The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-02-24
RUrLAND's "PoLIcY OF REDUCTION. !"

town, anu The liabilities que anu 10 De-
come due during that year. 1t subsequent
ly transpired that there was some seven or
eight thousand dollars of current expenses
and accruing liabilities which had not been
taken into the account and, in comment
ing on the reports and the recommendation
of the auditors, We stated that, In our
opinion, but five courses were open for the
taxpayers to pursue-First, pay, by taxa
ton, as we so along second, authorize
larger loan, and vote fifty cents tax
third, vote larger tax and authorize a
loan of twenty thousand dollars fourth,
vote larger tex and authorize larger
| loan fifth. act upon the recommendation
| Of the auditors, and incur an additional
floating Indebtedness of some eight thou
sand or ten thousand dollars during the
year.
There seemed to be certain "pride of
" opinion" on the part of some Of these
auditors, az one of them, in defense of his
figures, rushed into print with the conf
dent statement that "it is confidently as.
sumed that a tax Of fifty per cent. will
=" be sufficient TO meet these liabilities,
provided the selectmen are authorized to
borrow twenty thousand dollars as
recommended in the report" When the
day of town meeting came, the tax payers,
under the lead of an eminent financier,
followed the Recommendation of the audi
tors in spirit, by voting tax of seventy
five per cent. and authorizing loan Of
eleven thousand five hundred dollars. We
say that they followed the recommends
ton in spirit, because the tax and loan
recommended would have raised S3S,
$50. so, while the tax and loan authorized
only Melted seven hundred and eighty dol
lars more--that is, $3.50, 34079 or some
seven or eight thousand dollars less than
the estimated current liabilities and the
known indebtedness then past due or to
become due within the Year,
In proposing the tax and loan which
were voted, the flnancier, to whom we
have alluded, stated that it was extremely
desirable that we should commence paying
our debts, and avoid the contracting Of in
deb'edness in the future, and he chopped
"the selectmen would be instructed to car.
"ry out this policy until the town was rio
'of debt"-perhaps at the next towr
meeting. be will explain to the assembled
tax payers how many years it will take fol
the town to rid itself of debt, il II contin
ues to pursue the same policy adopted, or
his motion, year ago? AS a part of this
''policy," the town, on the motion of this
same gentleman, instructed the selectmer
to apply seventy-flve hundred dollars Of
the money voted to be raised by tax, fol
the purpose of paying the Indebtedness o.
the town. How much this payment-if i
: was---reduccd the Indebtedness, the repor
for this year shows.
In commenting on the action of tht
town, the next morning, we said "Witl
" the grand list as it now is, and IL thu
loan is negQIia med at par, this will raise
} " only $3S, - 3, or one hundred ninety
"six dollars and foriy-six cents, Q06.46
d" less than the estimate of current expenses
I" and past due and accruing Indebtedness
I" all to he paid within the year as stated il
"the published town report. What ther
8 " becomes of the additional indebtedness
h I" some eight thousand dollars in amount
? reported by the selectmen at the meet
cling Is there any other prospect thar
i "that we shall find, next year, an increas
8 =" ed Indebtedness of some eight or ter
) thousand dollars We would rejoice t,
! "take rose-colored view of Rutland'
" financial situation. but we cannot-facti
. " are stubborn things, and figures will no
lie." 1t will be noticed, by the figureI
4 heretofore given, that the actual amour
: raised by the tax and loan was, owing t.
an increase of the grand list, some six hun
: dred dellars more than our estimate. Al
= though we we're unable to take a ''rose
v " colorcd view" of our financial situation
f others were, and 80 we find the following
: comment appearing simultaneously will
ours :
8 providing for the debt and expenses of thu
D town was prol ably the best thing tina
could have been done. The tOinn ShOul
q pay part Of this debt each year. Befor,
the town hal, was built a tax of fifty cent
g was sufficient to pay current liabilities ant
G leave balance In the treasury each year
4 to be applied to the reduction of the debt
A larger tax is now required because tn
debt 10 larger. The same policy of reduction
s honeper, should be adhered to, because IL i
n tie only cay Of keeping our finances in {
y good condition.
I While We all may join in admiring thu
+ exquisite logic of the extract, we fear tina
. the tax payers will fail to rejoice over tn
good condition" OF our finances whicl
|. has resulted from the "policy of reduction
inaugurated year ago, and which the ta'
payers were told SHOULD be adhered to-
@ This "policy of reduction" has increase
our Indebtedness from $i26,877 to Sal,
122.72 this year an increase of nearly ff
teen thousand dollars, instead of some eigh
or ten thousand dollars as we placed it
year ago. Verify, as the selectmen say
q it will be seen that the debt of the tow
!, " has been sonaewhat increased since the las
4 "report."
N With these facts, and this result, befor
them have the selectmen and auditor
I learned wisdom by experience They re
a commend the raising of tax Of fifty cent
: on the dollar and the placing of thiri,
: thousand dollar loan. The result Of tn
, adoption of this recommendation, conced
1 ing the correctness Of their estimates
/, would leave the town, financially, in o,
Q better condition than 1t now is. A tax O
: fifty cents on the dollar, with the gran,