The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-05-16
IoFFlcIALl
CITY COUNClll-REGULAR MEET
ING.
COUNCIL CHAMBER,
CAIRO. H., MAY a. lsIN

| minutes OF the last regular ana intervening
meetings were approved without reading.
MAYORS ANNUAL MESSAGE.
Mayor Winter delivered his annual mes
sage as follows:
| Gentlemen Of the City Council;
Ii gives me great pleasure this evening to
again see assembled in the council the same
councimen as last year. The reelection OF
every alderman from every ward in the
city at the late city election is IA high mark
of approval by the people. II speaks well
for your conduct in conducting tie city
affairs.
The affairs If the city of Cairo have been
| placed in your care for the ensuing year
You being the representatives OF the peo-
pie, you are supposed 10 he informed OF the
wishes and wants of your respective CON
stitucnts. ! therefore trust you will carry
! them out.
Thethree years past the city administration
has been marked by economy, some OF
the previousyears of the city government has
bcenmuch more expensive and some OF them
very extravagant. SO much SO as TO involveus
| at the present time in bonded Indebtedness
! the interest on which has created great
burden upon the citizens and taxpayers
more than they are able to bear. therefore
| suggest moderation in your actions TO-
ward any plan 10 relieve them OF their
load under which they groan, give them an
opportunity to retrench gradually 50 that
that they may accommodate themselves to
the altered conditions. that may or will sur
round them. by any settlement that may he
made by YOU with the bondholdcrs in the
way Of compromise OF the bonded debt
Of the city.
Two propositions have been submitted
proposing 10 fund the deb, OF the city, as
follows:
Firs, proposition is 10 fund the city bond
al Indebtedness at So cents on the dollar Of
the principal alone, taking 20 years bonds
drawing per cent interest.
The present bonded Indebtedness amounts
10 $46s.313 30, funding said amount at s.
cents. We would have tn issue in new bonds
S2j7,GOj. 80. the interest on the same al
/ 8 per cent. would be the yearly sum of Sl5,-
i56, 10. to I've provided for.
The 2d'pruposition is to fund the present
bonded city Indebtedness which amounts to
S46s,313, 30: overdue interest on the same
$73.000.00; total amount Sj4l, 373, 80.
In lieu Of which they propose 10 take in
various denominations in 30 y9aT new bonds
the amount of $210,00000 bearing q per
cent interest payable scmi-annualy for
the first four years and for the next sixteen
years 10 per cent, four per cent. Of the
same to be applied to the redemption of the
bonds. the said interest and principle TO be
collected by coupons attached 10 the bonds.
so that at the expiration of twenty years
debt and interest would be entirely wiped
out BY this last proposition the interest
the first four years would he $4,000 each
year and for the balance Of the 90 years
$4,000 each year.
| believe the latter proposition is fair,
honorable and Just, and the only true way
Of clearing up our Indebtedness. but in our
present condition can and are the tax. payers
prepared 10 meet this extra advance OTTAWA
ton. Ihave my doubts, for while we are groan-
ing underline load we are carying,wc are try
ing by lawto avoid the payment OF interest
| on the bonded Indebtedness on the ground
of the illegally Of their issuance and our
! inability 10 pay. We have enacted an ordi-
nance creating the office Of city counsellor
at yearly salary Of Sl,100, and have ap-
pointed W. B. Gilbert Esq. TO the position.
Suits have been brought again,, the city
for interest overdue: the city corporation
counsel is defending the same in the United
States Court at Springfield, and is of the
! opinion that he will gain the suits. If such
be the result. We had better be cautious in
any movements tending 10 compromise.
but if compromise is To be effected lett be
so done as to he as liglta burden as possible
upon Us during this generation, and if Cairo
prospcrs, as bcicvcitwil let posterity take
care Of the principal. am OF the opinion
that if any settlement is made the first one
is the best for the taxpayers in the present
condition Of Cairo, and will be for Il few
years to come. The taxpayer will much
more chcenully pay Sl5.4jG 10 interest per
year than $4,000 interest for the first four
years and $4,000 interest for the subSc-
qucnt sixteen years under the second propo-
sition. even if it does cXtinguish the debt at
the expiration of twenty years. One propo-
sition or the other should he submitted to
vote Of the people for their approval.
FINANCIAL CONDITION.
The financial condition Of the city, out
side of its bonded Indebtedness is far
better than it was a year ago or for
several years back, This has been brought
about by carrying out plan Of economy
suggested 10y myself in previous messages
and recommendations to the City Council
from time to time, and by that body adopt
ed. When became mayor there was in
the city treasury May /, 1859 in cash.
81 ,4s0 70, with an outstanding debt Of
interest bearing scrip TO the amount Of
$20,110 G2. This amount has been reduced
Sl4,j45 10 in the past three years. leaving
a balance now outstanding of 1864 80.
RECApITrIATloS.
May /, 1915, Interest bearing scrip out.
standing .,...,, ... ....,,,.. '.,... s2ol79 %
May /, 1875, interest hearing scrip out.
siGndlng. ..,.........,,,... ........,.. 1904 81
Reduction IN hrccycars. ...,.,,..,,,., Sliji5 10
May !, lSis, cash IN City Treasury ..,.,. SlOGNs Is
May /, 1873, cash in City Treasury ,,,,.. lisn 70
Increase IN cash IN three years ....,.. mel; 10
Reduction Of interest bearing scrip. SASS II
making the financial condition Of the city
! S23,1G2 81 better off than it was on MAY
i, 1870. During the past three years large
amounts have been paid out for public i'm
] Ia, 80