15 



space, and in that event, a much larger proportion of the 

 increase will be on this side of the river. The boundaries of the 

 city must necessarily be extended, to admit such increase of 

 population, as they have already been on one occasion. 



Admitting, however, that such ratio of increase may continue 

 to the year 18t5, or fifteen years from the present time, a period 

 which many of as may reasonably hope to see, the population 

 would then be over 600,000, and the property valuation about 

 $570,000,000. 



This I consider a very reasonable estimate, and have no doubt 

 that the reality will exceed this estimate. 



To draw a practical comparison with the immediate question 

 at issue, let us suppose that the proposed parks will cost two and 

 a half millions, and that $65,000 per annum is to be raised for 

 a sinking fund, which, annually invested at six per cent., would 

 extinguish the principal in twenty years; this, with the annual 

 interest, would require an annual tax of $2 J 5,000, which, on 

 the present valuation, would be equal to about 21 cents on the 

 the $100, (a serious addition to our present rates), while in 1815, 

 supposing the above ratio of increase to continue, the rate of 

 the $100 of valuation would be reduced to about 3-^ cents; or 

 a sliding scale might be adopted by which the amount to be 

 raised annually would be increased in proportion to the annual 

 increase of taxable property, so that a tax of 5 or 6 cents on 

 the $100 would extinguish the debt in twenty years. 



The wisdom of involving our posterity so deeply in debt, may 

 be questioned, and can only be excused on the ground that the 

 proposed improvement is designed more for their than for the 

 present generation. 



That the enhanced value of the taxable property of the city, 

 consequent upon the proposed improvement, not only in their 

 immediate vicinity, but generally through the city, will more 

 than compensate for the necessary increase in the rate of taxa- 

 tion, in my opinion, leaves no room for doubt. 



The above remarks and calculations have been hastily thrown 

 together, the shortness of the time allotted me not permitting 

 me, even were it desirable, to pursue the enquiry further, nor 

 even to review them as to their correctness. 



I am, sir, very respectfully, 



Your obedient servant, 



A. H. OSBORN. 



