The daily gazette., 1879-12-31
Some Financial Facts.
For the GaSette,

TOT tne da1ette. ,r
II has been said, and constantly repeat
ed BY tho Repubted !shat the last City
Council failed to lsH .rfax rate suiiis
1879, am therefore cfe&ted floating
debt Ge20, ,0Oos whiek. .dsbt, the Repubti-
cdaSa$s,sWeS iHslu 13h. In the loan OF
SLAB ,000, authorized by the last Legisla-
tnrel I1he fiscal year of 1873 is now end
I'D, and a " 10 the time 10 prove the
truth or fallacy OF these statements.
1For ihs benefit of the Republican We
will here give list of floating indebted
ness, which that paper must aimit was
no part of the legitimate expen.es OF
1879. The floating debt Oh January l,
1879, was ~ follows:
Overdraft. in bank, Sept. %,
1873, as reported, by City
Ireasurers,,s ..........-...... @o,oOo.oo
Of SO, 600 each,..... ....... 80, 600 90
Two notes Of Philip Quigley,.- 3O,0OO.0O
ges paid of. 1000, 90
Six months gas bill of l870,.... 100000
COntfact pIlce of grading the
quarry bt.. 3,6O000
Award to Anton Hence, for
datnages,'.. '.................. l,0OOOO
Award to John Gallagher, for
damages. ................... lOO,O0
Amount expended ON river
bank, contracted for in 1873
and left unfi uished,. ,......... 10000
Total, $l24. BOG 80
In addition, the Republican viii bear
in mind that we have ups iucludea In
the above statement the Lote of K. O..
Burnite, for $500, and the mortgage
bonds of the Board of Education, I,
amounting to $4,000 more. These NOR
tagage bonds should have been paid
| during 1877, as The Legislature Of that
year, authorized 1oan for this purpose
But the proceeds OF this loan, instea of
Ssns Ing app'ss sw + 'sstEs s. sesS.s
can Coun il of that year for current cx
| penses, aud the bonds left unpaid. Add
these two items to the floating debt as
abJ,e enumerated and we have a total
floating debt GU January 1. 1873. Of $l48,
| O06.39' The amount realized from the
loan uf $145 600 authorized for the pur.
pose of paying off this floating debt, was
$l40 $50. which left the floating deb,
| SO, ,y56 SO in excess of the amount apph-
cable to its payment. The Republican
will take notice that this statement Is
only up to January l. 1879.
The loan of $145, 200 was issued on
May /, 1879, at which time the hoati ng
debt was $165, 900. This debt has al
been funded with the exception of the
Burnite note of $500, and the Board OF
Education mortgage bonds amounting
to s10,0 600. which ought to have bee
paid in 1877, but the Republican Coun
Gil misapprOpriated the money borrow
ed for this purpose. Deduct this unpaiC
debt of Sill 900 from the total floating
debt of $165, 900, and ii leaves a total O
$l63. 800, to which abe proceeds of thu
oau OF $145, 900 we're applicable. These
pro ceeds were $l40 $50, which, when ap
piled to the payment OF the then float
ing debt, left balance of $l2, 1850, whicl
was paid out of the current revenues o
the city. But with all this extra expens'
| the affairs of the city have heen so eco
nomically administered that all just obi
cations have been met and now the city
has balance In bank Of over $50, 600
which represe sents so much money save
, from the texas OF 1879.
Il This an unden,a able fact, and we expeS
; the present Council to do even .be.tel
Last year was Legislative year, whlc
always causes considerable extra 81
eral expensive law suits last year, whic
the present Council will not have o
, hand any longer. 1t must also be re
mem bered that in the appropriations fC
1876 there were included $4,000 for th
:, deficiency made necessary by extraordl
nary appropriations for 1873. Ii tn
y present Council will save from the sam
tax rate next year what was saved d'
: ring 1879 (as 1t seems determined to d.
I it will be enabled to bridge over the 81
months from January to July, when II
taxes come in, which will leave the Gil
:, six months in advance, financially, ii
= stead of six months behind, as heret'
!, fore.
By the above Statements it will
seen that the Republican Council
1873, on q tax rate OF 81. 20 on the SlO
= created a large floating debt. This is
= doubt what alarmed the twenty 81
u citizens who signed the protest again
. Council borrowing money. When thu
saw that the Council OF 1879 lowered Il
u tax rate, they naturally supposed that
y one Council could create a large hoatil
:, debt on tax rate of $1.20, the Dem
~ cratic Council " ould create a larger. OF
on a rate of $l.15. But the Democra
: promised retrenchment. They ma
% appropriations for 1876 about $4,000 le
IL than the appropriations tor the previo
year and guaranteed to keep within Z
= bounds Ioy these appropriations NC
>. the year Is over, no one can say tn
did not fulfill their promises. and In
~ ~ Jiton they have in bank balance
~ over $4,000, every dollar of which
!, saved from the tax rate OF Sl.l on +
y q 500. TINAACiER
hs MARYLAND MATTERS,