Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1886-06-03

Following is the full text of the first annual
message of Mayor Morton sent to city
councils al the June meeting:
10 the Honorable the Select and Common C0HH-
ciis oJhe CtH Of Lancaster
GENTLEMEN.--lu compliance with the re-
quirements of the city charter, | submit my
annual message in relation to the govern
ment of the city of Lancaster:
FINANCES,
The funded debt of the city
bearing per cent. int. is. sai'l2 ~
The funded debt OF the city
bearing per cont, int is. i,7oO ~
The funded debt of the city
bearing per cent. int Is %h,N ~
s75e.2l2 Q!
OF which the committee OF IL
nance and accouutsa as com
missioners of the sinking
fund holds bonds. viz
Bonds bearing per cent.
Bonds bearing per cent. in
teTtsl ....s..ss's..s..'ssss's.. hiib w
$2t995s Is
Total amount of debt outstanding ,2lj y,
Total amount of dcbt out
standing June |, lNSA. ....... .sCN, h,i -
Total amount of debt out
standing June |, l>>i....... 4'o,2S -
| Decrease of the city debt for
the fiscal year lS>i lS> ....,.s ll,1D ~
| Total amount Ot bonds in
| sinking fund June l. lSNS s2p,9jN 60
| Total amount OF bonds in
| sinking fund June |, l>s1..- 2SH6hn "
Increase in the sinking fund
| for the fiscal year lSS5ls>6
| by bonds purchased torand
transferred To tt....-..............'''.s Il s"' "
There will be no more & per cent bonds re-
deemable until 1890. 1t was Thought wears
ago, when our loans were made, Thar the
rate of interest, no matter how substantial
the security, would not fall below per cent
But money has cheapened rapidly, the ma
tiOnal government being able to borrow nov
at per cent, while states and cities Will
good credit can negotiate all they want at
per cent, and frequently realize handsoin
| premium on that rate. Our city, as a rule
| has been economically governed in the past
| aud the facility with which our loans are re
| funded at lower rates of interest bears TN
| best evidence OF its good credit The bond
redeemable for the sinking fund Will be
the per cent loan until 1880, when the re
7 demption of the per cent loans may oe re
: | sumed.
, | The financial condition of the city witt
| reference to the floating indebtedness anC
? | the state OF tue current appropriations Il
however not so satisfactory. This results
from a system that has too long prevailed
and the bad effects of which seem 10 De IN
| creasing, rather than from immediate anC
| special maladministratiOn. | repeat tn,
| Recommendations OF my inaugural address
| that no permanent Indebtedness should bt
| contracted for temporary purposes anu tina
| no expenditures should be made in excess o
| the appropriations. To these l may ada ina
| the city, like the successful lndlNluual
should always live within its income. tn
most notable trausg gressiOn OF these plain
fundamental principles of sound muncipd
economy is to be seen in the system OF apply
= ing the water rents of the coming year t
, | the expenses of the past twelve months. Tn
| long continuance of this practice make
nothing for its proprety it is unOuslnes
| like and improvident.
Even more reprehensible is the system {
| drawing the apprGpriatlOIlS OF the comm
fiscal year for the unpaid bills of the pa
year. According to the best iniormatio
D | which have been able to procure, there al
/. | now remaining in the several appropriation
I, balances a. per appended statement, with III
, | paid bills to the amount herein set forth, Il
u | deficiencies of which, according to the Gu
I tom of the past would have to be paid out
/ the appropriations for the present year.