The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-11-21
TmE CITY FINANCES.

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brief notice OF the newly elected mem
beers of the Council, made use OF the
following expression;
"Dallas may wei. congratulate her.
self upon the selection made on Tues
day for Councilmen."
A little over seven months has passed
since that Council took their seats ana
what they have done in that time, IN
the matter of the finances Of the city, is
briefly summarized in the following
paragraphs, and viii bear The HERALD
out in Its estimate of the high charac'
ter and qualifications for the positions
to which these gentlemen were elected
On coming into Office the new Coun'
ell found the credit of the city run
down 10 such an extent that nobody
would credit her, scarcely, and when
she did succeed in buying anything 1t
was by paying three or four prices for
1t, because no one had any confidence
In her promises to pay, The new
Council, however went bravely to
work to try and redeem the pledges
that had been made by them during
the canvass. After several prelimi-
nary meetings, and the appointment
of finance committee, who went to
work investigating the condition of
the city finances, and reported thereon
the first and most important act
of the Council, looking to raising
the clty's credit was the passage
of resolution on the 9th of April,
that from that date, no further city
scrip should be issued for any purchase
whatever, and prohibiting the Asses
sor and Collector from receiving city
scrip in payment of taxes, and also,
providing for the funding of all the
scrip and other evidences of indebted
ness previously created.
Since that date, no scrip has been
issued, and no draft given on the Treas
urer, unless there was money actually
IN his hands to meet it and Ill CON
tracts, and the current expenses of the
city, have been made for United States
currency, and every expense met and
paid promptly in cash. Previous to
this, the total amount paid by the city
for interest on bonds was the paltry
sum of $50. The city had, however,
in December previous, borrowed fr0M
the First National Bank "a, 200 in cash,
giving note for the same payable in
three months, secured by u deposit of
$4,000 in city bonds, with deed OF
trust on same with power to sell after
thirty days notice, If not paid at ma
turity. Of this amount $3, sos went TO
pay past due interest OH city bonds,
the balance of it, $3.50, being reserved
10y the City Treasurer AS his commits
sions. This note to the First National
Bank, together with the accrued M
terest, has all been paid since thepres-
ent Council came into Office.
Previous to April last, no sinking
fund had been provided for, or, at
least, none had been set aside and the
interest on the city bonds had to be
provided for in an extraordinary man
ner, that is, by borrowing money.
The present Council has not only
provided this fund, has paid all inter
est on bonds as IL became due, up to
this date, to the amount of s., 2i5, ex-
elusive of the note to the First Nation
al Bank above named, has now nearly
il not quite enough of this sinking
fund IN the hands Of the Treasurer to
pay the interest on bonds due on the
first of next month, and on the lst Of
January, 1876, but has also, or will
have by the last named date, sufficient
surplus of the sinking fund to purchase
bonds of the city to the amount of 81
800, proposals for which were adver-
tised for in THE HERALD of Wednes-
day last, in pursuance ofan ordinance
passed the previous night.
On the first day Of the present month
there was in the city treasury $S,l5 AZ,
| IS, SIG 60 OF which was to the credit of
the interest and sinking fund, leaving
to the credit of the general or common
| fund $2,6il 81. On the same date there
was due by the city, to various parties,
on open accounts, 81 SAT "a, leaving q
balance in the treasury unappropria-
ted of 1908 03.
This is u plain statement of facts and
figures, of what the present Council
have done for the finances of the city
In little over seven months. We
venture the assertion that but few
bodies of the kind in the country can
show as good record, while in nine
cases out OF ten, n much worse show
ing would be made. And as we have
before said, it gives us pleasure to pub
lish it to the world, and take the occa-
sion to compliment the gentlemen
composing the board, and congratulate
the city on the same. In the ex-
pressive language of some unknown
writer, Bully fo- the City Council Of
the city of Dallas ltah
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