The Republican journal., 1876-03-23
OF the City Government


| the Common Council and James S. Hartman
| ,1orl
wv"
,,,, Wv "a
ii'i was 'pPoin'e" 10 wait upon W. H. lous-
ton ESD, Mayor elect, and request his attend
| aneo rho oor,,,it.,o .,,o,, ,,,,o j., ,;t,, .,o
''h'e' ne committee theh came III WIN the
Mavor. when PRAYER was offered by the Rev
nv 80
wooster Iarker. The oath OF Once Was al
ministerial III, thn o,+v cIorL
- ' ~
Inc Mayor then delivered the following
,nnprss
htNrLENtN OF THE CITY Coz Neil; In accept
ing the positions to which we have been elected
and assuming the responsibilities and trusts reposed
upon us by our fellow citizens it becomes first
DUTY TO endtavor to divest ourselves OF all influences
Vi personal interest or prejudice. and to govern our
ACTON 10y an unbiased Judgment IN the interest OF
me permanent welfare of the city. In It review OF
the matters claiming our attont'oa, commencement
may properly be made with
TN IMAM -.
There has been a gradual iaprov cment in The fl
nancial condition OF The city during the past five
years, and is estimated that the amount available,
ant ~, S @ i'm tiie aoilectoI' MN pe sun sun,
fha taI,as fr ~ I'an;, ,i,,i ai ~. 10y - '
sessed ana TO INV All ontetnudi,g ,Iitits sxcent
tLe ''' ~ pay an '""'i'''9 tA''p'
BONDED DEhI.
The total amount OF this debt is 800 all bear
ing Per cent currency interest and may be divided
as follows
FIRST. Outstanding war Bonds due in
1so4 interest payable ANNUALLY, in Feb - 900
Outs landing ar Bonds due in 1850 in.
tvrest nav able annually IN Ann Y3 200
total $4,000
SECOND. Railroad Bonds due in is.l~
Interest pay able semi annually in / cd,
and August. $4,000
This class Of bonds was issued under
special acts of the state Legislature, and
the provision for their payment is stock
ia the b. x NJ. l.. Railroad, at par value,
to the amount of .y, J0O
I'll y
100000 non preferred stock, and the
discount at which the bonds were sold,
is represented by the sum OF u! Go
IHfkb. Railroad Bonds due in 1863, in
terest payable semi annually, III ftt
and Aug, lly,5c0
These bonds were issued under The gen
eral la" Of the state, usually called the
hive cent. law. The provision for their
payment is Il loan note OF the Il. X NJ
l.. Railroad, due in leo5 lui.o,l4l
he discount at which the b"nds Were
sold, is represented by the balance l44y5e
The luau mote is secured hv ur-,rrrsd stuck of the
railroad and bears semi animal ,1,tere T. winch is
promptly paid in May and NOV
,-rt,-l ,,,.
IAN ~ sag
Having in view more particularly the require
bonds issued 1t proposed in the last city
gov eminent TO establish by raising by taxation the
sum of six thousand dollars annually for the pnr-
pose, a Sinking Fund, Tor the payment OF the city
bond, and the matter referred by the city coun
ell 70 the next or prest city go. ernlnenf ana &C
on Will Ue expected upon II before the taxes lor
this year are assessed.
1t does not appear 10 be necessary or advisable TO
establish such fund at tn" present line, from the
TACT that the loan note before named wa intended
tor and taken a. prov isIHii ior the payment OF
like amount of the city bonds issued under the gen
erai law Ut the and falling due in lsN5. The
provision is good ana should be found satisfactory
and available Tor the purpose int nded, the III
come from the existing lease of the railroad will
meet the interest on lis first mortgage bonds, the
interest on the city loan note. and leave balance
sufficient pay all other outstanding liabilities of |
the railru daring the 1873; leaving after 4
rSt n q he N ST
on the irel mortgage bonds and the interest on the |
city o.tu note amounting in all to 80 600 gold, and
S6.!l4 currency and which should leave at least !
100000 annually, commencing with the year 1872 TO
be appropriated as "A provision for the pay ment of !
the city loan TO that purpose the managers
OF the railroad that time should apply it, by the
establishment OF Il sinking fund or by the purchase |
of the city bonds, falling due in 1855, if they
be had at below par; either of which courses |
would provide Tor the payment OF the loan note,
elise Of the wear iss;. AFTER Which time thr rental
IN 4xcess ~ fbe .mount reouired o nav th interest
ON me rst morteage bonds NAV nroperIv he annlicJ
~ t;il ~, 80 .tnc.,. ,;t., ~, ~,
t ~. III .,,,,nancda ,1tI tha ,n, e II aa,,,I
u, t;o,,, Href,rrad stnci WIZ" ' It" ~ 81 400
a,,d t,r,,i ,,, :, ratarrad M Toast ~'doo
anu nom mo-" Fu az i''' F'''0
dotHi, Sl6,4Io |
der of the city bonds falling due in 1850, and next
az sinking fund, to provide for the payment OF the
bonds falling due in isS and with the value Of the
stock al thar date should be found ample for that
,nrno.r
liz, len go OF the railroad continues at it, present
rate $50 $50 per wear PAYABLE semi annually until
NAV lth 1ngi nnless th. lessons take advantage Of
the ottiou given them 10 change thr rental 10 40
Der cent of gross earnings This option eynires on
The 9Th day III next month md yor attention to il
- ,.u,' -. ~ =; ,l,V -. -, VI ' 10
be renewed On more advantageous terms than the |
present, as they are now selling above par. The
management OF the railroad corporation is in good |
hands ana ~ business record Tor the past lve years
VIII strand the test III a critical examination IL Is
or pfly.e9e aaH uafy win me elty owning more
1iah threeourts "f IRE capital stock 10 see that
IKE go9a management Is continued lhe amounts |
required 70 pc fa.fa by tnNatioh me cn>nlhg year
tanned are ,,e !
SH1e lay say @l"'oo |
Comfy Lax. lsVo |
Interest ON failroad Lend 1000 |
Outstanding w az i""n' LIZ |
-
Total 9ol,3l2 |
lle deductions IN iheS' items ifom 1T year vii