, 1876-05-27


bill As proposed to be amended amounts to
$50, ,0o0, 600 in favor Of tho Pacitis Railroad
Companies and against tho Government, the
former getting biz price for lauds which
nobody clso would buy, aud the latter buying
back II, ,oo0,o00 acres which it originally
donated in addition to tho bonds advanced
THE c1TY's FINANCIAL EMBARRAssmENrs
Thcre arc two items of good news from
tho City-1Iall, tho realization OF which will
be Of greater value to Clicago now and in
tho future than any public acts done in
years. Tho frat ia TINT the now Council tave
! pretty gonorally determined that, though the
GOWN ta1-levy Of this year was only for
nino months, they will mako it, under
HoTsE, suffice for an entire year. To this
end they can change the date Of tho fiscal
yoar buck from jan. l, at which tho 1ato
Council established 1t, to April l. This
change hns ali advantage in itself, in TINT it
brings the collection OF tho ta1es three
months nearer tax-collecting than nt present
But the chief advantage is the determination
that tho nine months appropriations shall
serve for twelve months, which will make
saving to tho taxpayers Of o5 Per cent, or
about 81 ,2j0, 600 over the expenditures oon-
tempfatcd by tie late City Government.
Tho policy Of retrenchment necessary to &C.
compliah this was practically inaugurated by
Mayor HoYNE last Monday in vacating soma
sixty or seventy Binecures, and VIC hnye
avery assurance that it will be followed up
by judicious excisions in other branches Of
tho municipal service.
The other item of good nova is that mr.
rangements have about been malo to pay of
the $500, ,0o0 or 81 ,0O0, 900 now duo the city
employees. This arrcaragc, falling heavily on
Gloss who sorcly need the money, has come
from Mr. HArEs' policy of taking tho funds
as they came into tho Treasury to pay of old
city certificates in order to sustain the credit
for renewing tho balance and letting tho en-
ployes Rtarve, It is an operation known M
'aLinning" among those people w1ln are &C.
customed to resort to it. Meanwhile tho en.-
ployes havo had to whistle for their my,
They number in all between $500 and H.Ut>O
persons, including the policemen, firemen,
school-teachcrs, bridgc-tendors, clerks, street.
cleaners, laboters, and the long roll OF mis-
@~AoAVVA+o % Al LA40 fAIlQuh uE1)A1L-
ncnts. Tho most Of them nre people who
require their wages aa they become duo from
month 10 month. Their payment now will
bring great relief to tho largo number Of TO-
tail ylopkcopers md supply-venders who
have been advancing to tho city employees,
who have been deprived OF their nay for
nearly four months, SO that the aggregate
sum will circulate rapidly and mako per
ccptiblo impression on tho business of tho
city. The sanlc arrangements TINT shall Gu
ablo the City Government 10 discharge the
present indebtedness to employees will also
enable it hereafter 10 pay them promptly.
Though not informed as to tho details of
the new arrangements for money, VIC take
1T that they rest upon tbs willingness c1-
pressed by Chicago bankers and capitalists
to advance money on certificates issued in
conformity to the docrce of tue Court,-that
IL, drawn against particular funds, and for
tho payment Of obligations accruing within
the present fiscal ycar. Whether or not it
has occurred to the Finance Committee, we
arc persuaded that all the certificates to be
Issued this year shall bo ua,la receivable for
tho taxes Of 1876, which arc duo and payable
next summer, aud that the Certificates of
future yearH, so long M this mods Of rajsino
money shall ba necessary, DO mndo recaiya-
bio for taxes OF the year In anticipation Of
which they shall have been put ont. This
featuro will insure thom valus and t,op-
u!arity TINT they cannot otherwise obtain,
aince, 10 far aa Chicago In concerned, they
will be as good rs groenbacas, ANY one
skcptical and foolhartly enough TO suppose
that there will ever DO disposition 10 re-
putiiate them cannot then deny that they
will havo permanent value for tho payment
OF taxes, which IL debt TINT cannot bo
amount of certificates thus lawfully Issued
will always be loss than the amount Of taxes
to bs collected, so that unaer this condition,
the security vii! be absolute. Every cartia-
cato should contain ths condition that it may
ba tondored ut any time at its face value with
nccFued interest for the payment Of the city
taxes Tor tho year III anticipation Of which it
WEN 'ssucd,- ,--the certificates Of 1876 for the
taxes OF 1876, tho certificates Of 1877 for the
taxes Of 1877, and 30 on. Their redemntion
Tor taxes would in this why operate ~ the
eaoeehng OF tho certificates, and most OF
them would be disposed Of after this fashion,
The advantages arising from tho adoption of
such plan % this will be inestjmabIo. 1ha
city may then avail itself OF the money set
aside by this years appropriations, and out
OF the licensa fees, to pay OF $500. 600 of
the old certificates outstanding. Tho new
certificates issued under tie auw n1an vii,
take care Of themselves sud co,no in ro,t