, 1876-07-09
THE POPULAR I0AN.

The City Comptroller has advertised for
subscriptions to the Popular Loan Of 81 ,oo0,-
600, whereby it is proposed to relieve the
City of Chicago from its pressing uocessi-
ties. This loan has been formally author
lied by an ordinance Of the Common Coun-
cl, and the. revenue warrants will be drawn
in conformity with the recent decision of the
Circuit Court. They will run twelve months
from date and draw interest at the rate of S
per cent per annum. It is not yet stated
that they will be receivable for the taxes of
1876, with interest, and probably because
the County Treasurer has not yet consented
to receive them; but, as the ordinance at1-
thorizing this loan provided for this, it ought
to be condition of the warrants, and the
Comptroller may arrange for receiving them
in payment Of taxes himself, and tempora-
nly paying the currency to the County Treas
urer, to be turned over to the city. There is
no doubt that they will be the more easily
negotiated with this provision, particularly
as the warrants are issued in denominations
of $500. Many persons who will have this
amount Of taxes to pay will thus seek them
who would otherwise not invest in them.
The fact is, that, both rs to security and
the rate Of interest offered, these warrants
are the most desirable short-time investments
that are now offered to the public. They
should be entirely disassociated from the out
standing certificates, which were not issued
in conformity to the Inv, and for the pay
ment of which there was no definite pro-
vision. The new revenue warrants are drawn
against, and are lien upon, the tax-1eyy of
1876. In the aggregate they will not amount
to one-third of the tax-collections, SO that
their payment is abundanhy assured. TIE
funds which they represent will be used for
the payment of the current expenses of 1876,
which will be reduced by the Council far be-
low the appropriations for the year. The
whole tax-leyy will be promptly collected,
since the assessment and collection will be
under the General Revenue law of tho State,
so that payment cannot be avoided, or post
poned, as in the past.
These revenue warrants should commend
themselves particularly to those who have
small amounts of money lying idle, and who
desire to place it where they cen make it
available at short notice. The warrants will
always be negotiable at home. They will
draw per cent more interest per annum
than the savings banks now pay, and proba-
bly, from 3 to per cent more than the sav-
ings banks will pay after 1ittle.while, since
these institutions cannot with safety con-
tinue to pay 6 per cent for money which
they cannot easily reinvest at S Per cent
Indeed, the savings banks themselves, which
are protected from runs by the thirty and
sixty dnys' notices, and not hampered by the
same considerations as the National Banks,
will find it difficult to place their deposits
more adyantageously aud securely than in
these city warrants.
To another class Of men - our more
wealthy citizens-these city warrants should
present themselves with certain claim on
their duty None are SO much interested in
the preservation Of the city's credit, and the
maintenance of the Police and Fire Depart-
ments, as those who have large property and
business interests in Chicaso. There is