, 1876-07-09

cur funded dabt at this time would be
$30, 900, coo, if the city could have borrowed
| that much money. It is dangerous policy to
evade the Constitution the precedent Is apt
to become the rule and the increased assess
ment of this year will be followed next year.
until extravaganza, waste, and corruption
will have absolute sway under system OF
| issuing bonds. We admit the exceptional
! condition Of the city finances, but the remedy
proposed will only aggravate the evil. 1t IS
claimed that as the city tax is now levied IN
| o round sum, and not by rates, it will
not increase taxes whether the valuation be
doubled or trebled. This is true in one par
ticular. but not true in others. So far as
the CITY tax is concerned, it Will
make no difference to any tax
payer whether his property be valued
at 81, 900 or 500, 1000, if the increase be ap-
plicable to all property. The city IS now
paving on its bonded debt $1,0o0,ooo
interest annually. To add S3,50o,oo IS
to add S245,0o0 annually for an indefinite
term to the interest item, and Of course that
much to the annual tax-leyy. Would 1t not
be better to raise that sum annually and ap-
ply it to the cxtinguishmont of the floating
debt, and get rid Of the Latter and OF tho tax
together? But Chicago has second 1egisla-
ture. Cook County includes Chicago and to
double the assessment is to double tho lmi-
tation within which the Board Of County
Commissioners may create public county
debt by borrowing, and to double the amount
of tax they may levy for current e1pend1-
tures They can now tax to the extent OF
Is cents per 800 Of valuation; to double the
valuation. is to authorize them to levy S1-50
where they now levy Is cents.
The law to increase the assessment of tax
able property in Chicago to $350,ooo,ooo
will necessitate the reduction Of the assess
ment on the property in al the rest OF the
State to an amount equal to that added to
the valuation in Chicago: Assuming the ad-
dition necessary to be $175,o0o, 600, it will be
a transfer of the tux OH that amount OF prop
erty in other parts Of the State to the prop
erty in this city. In other words, for theprlV-
ilege of evading the Constitution, and adding
$3, SOC, 900 to our permanent debt, Chicago
will assume to pay, in addition to her own
share, one-si1th of the whole State tax We
believe that the additional State tax thus
transferred to Chicago, in order to accom-
plish this temporary relief, viii not be less
than 100000. Are We SO blessed with pie
thoric purses that We can afford to go out
into the rural districts and assume the pay
ment Of the taxes of other people? 1t may
be said that this business Will be only for q
single year, and that, having evaded the Con-
stitution, next year We can return to the old
valuation. The State Board Of Equalization
has been, under one pretext or another, add
ing largely every year to the proportionato
share of Cook Countys State tax This has
been done remorselessly. To accomplish |
what is now proposed, we must substantially |
ask that our proper proportion be doubled
Next year, having once tasted the luxury of
having their State tax paid by Chicago, the |
other districts will hold US to our own figures |
of 1876, and the assessment Of 1876 will be- |
come permanent. In 1878, the State Board |
added an average Of 80 per cent to the share
of State taxes to be paid by this county, and
has kept that proportionate increase ever
since. Shall we now invite them to increase
our tax another 100 per cent; and
if We do, what hope is there that
it will ever be voluntarily relinquished?
Tho State Board has no power to make
general increase Of tho State assessment; if
the Legislature could be induced to grant
them such power, then every city, county,
town, and village in Illinois would be equally
privileged to add to its funded debt, thereby
increasing the elready enormous municipal
indebtedness throughout the State, md CIV
ing the local authorities power to double the
local taxation
The proposed scheme is full Of evil. It
may afford temporary relief, but at terrible
cost. There is but one way to get out Of
debt. Short cuts and sharp expedients may
often prove very costly. The only way to
get out of debt is to pay. The only way the
city can get rid Of its debt is to pay it, and
to pay it the necessary money must be raised
by taxation. We must expend less. We
must dispense with luxuries. We must re-
duce the current demands for money, incur
no new debts, and steadily pay something
annually, until we get out Of debt. We have
already made beginning of half million Of
dollars, which, with half q million more
saved in expenditure, will tend to relieve
Two years more of like
policy will carry the city through its greatest
and show the way clear for an
ultimate release from the ca1amitous condition
Of the Treasury.
The Corporation Counsel and the law ad
visers of the city have concluded to apply to
the Supreme Court for a rehearlng in the tax
cases, and modification Of the Judgment, to
the extent TINT the taxes of 1874, having been
levied in good faith, without fraud, BY the