic city in tho oud, md they would
be enabled to turn over their certificates when
their taxes should become duo.
This plan, though novel in its application
here, Inns bcon found to he the quickest aud
hAAeet hA@ VI 1AlaIu5 4uuHe3 AoI EJA1Ilc ubc5 Ill
other countries. It IL the plan adopted in
France even for great national loans, mud the
pooplo Of That country layo always responded
promptly, and oven enthusiastically, under the
most depressing circumstances. It will not he
forgotten TINT Tic bulll Of the indemnity which
franco paid to Germany, after tho Franco-prus.
eian war, was contributed in this way, in spite
Of tho impoverished condition Of tho country.
Tho popular loans Lave always bocn subscribed
there Within fow days, aud the people Of the
middle aud poorer classes lnvo been the first tc
come forward with their savings. Ne SEQ nc
reason why similar plan should not be equal,
successful in Chicago ut The present time. II
il, Of course. tho duty Of tho Common Council
before approving such plan, to satisfy them
Hclvcs and the people by legal counsel thu
ouch loan is lawful and constitutional, and tia
the securities are unquestionably valid. Iu Til,
case, nc beliovo that tho money would be forth
coming