Daily Republican., 1879-08-11
Einancial Difficulties.


there must inevitably be a floating
debt at the end Of the present year
which must be provided for the sue.
ceeding year. In order to prove our
grounds we produced figures from time
to tune, but no notice was taken Of
them by such papers as the Morning
HHerald" and the "Gazette" which
claim to represent Democratic sentiment
pure and simple. except to misreprssent
us and to say that We were in favor Of
high taxes. We again refer to the mat
ter as the time for the election of Coun
cilmen is drawing near, that our citizens
may see for themselves the exact cordi
tion Of our city finances, and they may
be thereby aided to vote intelligently a.
the coming election. We find tn At accor-
ding to the report made 10 cou neil by the
Finance Committee, Of which Mr.. Guth-
ris is Chairman, that the estimate OF
the amount Of money required to carry
on the city FIR the year 1879, running
from the first day Of January, 1879, to
the last day Of December of the same
year inclusive, Is in round numters
$3.50, 900, or to b. more exact $3.50, ,327.-
So. OF this amount it is estimated that
995, 900 will ne realized from the water
taxes. market, wharf rents, &C., which
deducted from the amount required
will leave s255, 900 to be raised ty a
tax levy.
The assessed valuation of city prop
erty upon which tax was levied, was
$23 100000, which at a rate Of $l.l5,
would raise 1854, 500, which is $500
more than enough to meet the reported
estimate to carry on the city. Were we
to stop light here, and had the City
Council the amount of 1884, 500 in mon.
ey on hand and provided the revenues
of the city did not fall below the esti
ma.e Of $4,000, everything might
come out right with balance of
50, 500 left on hand.
1t must be remembered, however,
that there are many drawbacks to ho
taken into consideration and those
drawbacks must not bs very heavy to
absorb the little balance of 50, 500. We
must bear in mind that all but about
$4,000 of the taxes are paid in the
month of July, on which there is an
abatement of FIVE per cent. In July
just past $2l6, $40 were settled for by
the collectors which with the FIVE per
cent. abatement brought s206, 900 into
the City Treasury. The five per cent.
deduction on S2l6, ,845, amounted to
$40, ,S42. which was saved to the tax
pay-rs, but which never came into the
Treasury.
We think we have made the matter
SO exceedingly plain already that any
person with ordinary perception Of f
nancial caEcul alton can sre that the
balance of 80, 500 is entirely absorbed
by the five per centage abatement, and
that 81 ,342 already stands against the
city.
But We are not done yet, and would
call the attention of our readers and
tax payers to few more figures that
do not lnisrepresent. We have already
shown that the tax rate of $ll5 on
$23 900, 900 raises $264, 800, and We
have also shown that $2l6, s42 of that
amount less five per cent. abatement
has been already collected. Now de-.
duct the less from the greater amonnt
and it will be seen that only S47, ,65S
yet rem Tin on the collectors duplicates
to be collected. Taking other years
collections into consideration and the
amount of the error list usually al
lowed, and which will be no less this ,
year. aud with the five per cent. paid &
to the collectors on the amount yet to {
be collected, We may safely deduc. from t
the amount $7,95S, leaving but $40, 900 t
which under any possibility can be col
lected and paid into the Treasury. Now {
then add thu $40, 900 yet to collect to {
the $206 600 already collected and we
have the SUN total of taxes for the year Of
q l6 900, which deducted from $255, 900
tn, amount required to be raised ly
tx and we have deficiency Of $1,000.
II wing now shown what the deficiency y.
will be on the tax alone there are other
ite MS to be taken into consideration
which must surprise even the Finance :
COMMITTEES. The appropriations are so I
nearly exhausted that it is hard to SEQ
how the Council can weather the storm {
four months more without the aid o.
appropriations. The ap- &
Of $2O, 600 for repairs and
Of streets will be exhausted at
the end Of the present month with four
mon hs more OF tn. year remaining.
Any ordinary mathematician can calcu-
lats that $4,000 moe will be
required for four months when 8
$4,000 have been spent in eight I
months. There will be $4,000 ,
..,o,., ,, .lI tIa yn,,,f /,