, 1876-05-28
ANOTHER PROPOSITION.
MIR. HAYES HAS AN IDEA.

N~
The Secretary then read the following com
munieation, which uas referred to the Commit
Tee of Nine: .-...
coxrrRo11En's OFFICE, CHICAGO, May q, 1876.
-7o fhe Asse7nJ1age At lie Ciftzene' association
Eoous-GESrlEMES: Although l have not been
ttand no written Invitations hare been issued, in
asnuch as the daily papers announced s1at you are
TO meet the Finance and judiciary Committee
OF the cty, my anxiety for the restoration Of the
city's credit, and the immediate payment Of tue
paper OF the city. and Of the large num-
dition in consequence of the deficit OF the loans
which was about consu'nn'atlng, has III,
duccd me 70 address you th,s n9se: As nsea a.
81 thc city, which nm authorized to negotiate by
the lawe and the ordinances of the CITY council.
II there gentlemen present who "ish 10 invest
]ahoring men, and the restoration OF our credit
will give them half million Of this paper for cash,
which will immediately pay over my counter .,2 70
the iaborcrs and employees, and million and bali
which will usc to stop the dlEnonot OF our paper,
and meet that about to mature; and II less amonnl
ie offered, will divide il pro rata, or apply the
to the wishes of the lenders. Yours truly.
5. 5. HATES, Comptroller.
BORROWING TAXES.
3lr. Tu1ey-l would say IN regard to the sug-
gestion as TO the payment of city certificates,
that tho fiscal year for which the appropriations
were made terminated on the 1st day OF April.
The taxes Of 1875 now in the City Treasury can
be used to pay the salaries up to the first day Of
April. The salaries subsequent to the first day
Of April come under the appropriations for
1876. and in order to pay those you
have got to do what. has been
done heEctofore-you have got to borrow the
money, and discount your taxes,-bOrrow the
money payable when the taxes arc collected
parable next year. You can boIro" money SUI
iicent TO pay your employees for April and May.
don't sec now you can appropriate the money
now in the Treasury, the proceeds Of the tax OF
1875, for the payment OF the expenses OF 1876,
when they have been specifically appropriated
for the expenses OF 1879.
nance Committee what will be the amount after
deducting tho estimated expenses OF running
the city ior 1Ss6-what will be the amount.
or THE DEFICIT THEN REMAINING!
Itwas estimated that it would take ,0v0 to
run the city during lS16-to april, lss1. NOV,
that s., 500. 600 can be provided Tor out OF Inc
taxes Of 1876 that are not taken into account,
and extended as among the resources OF the
city, Now, after deducting s., $780, ,000, which
can be provided for out of the taxes of loio. "
leaves certain a1nouut-not more than II
CQQ-to be provided for out Ut back taxes. NOW,
amount Of taxes uncollected, either In the
ehape OF certificates or personal tax, is unrol-
lected or appealed for 1874, it can be ascertain
ed inst how much the amount Is Tor 1874 that
Is unpaid. It IS also conceded that we
can issue certificates as asainst that unpaid
smount for that year to be paid out o. tnat
ether amount Tor 1878 that is uncollccted: ltis
ennceded that we can issue certificates to be
mid hY the money uncollccted on tue taxes OF
fs79. ard re can issue certificates and borrow
monsy to be paid out Of the uucol1ectca ta3es OF