, 1880-03-02

HUI llEEE VIII Eb III IL IL u
trnvagaticc nsu danger to tho finances, Hold
t1Ie, money as sacred fund. tict III Df tlie
scr'p. E'nrlny m more men than y0'l en-,
pay, md l,ay them ,Whnt you AErn io-in castl.
Lie he hxst miiey of M tic r!fy, t its finances viii
be III hazardous condition."
AID. swIFr
ca!lc'l c s, cn tho Controller, who WA present,
Mr; t;nrncy, IN response, sald tl,e,t, 81, when l,s
little knowledge nf tho ihnnces 0f the riiy.
His time Ind llcel, Ocempfrtl ~ invest Ignition,
nlHl lc found that the great obstruction 10 NJ,
rs""cal d a,nlstta,on' 'o,dr q d i Goxs5
In scrip. ito saiil, Without fear of con,r.t!lc-
over S5oo, o,oHl. alM lint for isio wui;!
s"st @ sl CO. l1e i tiiouEl.t, "rc 0ne e" i!.m Of
policy, il cnst q proylde for The coupons Of
is7s mid tic flrs. hnf Of 1871, sci, interest
on Interest. Every conirnct lnattc; fur ln1n-
her, coal, nnd nther material was , 1asS,1 e, q
lna!!c ~ cnsl, or scrip, ,r, nrl tlio pr,,c.
two ways 10 get rid nt the scrip.
Tie etsIio 5st W. T' c resSts sSsiias sa sP @ "i "i
the clty's hontictl !ntlehtctlI!tss was per cent
of the assessed valuation If the l,rop'rty No
such Intlel,sHlncss III excess 9f tlat cnt,lti he
created. If Chlcago had undated PROSPERITY;
be- ID li.ciGnsc,l rs 10 Justify tlln creation ii
additional I0nttcd Indebtedness 10 pny
"a tlS present f1"attlns . in'lchlc''H;ss; ;;,.
foro @ lis e bo,sp sI'spG ucbitdsss @ r apa be ~. IT,
rreNsrtl, the. valuation must renet' sai0, ,Ooa,.
OtD. So relief from tlint source w5s out Of
the question: Tlr only, other why w.,s 10
save. money from the rnrlous appropriations
Mntll 4 fund nr0sn L0rgu enough 10 nieet tue
liabilities. The savings 10 IT'D amounted ln
staE) U0O, which, with tho moneys nf 1873 uni
i iis5l, .,iow N the H., Treasury { ,ffcxc;spt;; ;p;
!'rsc;i"'s) n'a"% SS weaII sEse II zS 81 %
little over. with ills thu City Government
g@I,!ldM @ ~ lc cn,rlcd @ nn ti,ls year, nl mol nysr @
future must be considered. II Tho rcsolu-
ti0,,s we're not pissed. and ttle Council snw
III to appropriate the savings nsld the surplus
e isT' s5 when ,,,Ifn. nl,; 1ss en.'i ni
the, only alternative WIS a, resort tnn
scrip. Tint could not be lss,tcd ~ EXCESS af
IS per cent of the tux levy, Which u, tho :
per cent 6nsis would be s2,3a1.am g., ~, Threc;;
tic policemen, flreinctl, anl other employ;s
wo,t,l rcreiys thrrrtlnarters pay alsl no 10
paid in scrip. And after Oct. they would
they c0ultt get the bnlatca OF TINT years sAl-
ar,, for they could not he paid until Tho
tnxcs were collected. The question, there
fore. wns, whether It was better to ALLOW tho
80 tint tic floating Indebtedness could he
met with cnsll rather thnn scrip, null THUS
remove, tho burden from uIe eityP lls
believed this the wisrr policy: Thc contrary
III XII, @ swift ' nsketl K Eli tl,e city could escape
Tho lssEs II scrip unless the $40 600 were mp"
The Eontroller sait, "Ycs,n for the $780,
00O would then be IN the general fund. and
could he paid to tho employees as though ap-
Aid. Swift inquired II he deemed It wisr
and, and eSpetlient to mako the appropriation
The Controller replied that when he lcconl-
mcndcd It, lie expected rs q matter Of c0uVse
Il would he taken mt Of tile tnX levy for
1880; tint the levy would be SO much less.
