, 1876-05-28

taxes nearly half wear, and thus added terribly
to the dilemma Of the city. These taxes 81 1919
If tic old law lad continued in force this
&, ,500, COO would have been taken up bciorc
this, and we would not have been called mere TO
discuss how it should be taken care OF. ne
have lost half 4 year, and don't see any way u
gaining by any legislation under the State law.
But tliis plan will undoubtedly strengthen tue
paper, if It is made legal tender III past ano
futurc for all taxes ut its face and accrued ln-
terest.
MIR. sHoRTALL.
The Secretary then read the following COM
munication from Mr.. John G. iSllortall, which
was referred to the Special Committee:
GENTLEMEN: have the honor to acknowledge
the receipt Of youT invitation to be present Ut yonr
then absent from the city ask leaSc here to state
what would be glad to say personally: .,,,
The present City Government, elected for re m
owners own of this city and its taxpaycrs and to rep
resent them as well as all others, has found itaef
am noFmsd q Enowa 1l
as city certificates, for the contraction o. WHICH
there has been no warrant Of law, and Tor thc pay
mcnt Of which ut maturity there has been no ade-
quate provision made.
The question is, How is this indebtedness to be
Permit NE to suggest that payment Of these Ger
tidcates should not be made By the making ot new
notes, that such course would pe mol only IN
polite, hut, belicye, Illegal, and fraught with
danger to the holders Of such new issue: INC hoia
Of those Issued certificates are now in the posi-
tion of bona tide creditors, with all equities on
their side, and toward whom the Gosernment ls
hound by all laws Of commerce and honor 70 aen
justly; were new certificates to be issued now 10
replace those in the hands Of the present holders
would those holders then, u view of the thorough
Seen suSccted s and ths almost
opinion OF their nyalidity, would they be entitled
to quite the position they noW hold to quite tue pro
tcction they a1e now entitled to: Might not s1rHc
future Council Of less honorable character ttlau
this declare that they were not entitled to lmmc-
Gate payment because the holders assumed r1sk
i would with due Difference suggest the recom-
mendstion OF the adoption ly the Common Council
ot an oFinanee Which sa in ni 1Sc,e
payable before three years from this date, or;
say lst Of August 1870, with semi-an interest
At per cent per pedsnx az ar eI
payment: but in the event OF such back
1a3es not being sufficient to meet the same that tho
Council should include the unpaid portions in its
estimates in season to pay them in full On said LIST
August .....- .,
such ordinances to bcindorsed (stampcd} upon al1
said certificates ito he called in for that purposcby
the fiscal agent OF the city, and new registration
Of them 10 be made by The Comptroller.
Gentlemen, feel sure that in sixty days atter
would staud 1T premium. The credit of our city
in the OF its governing majority Of honorable,
Intelligent, reputable gentlemen has not been for
years in good condition as it Is to-day, and Inc
postponement OF the'timc OF payment Of these ule-
sai certificates is not asking al extension by the
City Of Chicago, whose lawful Indebtedness u, u,
ways has, so far US know, and trust always viii
Jous G. suoRrALL.
Mr. Loewenthal- The question Of the legality
Of the certificates has been raised here and dis
ought to set ourselves right TINT question be-
fore the community. III order to do SO, oher
the following resolution:
Resoirel, That the committee appointed by this