, 1874-12-08

AGES.
oyor ono.ialf Of tho preaont Council ARC tlow1y.
ooctel mcmborH, It III, virtually, to all nsenta,
botly.
II is, consequently, peculiarly fitting that
alnlltd ct titus limo place before ynua statement
Of tho financial Btatua Of tho city, and Of tho
rcspeetu thor noosia ana tio'lc|onclast and Tho
Character OF tho work which IL bciug performed
by them.
havo thoneht 1t heat to give eynopeia Of tho
y 9Nsess transacted dprinR the paat yoer III zach
succnet summary Ut Tho ac.,,al prcsent con-
diilon Of Tho entire city alm,nistrattol,, trust
It VII aatsfs yo, TINT tho labnrs Of toao roprc-
heniinR tl'o Executive mud ministerial ponart
III Wcl! aa tho puhlte'a appreciation.
FINANCES or TIE oITY,
Io moss ipofi,ant r., sneet TOR THO attention
At this period III tho midst OF 4 greas financial
crisis, which hns NOT got gpout its force. Ao,no
nf tho largest and woalthost oities in tho co,,u-
rynt .ie approach OF t!|o wintor soason 1ind
establishments ]anguiuhng and immonso ntlrn-
beis OF their meahanicn aud laborers thrown out
Of employment mood only refor yon. gem
tlcnen. 10 tho condition Of tic Clsiee Of
NoH AuFRy 1HllhHetEAlNt 11JHtF1l. huu IlCLa"
burg. mud to the Utmost entiro staIo OF ron,,-
syvAna, in who'll tho iron aud c0nl itoroBtB nro
In all extromoly preuaions condition, in order 10
lndleate'tl1e character and extent of tho present
business doprnaaiou. In the midst Of Hlch d
ranaral prostraton Of industry. It e to to cx-
pectel that our city Bllond not 10 altogether uu-
affected n ita Industrial and commercial inter
ostR. Sill, nm happy to ray that olsr condition
10 not 30 utlfarornblo aa tint Of many Of our
9iater eticB. but 1t 49, however, useless to dis
r,1fao Fin IN ftnt tto nru1cip1 aortitfn NJ to
country Is sucll aa to ronlcr 1t poces4ary tint
not only private individuals. but those ropreaont-
ing tho public mud managing Its 'snances, should
tsn NIL possible prudent aud precautionary
measures to stop all useless expenditures OF
money, and to urgo upon all public officers under
them the atlictest economy in erory department.
Of govora.nont.
Among tho officials to whom nm particularly
a'ce during tue present ycar is our Comptroller,
the Hon. 3. 3. 1laYes. lilo has, at my request,
furnished statement Of the hnnnoial condition
of tho city, a'1 HOMO recommendations pertain.
Ing thototo. Theso nro 80 pertinent to tho sub
joct and 10 useful to you, gontouon. In your de-
liberatons, mud ns respeo,s your action, that /
tako tho liberty Of embodyiug tho greater part
Of them In this nossago.
On the 1st day OF Docembor, 1878, tho city had
exhausted its power to adn to It's funuad debt,
tton OF tito State. No now bo1ds could DO issued
except in removal Of existing Indebtedness.
Tho amount ofbouds issued had boon Increased
attor tho adoption Of tho Constitution, and be-
fore it took oncot By tho omission Of ti1o follow
iug oil duo in 1850 and 1905. a1id bearing intor-
est at per cont:
For rtycr Improvement nl9o o00
Sewerage MID tunnel. l........."......... 4lJ,0 ,09o
School AID otc: 6uiiiuts. sSSSS
Tota1... 73a, 100
Or which amount $3.50, 900 wero takon for tho
n{tt HiY1.ihsf f1rH nf,3 chnun11n3
Thero had also been received from tho State
OF Illinois on account Of tho purchase OF thu ca.
nat prior 10 Dos: /. 1875 20 0oo. .9d1,A0, leuving
vet to be paid 5120, ,45sgs, WHICH amount was ro.
cciroh by me fiom tho Stato Treasurer in De-
ce!nbor, 1879. and JaauarY, 1874.
Tho lant snlo Of city bonds wan in Snrcl,, 1873,
at par.
Tho last, preceding temporary lonna werc In
August and September. 1879, 81, ,025. QUO, on Elk
months papor, bonnug 7 POI cont insercss, at
9s!!9, being 10 per cent per annun,.
Tho amount Of uncoiiectea taxea for 1872 was
1856. CO.. 90.
Tho tax levy for tho fiscal year had not boen
nade. and in fack the warrant did not rcact, the
n mr. po1er was used 70 hasten its preparation.
Tho amount ct ea8ii III tho Treasury accoEdius
tn tho Meas'rer'a stasomont Was, Dec. l. 1873,
Sl,118, 110.d0.
Tho Comptroller onterotl on the performance
Of his official duties Dec. l0, 1878. when be
found that tho outgoing Treasurer had failed to
10y eI ~ Us nasGessol .ns iutt saaoant ~
w. sta1ionat ho,es esn5 ~ 1sa 70 as,d ~ "
sau G1uetosy rgauE saVs. 'uo.oot nou ~ Ilo ~ san M
acIuaity III tno IFoasufY pelnE on'y S4ot ,oit.:3
10 increase tho difficulty OF tic situation, tho
Cltg uhu maturing, Only Hteeah 0aSa lalof J1f- l,
1874 the intosaBE aud nars Of tte priucnal Of its
funded debt amounting to 2527. 7i0 and on the
G,N anh Nt1, ,}nva NJ Fa9rnn ~ f}nv;,,tr I'M n1
t,tinro, ,,,,, ~ a:aE ElS. n3 NJ, -, I al
na ou ~ at" 1nt au:t iu1n
@ouo,u9o 1uoro' ~ Iayaoc IN No" 1olk ~ TUG
aamo time tue whole country vas Bufterins from
tho recclIt panic and collapse III tho commercial
centres, and ait bogrowola wcro regarded With
ars,3;c|an and distrt,at,
f9nfcr s,,nh n;rrnmstorcna A. Ia A. svS;oct fc,.
,,,ntcr, tt,ot -. -. 3r,I.n.o 5,,.t,s a. -
coheratnlatlon shat N no instance alllinE tho
past year has tue city fal(ed to meet ts payments
lon several occasionR amounting to moro Than
nsl; nj, cyfonsio11 from, rur crnditors. % tIat ~
1nvo n,ndn iii o,r incnu rrithnrt fi,o navment of
an,,,n,sa;nnn ~ .,H ~ r.tn - H., ,asnsf .,o. 49,
IoAt!'ea1oIe, o1'u ~ 4"tc ~ IttelI7t aefei ~
ccenlng . per eehl, eo1hctanes an 10" hs y, a!la
usually Mt about 9or cent per Hnnlnl Our laat
s1lo Of CIR long per cont bUnds, faanot In Iipn
Of maturing bonds, haa boom at q pr2co from
nm ro"oraI ,:tiirn .sa1 ~ ;,,amronoo no,,,,,-
lnG general n., mthusa"a. IT, o. II 1snfaneG s eenna-