Daily Republican., 1879-04-15
Another Fisating Debt.


have been negotiated by the City Coun-
Gil: March sth, one for 100000 for 60
days; March 10Th, one for $4,000 for
50 days; April 18th, one for slo,ooo
for 80 days, making total Of e4e, ,ooO
of new floating debt up to April l2sh.
At the present rate Of spending money
there will he at least by the first of Ju-
ly when the city tax will Legin to come
in, ia floating debt of $4,000 to be paid
out of this years taxes, and another
year of the same financial management
at the same rate will pile up debt Of
Sl2O, 900, and if there is no check put
to it there will be another floating debt
Of sl75, 900 or 100000 to refund by
the time the Legislature meets again.
We do not pretend to say that the city
money is dishonesty squandtred, for
We do not believe it is, but we do think
that there must be reckless way Of
spe ding it in improvements which are
not pressing upon the city, and We
fear that there is danger that Whining.
ton may be compelled to follow the ex-
ample Of Elizabeth city in New Jersey
and some others where the finances
have been carlessly handled. 1t is not
80 much the high tax rate that the
people Of Wilmington have to complain
of so much as what it is paid for. At the
commencement OF the present fiscal
year the interest and state tax on the
bonded debt of the city was s75. 52o.36,
to which may now be added 81 900
more interest ior the new loan of $l45,-
900 at five per cent. which will make the
interest and state tax paid S92, 77O.3o.
Add to this again the discount on netes
aud the interest paid on the floating debt
and we may safely set down the round
sum of 100000 to pay fer money bor-
rowed by the city and long ago expend-
ed. This only leaves about $50, COO of
the amount raised by tax to 60 for the
current expenses.
This is something for our citizens to
look at and ponder over, and having
thought over it they need not wonder
why more improvements are not made.
The fact is, our city is hampere1 and
burdenei with heavy interest debt.
Every year $50, 900 is collected to fill up
ahole that never shuts and the more that
is hid away in that dark recess the lar
ger the hole becomes and the more is
required to keep it filled, and after all
there is danger that it will bscome 80
large as to swallow up the city in a f.
naucial point of vieS. There can be
no doubt but the city ,haiter is violated
in spirit every year when these floating
debts ara created and that our readers
may Judge. for themselves, we quote
the 5lst section OF the city charter
which bears directly upon this sub
;ect
"The City Council of Wilmington
shall have no power or authority to
borrow money o" contract, or create
any debt, or liability, or to make any
ordinance for borrowing money, or
contracting, or creating debt or liabil-
tiles Except ordinary debts and liabil-
tiles in the common course of carry
ing on the work and business of the
said city) to be paid out Of the taxes,
rents and receipts of the year for the
time then current, and if the said debts
and liabilities shall not be paid, the
same shall, and the members of Council
for the time then being personally
other than those shown by the journal
of the Council to have been absent, OF
to have voted in the negative, when
said ordinance, order or proceeding under
which the debt or liabilities arose, was
passed or had, making them jointly
and severally liable"
After reading the above section and
putting upon it the most liberal con-
struction, it will readily be seen tina
the city charter has been lost sight o
in the contracting of floating debts
and should the City Council persevert
in creating another floating debt, tn,
citizens would be justified in having ar
injunction issued to restrain the work
Of the City and the City Treasurer from
paying for the same. There is a very
plain way to avoid creating floating
debts and that is by assessing and col
Letting a tax sufficient to pay for the
needed repairs and improvements o
the city. This would be a much easiel
and more honest way than to pay 800,
0to year interest for old debts. Wha
We have said is not in the spirit of par
tisan feeling, for one party has actet
like the other and both are responsible
for the heavy debt with which our cit,
is now saddled.
, THB LEwEs LIGHT, in referring to Col
W. Fisk Townsenl, says lie has abOu
, concluded to leave Georgetown, tn
scenes of his triumphs and place Of Iii