, 1876-05-28

1877 Now, is there enough unpaid taxes Of
1872, 1878, 1874, and 1915 to meet the mill.
ion Of dollars that We hare are got got
can get that from the Finance COMMITTEE.
That will make tile amount Of certificates TINT
can be issued to be paid out OF the taxes cay, eac''
year. This can be put on the market ana sou,
and the money used in payment OF me oeo. ilo ~.
money when It il collected. That is Mr.. Tulcys
plan, as understand it. It seems 10 me se sna' Id
It is perfectly feasible, and that there are IT,.
sources suticie1t to meet tho current expenses
and provide for the old certificates.
A SPECIAL COMMITTEE.
1rr r. r. Sidway-This meeting is hardly
able to digest the information, and can haFu.y
come TO definite conclusion. therefore move
the following:
P<sotrrd That the President appoint special
Committee Of Nine to consider tno ques.ons ~. T..
fore this meeting and report At N meet,,s 10 oe
held in this room On Monday next at u a. m.
The resolution was amended to make the
hour Of meeting $3.50, and was then carried.
NO MISTAKE.
Mr.. ,Dole-Lest the reporters SHOULD nase
misunderstanding of this matter, woulu like
to ask A1r. Pearsons whether the tax-lcvy 81
1876 was considered when he said there woultt
be q deficit Of $3,000, GOO on the lst o1 April
next. There is lnisapprehcnsiou in regard to
that. .u,.....a.
TO the taxes Of lS76,-the levy that Is now being
made. Nv statement carries the matter up to
April l, and all tue gentlemen present Know
very nearly how much OF the taxes now being
Levied will be paid by that time. You cannot
did not make any allowance Tor vouchers out
standing, Judgments against the cltJ, or war
rants outstanding.
Mr. Dole-Thcn, as understand it, when the
tax-leyy to hc collected is applied in liqulua-
tion Of this S3 COO 0oO there will not really oc
deficit
G, 3. Farwcll-I do not want the credit OF the
city to be injured by any want Of facts stated ut
this meeting. From the statement which has
been read, It appears that there are back taxes
amounting to 5000, 600 Or SGooovoo Ill round ~,
Offset there are city certificates amounting to
s., 500 coo; interest, 5000 0o0; and employees aiu
ali expenses up to the lst OF April, lS7s-in ail,
Ex-Ald. Hcath-Allow me to suggest that ths
interest is that Of July and January, 1876, Which
is provided for in the present levy
\ Alr Farwell-l understand that. IL TINS army
of tax-tighters came forward and paid up this
81 ,0UO, the condition Of the city would not
be at all. alarming. The Finance Committee t
which IS a little over S4,OOO, 900. II thatis ad;
ded to the So, 000, 600, VIC will hive large sur.
nlus instead OF Il deficit The great difficulty Is
the want OF an efficient collecting department
But that is not the fault OF the City government
but Of the law fLSel1. .,.
AIr. John c. uaincs-Asa a citizen OF Chicago
desire that its credit shall not be- unnecessarily
| lowered. .---. ....--..
THERE ARE SOURCES OF REVENUE
which have not been acconntc1 Tor here, anu
which will amount to over 81 .0U, O0O., There Is
| tile income from the Water-WOrks, which Ger
| taiuly must be 500 900 for 1876. Then there is
| the income from licenses and other miscclla'
] urous matters, which should have been consld-
| cred. .-
A CORRECTION.
| Mayor Hoyue-Alow me to make ono correc.
| ton stated in my remarks ut the opening o.
| the meeting, in regard to Mr.. Smith, the lresl
dent Of the Merchants Savings, Loan, and Trust
Company, that liz had allowed the certificates te
90 to protest without any reasonable cause, that
| I felt that MAS serious damage Which very
| much regretted, and that I supposed tllert
| might BE- something intentional about It. But
find from his statement to me, which explains
| the course Ut the bank that the paper had Tor
| eiyn indorsers, aud it WAS necessary to hoiu
| them. ....-,
Mr., Dlair-Does the amount of warrants and
| amounts of judgments pending against the city
appear on the Comptrollcr's books9
| laid. Pearsous-l hayc no doubt the books
| show eyerythiu Mr.. Derickson IS making an
examination now in conjunction with the
Finance Committee, and w will soon be able
! to show the amount Of outstanding indebted
ness to contractors in every section of the city.
| The Chairman announced the Comn1ittc
provided by the above resolution as follows: J. Il.
| Durham, Ii. Greenebaum, Marshall Field,
! Elliott Anthony, e. B. Farwcll, Lyman Blair,
| L. B. Sidway, II. F. Tuley, aud So1omon a.
On motion, II. ". King and ex-Ald. Heath
t we're added to the Committee.