AID. CLARK ASKED
II lie had not In his estimates recommended
2 larger sum thnn the per cent would y1rli.
the restricted amount?
Tile ControIler thought It could. 1fe had
not gone heSond tho 2 per cent IN Ills rreoln-
Aid. Clark remarked lint The Finance Coi,-
mittee's figures were san,ooo lii EXCESS nf the
Tho Controller rcjoinssl that they lat! III
fGs1is of ts TX s eSy Ss.ass wss sbont s 81
Aii. Snytli drew o,it tint tho actual c,sl,
pcr cent heins takon oil tho s'EG 900 for non.
with tic exception nlrcndy referred to.
Aid. Everett WIS told that this money
co,,ltl not he drawn against unless the reso''"
All Kid, i>ixnn spoke IN favor Of Aid. Wicker
sfal,'s amendment, snying II was not neccs-
sary to usc t'.o sAso,oo0, ai!l tint lts apnrn-
printio., would make the city sn mitch poorer.
AID. Thompson took tl,e 9nlosit stanl,
e no ss ts to y ,e one Except le TsHsircr, Who
drew or z per cent Interest OIL them,
On motEoli of AID. 1snwletgl, the previous
question Wns ordered.
Aid. Cnllcrtol,'s nliiendmcnt was ngrcctl
tO,-yeas, ~; 1lhys, p,-as follows:
lcaa-Dxon. 1,a!!ara. ClnGk, Turner. McAMicy,
cG y dS nsf Msyrs Thfo%SC ktnf msar SH
Navs1W!eke5 san'icrs, PHELPS a,nnnls,
Aid, McNally's amendment also went
thrnugl,,-yeas, ~; nays, l5,-as foiiowR:
1td.-w!ckcsshan, ,Ixnn. sa,.leFs, Turner,
MSA%1e s'nvth hlf{s s1er KnSyp T5, su,
II MsM.laiiard, rheip., eiark, orannis, Thrnn,
TGe amendment Of Kid. Wiektrsl,nln .w.ls
lnst,-yeas, 4: WtGkersl1Nnl, Dixon, Sanders,
TURNER, McAulpy. and Purcell; nays, H..
TEo resolution us amended WIN then
! passetl,-yuas, 20: nays 4,-as follows:
ItNa-Sandert, l'aIari. Phelps, Clark, Grhli-
.lnI. LAWYER. smyth, Eikzner, Thr0or'. Swift,
1sawl.zi l;yers!i, KnoRf. ThomPss,"', s,,r s,saMr,
frey, Hnrrctt, JOINS, McCOrnlck-A.
NGus-W -Wickcrshntn, Dixon, Turner, Purcell.
The following IL tho
RESOLUTION Al COSCuHItED IN:
WHEREAS, Thu City Charter rts4uiros that tho
appropriations Tor corporate pllrrtscs shnl ho
ninu tlurluH tho rSt quarter n e,lch lscnl your,
while tho revenue lNwa ut TIM titntp render 1t I'm.
Ixsslo 10 cnllcct tho money thns appropriated
Until tho next year tlerelftrr: anti =.
WitYHEAS, unaor tho operation nf thesn lnws
tho City uuyGrnnlent 6s nf Necessity left without
| funds in hand with which to meet nurrrnt OK
pensns utt ia Obliged to resort to Of tue fol-
| lutsing modes OF rrlIeft
l. IIDrrt,wlng money.
| =. hauling scrip. -...
i. ily ncfil,nu(nting In tho Trsasurv O fund
thrnnh tho prAUttco of crN,loly and ta at.t,.INt
reducing nr tho expenditures beow Ito amount
Wnk,.gAA, WI uro prohibited ly TIM stato
| Constitution from borrowing money, aud ill.,
croasin9 n,,r gl,t beyond its present limit, and
believing m wn fn that the prtCtte6 OF issuing
Rertp, Whjph tho employees OF tho city fOrGeu