, 1874-05-01


purchases. Theso foot up as follows:
uncoiIeeteu taxes 1873. .$5 900 $50
0nrot!cemcu tax.certlgcates. 3yB G71
GAs1 III tho Irca8ry.. %GGUl0
0ue rom d. 4. aago.. 607.703
oasn LII Ne" aorR... .........,............... 1858
4o9al''.' 50, ,465 SIG
Iheso funda are to apply to tho payment Of
tile floating debt and The unexpondod appro-
nriations, which foot up as follows:
uncxpcntlod appropriation. -. issSo
iofal'. ,Auy, ,74U
It will be seen tlat II tho taxos now duo aud
unpaid, as we'll as tho unrcdoomed certificates OF
tax purchases by tho city IN formor yoars, wcro
paid, the entire aoa:ing dobt could 10 paid OF,
md tho appropriations heretofore made could bo
promptly mot.
Dodncting tho water dobt, which ia self-sus-
tanning (and. while tho debt cannot bo increased.
tho revenue is enlarged evory yoar), tho bonded
dcbt Of the city, tho interest upon which las 10
bo raised by taxation, is but e8 897, 600, or lcss
tllan the amount OF two years ordinary taxation.
Tho annual tax for interest On this lust amount
of public debt is about 100000. In January
Inst 100000 OF city bonds maturod, aud. owing
to the defa1cation in the Treasury, S4o, 600 of
now bonds Ind to DO issued and sold In orlor to
meot thom. In July, 1873, $4,000 Of tho city
bonds 1natured and were paid and Cancelled.
Under tho Constitution Of tho state tho munich
pal bonded debt cannot DO increased beyond
per cont Of tho assossol value Of tho taxable
property according to tho stato assessment. Tho
present limit Of tho debt is s11,2O5 931. As the
debt exceeded that amount at tho time OF the
adoption Of tho Constitution 1t ia not likely tint
we viii hare any margin for borrowing for many
years to come. OF tic present debt, 437 1000 ma-
turos July l, 1874 :; 100000 July l. 1876, and
So5, 900 July l, 1876. In 1881 thoro will mature
98se,5o0 Of city bonds 10 1874, e05, 900 Of watcr
bonds in 1877, s272, oCo water bonds mud in
1880, $500, 600 of city bonds. Tho water bonds
will be paid, and if tho city by TINT time shall
hare recovered from tho extraordinary expondi-
turea caused by the fire, the city bonds will also
be paid If not, other bonds may be issued in
liou Of thom.
For tho debt, the city has to show her sewer-
age, her water-workg, aud hor paved streets.
Tho water -wozka alone arc valued at 96,229, 600.
It owns real estate valued at g., 25G O00 and pub
lie buildings valued at 81, 225, 900. The credit Of
the city may DO Judged from tho fact that in
December last, with an empty Treasury, no
available assota and in tho height Of tho dis
trosH Of the panic Chicago WAS able to borrow all
the money she needed to relieve her Temporary
embarrasBments nt the low rate Of I por cent
interest.
The Comptroller enters Htrong appeal In be-
half OF a reduction Of expenditures, and con-
aequent reduction Of taxes, until such timo as
tic city and tho people can recover from tho &C.
vero e1actions mado upon them since the fire.
Tho radical error in our system Of taxation ia
apparent in this, as we'll ss in al previous annual
statements Of city officers: Our municipal year
begina April l. The appropriations for that yoar
are made June so. The rate Of tax to meet the
appropriations is fixed in November. The tux
itsolf is collected partially in January, and in
small installmenta until July or August, when
tho tax-salo takos place. Tho bulk Of the
years taxes arc not collected until four or
five months after the yoar has expired In tho
enlarged appropriation; the new year has to bo
supplied With funds from tho previous years
ta1-1ovy; as tue previous yoar's tax-loyy was
from $4,000 to 5000, GOO loss than tile appro-
priations for tho now year, thero s deficit to
this amount; this deficit is Increased by what
ever failure to collect the taxea may hayo oc-
Cured, and thus nc 60 on from year to yoar, the
deficit increasing, until now 1t is represented by
an inmcnse floating debt in addition to that |
oausod by tho dofalcation i'll tho Treasury. There
should bo o romody for this. ind the only remedy |
,vo can suggeat at this tmo is reduction OF tho |
expenditures Tor 1915 to tho extent OF $1,0Do-
200 compared with that of 1874. In tl!s way |
Eho City Troasury may be able to recover por-
stroyed by the increase Of each yoar'a appro>
priationg over those Of the preceding year.
Considering tho extraordinary evcnts which |
have happened in Chicago during tho last three
years. tile immense destruction Of property tho
annihiation Of rovonuc, and tho general private
losses, this exhibit Of tho city Huanooa iH very
gratifying. 1t shows that, despite oil those
things the wealth and RESOURCES OF tho city woro
mover 40 groat, nor ita ability to meet all its ia-
bllities 80 oyidont. II tho Common Council |
would adopt tho Comptroller's advice and rc-
luco expenditures for few yeara to actual
aecosBities, tho financial condition OF Chi
,ago would DO unsurpassed by TINT Of any
In the United States.
A report waa current about the streets day |
Or two alnco that tho Rev. DR.. Patterson had ao-
csptea call to profcssorsMp IN neighborng
pity. We learn from the boat authority that it
fiaa no foundation whatever. It probably orig
!natol IN the remark Of aome ono that 1a would |