Daily Republican., 1879-12-20
A NOTE.
o.r City Council Bank Credit

oar City Council hank Credit.
"THK REPUBLICAN will please notice
that the Gazette said there would be
S25 900 in bank to the credit OF the
city on the first of January, 1850. The
Treasurer's report last night was $685..
244,55 in bank; as the School Board
have had all their drafts for this year,
and the bills to be paid will not much
exceed the income before January, we
begin to think We have given too low an
estimate and that the amount in bank
will be nearer 100000 than s25, 900.
This will b new thing for the city,
We have been req uested to notice the
above, and out Of Differences to our
peighbor we will. 1t is true that he
said all along that there would be s2a'-
900 in the Treasury on the first of jan
uary no one will pretend to deny that
But he said something more and that
part he carefully conceals in last eve
ning's boast. What he has omitted
however we will supply. and that Will
put very different face on the matter.
He said there would be S25, 900 in the
Trealury after the debts were paid that is
what he said, and If he will turn back to
his files he will find it SO. or course
this means all the. debts not funded
and which may yet accrue for the month
Of Des mber. Why cannot our neigh
Dor tell things correctly, and why is it
that he persists SO pertinaciously in
making misrepresentation to the pub
lie. 1t is true that the intelligent por-
ton OF the community do not believe
the statements he has made about
the financial condition Of the city, but be
should remember that there Is a
small number who perhaps nnfortu-
nately read no other paper, and that
few are led to believe the statements
made from time to time, and are conse
quently led astray If they believe all
thev read about the city finances low
taxes md he oasted economy which
doe, not exist. True the Treasurer did
report on Thursday night bank bal
ance OF 1888, 24i.55, in favor of the city,
but it mus. be remembered that hat
amount is all We might say borrowed
money as there was $4,000 left OF
the $4,000 raised by the sale
of bonds to pay off the floating debt
Sill 600 was used for funding that
debt, and the balance $34, 600 yet
stands to otTsett the mortgages and OBJ
legations which are said to be not yet
due. One Of these obligations we know
to be due aud by the action of the City
Council the payment of it was postpon-
ed until NJ xt summer. By this kind
of fnanc ering the $34, 600 referred to
has been withheld from its legitimate
purpose and has been applied to the
payment of the current expenses
Of the city, and this is where
the boosted 5000 comes from
which it is said will be in bank on the
first Of January. We have purposely
usel the figures $34, 600 as that was
the amount left after paying $lll,o0O
Of floating debt, but it is no more than
proper for us to state that after commits
sious are allowed for negotiating the
whole loan of $l45, 600, the amount left
is but s29, AGO. The city to-day is pay ing
interest for this balance Of $34, 900 BE-
cause bonds we're sold to raise the mon
ey at Ave per cent. Will the "Gazette"
dare deny this' Yes, it will, for judging
from the past it will deny anything for
the sake of party success. Intelligent
men however will see that this s34 ,OOC
is a floating debt for which tho city ii
regularly paying interest and Therefore
it cannot or at least should not be ap
propriated 10 meet the current expen
SEES OF the city. 1t will be seen theI
that the city cannot avoid floating
debt at tbs fest Of the year. the amoun
of which depends upon the clo5enesi
OF the collections of the city revenue;
outside of the regular appropriations
which have been virtually exhausted
for some time past.
SINCE THE ELgCTIos Of General MahOn