, 1876-01-31

tuG osulnarY hPpfoPslaloiiB duly hhte and 10
| qn1red to bo oxnondcd huforo tho collection OF
the eaxca. and ara ltover lssued In oxcosH OF
the regular loyics On tito lat Of January, 1B7G,
tho total amount of certificates outstanding was,
ae before stated, exclusive Of &14i oU8 Gl 70 the
burr Fund, Tho Isolief Bocioty. anl on Judgment
account. $1. 900, ,0H.88. Tho city then lad alout
s0.00o 600 In caslI, tnx-cettltcatcB, anl uncoj-
lcotod thxcs The oxpenneR Of all preceding
years haa hoon paid AID tho expctlsoa OF nlno
month"; OF tho yoar 1B75, Including $G1D, ,OGD 80
iateroat on tho munlcipal funlo,i dobt, e297..
| v5i.28 salaries ard n.sccllnleoua expenses,
?2ab79. 81 for the Public Library. 4G0, 7b7.32 On
3adsmena for etroet-famps, ei88, ,S38.87; SOW
ere, Si!7, ,728; .Wator-mana. el6Y Y.4s275; Board
of PUBLIC Woska appropriation, Sul3.477.T3 !; for
tho public arhuols. e4sj,0ls.7s: for tic Fla
partmenf, e52s, ,45o.07.
None OF theao paymonts could have boon made
L. Il tho city l1n1 bot bec1 abo to borrow money.
The interest on our fuulol debt would have
Dcen unpaid, The sehoo1a would have bean
| c!oaet and Tho Fro and Police Departments
dlhnanded, nnd population Of nently half
million su'rcn'iorcd to thoir natural fo1rer for
protection against incendsrirIn, robbery rapEne,
aud murlor. Such la tho character Of our
temporary dobt, and aieh tho urea u which tlsa
money borrowed Inns been applied. And tho
creation Of thin indebtedness for such pn1poaca
and undor Huch circnmstancca. n not shown to
bo illegal bseauBo = District Judge in Oregon ia
found 10 have decided that the City al Portland
cannot lawfully tonn lis credit to o railroad
I corporation for large amount whom such acts
| ara e1prcHsy forbidden by the oity charter.
This question uns rniHed last summer by tho
! sams Howspapor that now brings forward tho
decision Of tue urogon Judge. u mas afEectu-
ally disposed Of ut tlat tin,o by tho production
Ct slo decision exactly In point by tho Hnptomo
Court Of Iowa IN Grant ys. Tho City OF Dayon-
port, 90 Iowa, T., 2. BOG, and Of the opinion Of
tho llou. T. Lylo Dickay, then Counsel for tho
| Corporation. now Judge OF lie Supreme Court
q l!linois, and tho eoncurriDg opinions Of aeyon
banhers anti capitalists Of the country, viz: This
Hon. G. D. Lav1euco, ox-Chiet Justice OF tho
{Gioudy; ,. !: Ayss. Esq.; Charles
tic onG III G2nares 'iiSs iseacooi, resdesE nss1asE
Of tLe late Constitutional Conyontion aud tho
Hon. q. Beckwith, e1-Judge Of tho Supreme
Conrt which wero appended to my report 10 the
City Council Of Sept. g. 1876. After that sime
largo st1mb Of money werc borrowed by tho CITY.
anu At the dato Of tho presentation Of this atl
nual stAtomont, Notwithstanding the recent TO-
newnl Of these assA,slrs, bankerH and brokers
hcrc, whoro ordinary discounts BY bauaora aro
inade at 10 per cont por ant,in. ara Offering to
buy our per cent certificates having ax months
to ruu, aud payable III Chicago. ut astz. which il
about tho usual ratio In this market At this
Baasop OF tho your.
uut the csrtninty OF tho payment Of our ,ia-
hil:tea Ia to hn found not nesey iu tho faot that
they arc authorized by law, nor III the fact that
.ha city haa received full value for them, aud
From their proceeds has main ta!ncd tho Govern
mont, bat from tho moro important fact thai
this ,s not, and. III the uatu1o of things, nsyer
can bo, TepudiAting community.
