, 1877-05-27
BUILDING THE CITY-HALL.

After the nre, the Legislature OF the State
appropriated the money to pay off the lien
which Chicago had on the canal The sum
refunded By the State was, in round figures,
S3,000,0 900. Under the law, this money, aa
received, was apportioned to various pur-
poses, and q sum slightly exceeding 5000, 600
was set apart for rebuilding the City-Hall
It was, therefore, held by the city in
trust for the purpose Of building the City
Hall. That sum, however, being inadequate
for the purpose, other improvements be-
ing more urgent, and the city being with
out revenue, consultation and agreement
with the county became necessary, and the
construction Of the building vas matter
that could be deferred, and was deferred.
The money belonging to the fund was there
fore borrowed by the city and used for vari-
Gus purposes. Subsequently began the prac-
tice Of ta1-fghting, and the taxes which
should have furnished the money with which
to restore that fund were resisted, postponed,
and defeated, until there WAS, q year ago,
about So, 100000 Of uncollected city taxes,
represented by large amount of certificates
of Indebtedness. A year ago last May q
change in the City Government resulted in a
change of financial policy. The old system
of perpetual issue Of certificates, one issue
renewing the previous one, WIS abandoned
because it was bad policy, md also because
it was Illegal The City Council in August,
1876, adopted, and made part of an agree
ment with the public creditors, the following
terms and conditions:
Rtsolred, further, That the following portion OF
the report Of the Finance Committee Of this Coun.
clf, made the 10th day OF July 1876, be- and the
same is hereby, adopted. as follows:
In relation TO the provisions to be made for the pay
Tie of 6eea Scfofe sosn aad e9c
L. now D. adequate proyefon thereby ea9sag dcncit
make good. your Committee are of thc opnien that
e. c o ~
such classification shall have been made the several
Il Rsa2st qsas asa tea
ne f6s fSs y H. H. unasT The nAncla1 policy
G.ss 80. s@ud ~ due and be-
G'sef sase FL "a
t1x.levy Of ls7o all accounts OF laborers and other
NJ as 81
er snd also such trust funds and special
ttons as nave been nn'bapplted
G should
Glass should embrace sucll part Of the uoe1peadcd
oatAoccx OF former appropriations and such spectal
1onds ~ may be properly deferred
Reso1red, further, That this Council recoxulzcs
the obligation and duty Of the City OF Chicago 10
pay all outstanding certificate. OF indebtedness of
the city issued against the appropriation duly
made, and for which the city has received the ben
e6t At the earliest moment possible; and that the
COMPTROLLER be, and he is hereby, authorized to
pay interest upon said certificates of Indebtedness
semi-annually ut the rate OF per cent per annum
from the date Of their maturity.
Since then the collections of back ta1ea
have been such that, if the same were cor
recty pro-rated to the credit of the various
funds whose money had been used by the
city, there would have been on the 1st Of
Aay s1eo, 600 in the Treasury to the credit Of
the Building Fund. But the Comptroller has
advised tho Council that there is no such
money TO the credit Of that fund, and this
conclusion ia reached By classifying the debt
due to the Building Fund among those in
cluded in Class @. Tho whole question.
therefore, turns on the character of the debt
due BY the city to the Building Fund. Does
1t belong properly to Glass 4, B, OF G.?
Class 4 includes those debts which should