The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1894-04-28
put into it, the Street Commissioner receipt

| put into it, the Street Commissioner receipt
ing for the same.
| regret to say that the account Of Mr.. Johr
/. Anders, late treasurer of the City, ha.
never been closed, and that he was not under
bond during the last year of his term. The
paper which was supposed to be a bond wa;
not under seal and notapproved by the Mayor
as required by the Charter. The statement
shows that Mr.. Il. Mackley received from Mr..
Anders the sum of $lS09.74, which was the
amount Of cash in his hands at the time men
toned in the statement. | do not for an
instant impute any bad faith to anyone, but
desire to simply call your attention to the
condition of affairs as then existing.
One of the issues involved ut the election
in May, 1892, and | think probably the only
one, was that of the $4,000 improvement
bonds. | never did and do not now see any
excuse for issuing the above bonds. The
City has sufficient revenue if properly applied,
to Stag the unimproyed streets little by little
until every mud street has become a thing of
the past. 1t is not fair to ask the property
holders on these streets 10 keep on paying
tribute to those living on maeadamized streets
without receiving one cent themselves. Stag
properly placed on the aforesaid streets will
last Tor many years.
respectfully call your attention to the
SOhditiOu vi Tue iuuuf was
created by the Council elected in May 1892.
The sum of $1,000 was deposited to the credit
of said fund, and the city then borrowed the
amount on its note and paid the same to the
Farmers and Mechanics National Bank, on
account of the note execnied by Mayor f. X.
Herr, thus reducing a floating debt bearing
6% interest. The Council this year intend
to place another $1,000 in the fund and give
the sinking fund its note for $1,000 and then
pay another $1,000 ON the note due abe Bank.
By continuing this plan for one more year
the whole debt due the Bank will be paid and
at the end of that time the City will owe the
sinking fund $4,000 at AZ 70, instead of owing
the Bank 5000 at 81. The City will have
its debts under its own control, The Coun-
ell, let it be distinctly understood, will be
compelled to pay the interest on these notes
as they become due. This interest will be
placed on interest and by its compounding
will amount to a considerable sum in Is
years. To further explain: After three years
most of the streets, if not all, will be covered
with Stag. With the increase of the City
comes an increase in the taxable basis and
an increase in revenue. That being so,
see no reason why the sum of $1,000 annually
cannot be paid to the sinking fund for or
years and thus take up the $4,000 held by
said fund against the City. If you will take
the trouble to follow in your mind this plan,
and remember that the interest will produce
interest, in other words, by compound in
terest, you will readily see that when the
$25, 900 and the $1,000 bonds are due the
sinking fund will have sufficient money to pay
them and clear our little City of every bonded
debt. The other floating debt of $400, due
the Meadow Branch Turnpike Company on
note ofprevious Council, win be paid this year.
The statement for the past year cannot be
made now, because the fiscal year does not
end until the 2lst of May, next. At this time
the Council DOES NOT OWE ANY BILLS WHAT
EVER. The Gas COmpdns, the Water Com
pdny and the interest on bonds and floating
debts hare been paid 10 date. Eoery person
or body corporate, | repeat, that erer had q
claim against the City has been paid an full
and the only floating indebtedness, and that q
legacy from a former Council, as that represented
in the statement Of liabilities. Our amount
of cash in hand today is nearly S9000, with
5000 due MS from the County Commissioners
Of Carroll County.
The Office of Street Commissioner and that
of Bailiff we're consolidated, thus saving the
City $3.50 per annum. We have hot been Wis
tied with any epidemics and the health of our
little City has been generally good, but We
will in the near future probably be compelled
to spend some money for better sewerage.
We have added one new industry to our City
during the year and have very good prospects
of having another one revived, which nutor-
tunnlely was compelled to close up last year.
With grateful thanks to Almighty God Tor
his watchiul care over our beloved City,
am Your Obedient Servant,
JOSEPH ID. BROOKS, Mayor.