HY their unanimous voso III Jnly last for tbs
order presented by me directing tho payment Of
conpou8 TO largo amount, tho money for which
Office OF Mcssrs, Duncan. Sherman l. Co.. for
weoks aftcr their masaritY and waa Lost By t'e
taiinro Of that houBo, tho preaent City Council
haye shown that tho question OF losal liability
will not be considered by the people Of Chicago
or their representatives, where honor and good
filth require payment, Nor DO l be1ioyc that
articles In sensational nowBpaperH or efforts Of
rcokless politicians will ever intincc our pooplo
to clect q City Council who will favor tho fepudi-
alton of our lust debts.
The accumulation OF unpaid saxoa haa BECOME
. SERIOUS Question in connection with our
finances.
Scarcely aay important rcform can bo expect
cd to be froo from Hone disadvantages. 1y tho
adoption OF tho new state Constitution. with its
limitation upon funded dobt a g1caEoe burden
Was thrown upon the tax-paycIs hero for tho
timo being, which WAS inctoased by the oxpondi-
turca accustomed by the great iro Of 1871. Tho
city 1oat enormously BY tlat fye In public build
tngs. bridges, aud othor structures. which woEo
destroyed and had to be replaced. Tho now
general !aus, and particularly tho Nevonno laws,
hnd to be subjected to trial and judicial intor-
probation. THO difficulty Of tic eituniou WAS In
creased by tho embarrassments Of private lpdt-
vidua!s arising from losscs by tho iso and tho do
stTuctlon ot values, aud Of industries cnuBcd by
tue panic OF 1879. mud tho unwiso actian. Or
nnn-nctlo1, or Congress- respecting tho currency.
All these causca combined have delayed tho col
lection OF considerable part OF tho city rove
nues Of tho past two yeaEe.
We have oyor 81. .25o, 900 Of tbs tsxos suspeud-
cd In tue Supreme Court do not arprehond
tho loss OF theso taxes by tho city, evcn IN case
Of an adverse decision to tho legality OF tho pro-
ccedlngs now pending. Tho taxes themselves
AFRO Lou upon real estato from tho Let OF May
Of tho year Of tho loyy. 1 do not doubt tast
they will DO collected by being extandod npou
tho ta1-list OF tho presant year. OF Of nc1t year
at the lateat il furtber legislation bs necessary.
1lnch complaint has nlso arisen on account Of
tho inequality and hardship teDshich soma Of tho
personal-;a1-p payers are subject. We aro collect
lug tho tn1os Of 1875, through the town onicors,
upon tho State aud county aasebaments. Tho
hponsiblo for tho inequalities OF tLia aHsesamont.
Thoy arise from tho Hhottuees OF tho time al
lowed tho Assessors, their inoxperleuco. aud
from tho fact that property Is required bT law to
aTe to 10 made under oath. Whilo tho Practice
throughout tho Stats has been to mako the
RsHeHhulsnt 1t about 10 per cent Of tts roal
value. That Ia about tho average On all
The personal property Of merchants aud others
tu tho city H. however, oftOn returned by tho
owner Ut ita fair caAh value, Which to twice or
three tilnos tho general average, and conae-
bis proper proportion Of tho taxcs. The hard
ship IL increased and mado almost insole1Rbio by
largo percoutaRs added by tho State Doard OF
Equalization. Consequently humorous appli-
cations nre mnde to tho Courka Tor relief. Tho
true romody will bo found hereafter In hn
amendment Of tho State law recognizing thu
general ptactioo throughout tho State, and per-
ntsing tho aasessmeut Of all property, real and
pesaoual. 1t. Bay. one.llalf its CASH value in
ordinary tinos.
H. 81