Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-06-09

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The interest on these bonds is payable
semi-annually at per cent. The sum nee
essary to make each haf-yearly payment
is S37,0j6.
These bonds, with their coupons, may be
divided into two general classes, viz: those
which are receivable for taxes and other
dues Of the city, and those not so reeeiva-
bic. 10 the former class belong S595, 200
and to the latter class S640,O0O. There
fore, of the coupons to mature during the
present municipal year S17,S56 will be
payable in taxes, while the residue, or
$4,000, will not be so payable, except by
agreement.
Whether received for taxes or not the
city ought to make some provision to meet
these obligations. The present state of
the Treasury, and the interference by the
Legislature with our assessment for 1875,
besides the act which makes the collection
Of taxes for 1874 voluntary with the tax
over, will no doubt seriously incOmmOde
us, but we should at lest manifest 8 will
ineness to do what may be possible toward
meeting the interest to become due on July
1. Il is vitality important to the city that in
this particular its credit shall be sustained.
Every consideration Of expediency and
policy, not TO mention m nicipal honor,
demands that t shall be done. There was
no money in the Treasury in January, and
vet an arrangement was made whereby our
coupons were promptly, taken up. l hope
that, By ordinance OF resolution, you Will
authorize the Mayor and Finance Com
mittee to take any legal steps within their
power to make provision for the July in
terest. The mode will probably be to
execute the obligation Of 6e city, with
such security as will be satisfactory to the
bank or individual who shall advance the
money.
Besides the bonds not yet due, there are
past due bonds, unpaid, amounting to
Sl34,3OO. Of these S2S,OO0 matured April
], 1874, and 100000 April l, 1875, all Of
them being bonds issued for the benefit Of
the Nashville and Chattanooga Railroad
Company. The residue, $500, matured
July l, 1874.
The coupons outstanding, due and un-
paid, are estimated at $4,000. The great
er part Of these belong to Alden bonds.
None of these have been sued upon and, if
possible, they ought to be paid or funded
before any costs have been created.
There are numerous judgments against
the city before justices Of the peace and
the several courts Of record, amounting to
about 100000. Interests and costs have
accrued upon these judgments to at least
$4,000 in addition. The same remark
may be made about them as in regard to
the unpaid coupons.
The floating debt Of the city, outside Of
the accounts to be presented to you to-
night for allowance, is now about $4,000.
By this is meant accounts allowed and not
vet paid, and various items Of current ex-
pense, which have not been presented.
This must be paid out of the first rsye-
nues received, being due to mechanics,
merchants and labOring men, for goods
bought and services rendered.
The debt contracted for the Fire
Alarm Telegraph S22, 800, is wholly un-
paid. The notes which matared in May
and June, each-fOr $1,000, have not been
met. Another note for s, 900 will become
due on July l, and the remaining three
notes, each for S5,166.66 will mature re-
soectivelv Feb. /, 1876, Aug. /, 1876, and
Jan. /, 1877.
The CIGy Treasury is empty aud the
Treasurer has advanced $4,000. How this
deficiency is to be made up is a problem
that remains to be solved. By the acts Of
the Legislature, before referred to, all COM
pulsory collection of taxes for 1874 is sCs-
pended until Nov. l5, 1915, and the taxes
for 1915 will not begin to be collected till
Jan. /, 1876. Our only resources of reve-
nue., therefore, are what may be collected
on taxes Of 1873 and previous years, vol
untary payments on taxes of 1874, pay
ments on privilege licenses, fines, etc, and
water tax collections.
am informed by the Revenue Collector
that we cannot expect from that depart
ment more than $1,000 per month; by the
Recorder, that he will probably collect an
average of 5000 per month; and by the
Water Tax Collector, that we cannot safe
" look for more than 81, 900 per month
from that source.
If these expectations are realized, the
gross income ofthe city, during the remain
der of the present municipal year, will be
about $4,000 per month. The
expenses for the same time,
with strict economy and not in
cluding any outlay for the public schools,
or for interest on bonded debt, will average
$4,000 per month.
In this emergency, the only course for us
to pursue is to reduce the expenditures IN
every department 10 the lowest possible
figure, to create no liability that is not
urgent necessity, and 20 use diligence in
the collection of all revenue.
REHABILITATION.
The entire Indebtedness Of the city may