Daily globe., 1883-06-06

with the duty-will be readily able to pro-
vide such additional and future measures
as may seem to you proper to be inaugu-
rated.
THE FINANCIAL CONDITION
of the city, TO which have Just alluded,
may be properly summarized by the state
ment that there is at present on hand, as
shown by the books of the City Treasurer's
Office, balance of $93,053 So, of which
$89,5S6.40 belong to the city funds proper.
$3,425.25 to the water works fund, and
$43.23 to the library fund, as against the
balance existing at the same time last year
of S25,963.38; and from the fact that un-
der recent legislation the additional cleri-
cal force awarded to the Board of Public
Works has enabled that body to expedite
its business to far greater extent than
formerly, and the additional fact that under
such enactments the assessments for local
improvements can be made as soon as the
contracts are let. The local improvement
fund is in much better condition than it
has been for many years, and the city will
be able to promptly meet all payments for
work now under contract without difficulty
or embarrassment of any kind. A most
satisfactory and elaborate report on this
with presented.
CITY CONTROLLERS REPORT.
CoAPTRoLLER's OFFICE, CITY HALL.
St. Paul, Mimi, June 2, 'S3.
Hon. c. D. O'BRIEN, Mayor-elect of the
City of st. Paul:
DEAR SIR:-It is with pride that L
present to you the following statement of
lad doh nf bo oif Of
Paul, showing purpose, maturity, rates of
interest, assessed valuation of real and
personal estate, (which is about one-third
of the cash value) and the present tax levy
for state, county, city and school purposes.
Also, the annual receipts (other than taxes)
and disbursements of the city government
which approximate the basis of the next
tax levy for 1883.
The present debt is S2,143,040 71-1OO,
being about five (5) per cent. on each dol
lar of the assessed valuation of the real
and personal estate, and about two and
one-half (212) per cent. on the actual cash
value of the real estate alone.
The city of st. Paul rever defaults in
the prompt payment of bonds and interest
when due. 1t is difficult to obtain five per
cent. city bonds after investors gets pos
session OF them, simply on account of the
safe investment, and the holders cling to
them with tenacity which shows
that the financial standing of the city
of st. Paul, in the eastern
money centers, is fully equal to any city
in the country. 1t is also demonstrated
by the last issue of $215,OOO, five (5)
per cent. bonds, sold to Kountze Brothers.
New York, at premium of l 5-32 per
cent, and that the financial agents
are fully satisfied with the happy condition
of affairs.
The sale of the bonds to Kountze Broth
ers, makes the credit of Saint Paul much
firmer than if sold to other parties, as they
are the financial agents of the city, having
paid all bonds and coupons at maturity,
and are more competent to Judge than any
one else except the holders of the bonds.
The $31,670 bonds matured last month.
May 1, 1888, were promptly paid out of
the present tax levy.
There are $545.000 of the bonded debt
which will probably be redeemed at ma
turity from the revenues of the water
works, workhouse, markethouse and local
improvement fand.
The "Local Improvement Fund" for
which Che 100000 bonds were issued, was
tors in advance of assessment collections
All contracts are charged to the fund, and
all assessments credited. The theory of
| the law creating the fund is, that at the
time the bonds mature in the year 1898
there will be money in the treasury be-
longing to the fund sufficient to redeem
them without resorting to a tax levy or
refunding.
The finances of Saint Paul were never in
better condition than at present, being
The result of low taxation and economy in
the management of the city government
which 1 know will be the aim of your ad-
ministration. a wealthy and prominent
citizen residing in large
neighboring city, and owning
large properties there and here, remarked
last week while in the office, that ''St.
Paul was really blessed with low taxation
compared with other cities"
The rapid growth of st. Paul is pro-
digious, l place the population for the
year 1883, at 10000, which some persons
will consider extravagant when compared
with the census population of years
1870 and 1880, being 22,300 and Il, ,498, re-
spectively. By reference to the Business
LGrectory' for year 1882, page 81, you will
flnd JU,334 names by actual count. being
an increase &C &.aja narce5 over the year
1881, ana by selecting - ire lowest mul-
tlple use oy directory pyalishers'' in the
United G--.as. the r4ss'a Will be 1885
populaticn 1or last year 1922. It can
not be dlsE EGoel tAat tie city has increased
more the past year than the previous one
but granting the increase 10 be only the
same-the next directory for 1888, should
show 37,282 names, which by using the
same multiple of 2115 will produce 93,2O5
present population. The growth has been
SO rapid and continuous, that the new di-
rectory for 1888 will probably show 49,
600 names, representing 100000 popula-
tion.
AS it is safeguard to keep the public
debt before the people, 1 have the honor
to submit to you the following;
BONDED DEBT AND PURPOSES.
Bonus to Railroads. ds................ $4,000
Public Park, Como, 260 acres) ...... lOO, ,OOO
~ 0AoSo.' 3l4. lUU