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, [ eve--"M " it was provided that. the mono should PF. anplied to certain "litltl purposes VI ' oi a permanent character; it was eequt%d that every loan should receive the assent of the ratepayers; that it should also be subjectto the approval of the Governor in Council, and ions clause in the Act ex- pressly provided that he should seeto the ex. pediency or inexpedlency of the proposed loan; and it was further provided, in order to make the payments by the municipalities upon their loans quite safe, that - Trea- surer and clerk an d collectorshould discharge the duties assign! d to him for the purpose of paying to the fund the annual interest of the sum which the municipality borrowed, and that these offierrn were bound to act with. out the order of the municipal counciL It was by this Act made the tlt ot the mmi cipal oifiotyrato perform theo cesof assessing , the propertyof the municipallt ,of.collecting the dues, and of paying them over to the Inspector-General, without any control of the municipal bodies. Then it was tar. ther provided that in case of default the Gov. ernment mipht, three months after the de. fault, issue its warrant to the sheriff, so that if the money had not been assessed or paid over as it ought to have been, the sheriff could sell the property of the municipality. A further provision was that revenues that might be derived from investments of money borrowed from the fund were all to be paid over to the Reeeivssr.General, It would be seen that these provisions were extremely stringent. They provided, as well as it was possible to provide by any 'sttatttrntrnt;,tut no debt should be contracted by a municipality which it was impossible for it to pay ; that I no debt should becontracted which it was E BlATlllliiiFangn not prudent to contract; and that the I I sums for the purpose of recouping ---_----- _ , the Government should year by year swam MltlhlllElir--talit $r$tlltlit,' he paid. That, however, we not . the result of the Art. Large sums Were bor. " -. rowed under it, andin some cases sums which Prtwsv, March to 1872. proved far beyond the power of the borrow, jibe Speaker took the chair at three mg municipalities to repay, so that they went i O'clock. to default almost 1Tthit.thy; Thi: probably l _ arose in part from an i; ea, n rogers to many PETITIO5S. of the investments, that they were making, l The following petition was pro..euted: that they would yield a revenue in return, Mr. Ardagh -0t William T. Foot tnd that the railways, in which a large amount of _ others, of Medora, praying that Modem be money was invested, would pay large dwi- not incorporated. dends, and that the :1nt,e,hti1vier,pg7r1et1,,, not ' " r - , .. - be called ll on to tax t emse vea. e result, ' MUY 1C'IPAL Pcyf r'UND. however, ages entirely Giferent; legislation ' sht,'t2,tl, General MQWAT rose to more was called for to provide a remedy; and in Mia resolutions respecting the durpltla and L559 an Act was passed, the substance and unicipnl Lum Fund, and said that he had material object of which was with re- pow to ask the Iliouse that it would resolve spect to the large debts which were found to "a?" irtto.9tmpitteo on . future day on "50' be too large to make it practicable to enforce lotions with reference to the Munici al Loan payment Rot the annual sums that Fund debts and the surplus: and he might they involved, that a limit was state here that ho Was commanded by his placed upon the annual payment, which was tactile-my to any that he had been acquaint- fixed at tive cents in the dollar of the actual ed with the subject matter of the resolutions assessment from yen to Ye"; it being pro- that ho was about to move, and that he vided, however, that the proportion for no asked for the consideration of the House vear should be less than 5 cents on the dol. therefor. These mynicipal debts had,by the hr for the assessment of 1858. Now the ob. effect of the award beteeer, Ontario "d iect of thatwasto make the debts such as Quebec, been tutigrsed to Untano. He as- the different municipalities could pay. The armed, With the, two Governments that the statute did not discharge the balance of the present Otto htd tn.1ece.edet1, that the award debts. That the assessment then made upon would be maintained. tt it should not be the municipalities was a very moderate one sustained, and there was no doubt that this every one of us in looking back must ttser-- ( nMet would bo "tsign/II to Ontario, and that it was an assessment which it was l, therefore there Y"'. no ditticalty in proposing reasonable to think tho munici alities could , to the house to legislate on the subject of wrord, and one that would has them in the I these data. The amount of them was future to discharge their obligations. Au shown, by tho return which had been pro- attempt was made to make the security still sented to the [dense last session, to be greater than existed under the previous Act, 86,iU2,0w2 of principal. then due. That and for that purpose it was provided that amount had been very slightly altered since, the annual charge under this Act should be and there was now very nearly six millions J the tirst char-goon all money raised in the of dollars of interept due. For the (purpose of suunicipalioy, for whatever purposes it was determining what it might be pru out to do raised: It was made a misdeameanour, also, With these debts it. seemed to him well to on the part of any oliicer of a municipality l calltomind how it was that they arose. not to pay over its money from time to They were created under an Act passed in time. Not only was it made a criminal of- ].556, which provided for a fund of a million fence,bat it was also provided that he should and ahalf sterling for Upper Canada and as be personally liable for the amount. The much f?r..ie.wet Canada.' It was intended, addrtionalprovitdamt it was thought would by establishing that fund, to enable munioi- make certain that the balances should be palittcs to raise money under more advan. paid; but them was again disappointment. . tageous terms than could be done by Deiault commenced immediately, and bin these municipalities issuing debentures on beengoing on from ttuyttituetotriipteser.N? '; their own tsolo credit ', and the general doubt in some cases this arose frost political l etrect ot the Act, it W". inportant to to irvlaeuco that was brought to bear on the member, was to place the management of Goxernment of the day. it yy' always dd. the fund in the hands of the Governor in Iicult for a Government to resist pressure on Council; and then it provided for the issue their good nature from a large body or class of debentures on the credit of the various of the people. The result was that very L municipalities. with certain restrictions, M indeed paid .tho fall yyott.ot the" which it was thought (and thororatically delta; that some literally paid nothing since It seemed very likely)to be gutlieUnt to Inf-9; that others not more_aole have paid cake the transaction an extremely safe tl,cir shole debt, "r a c?nsidy.a.ble puma One for the Government and a safe one for of it, while more have made partial. payments tho Ptuyiitiea who were Interested in and some have made very tuning ones. the fund, and who might borrow on the There w" no kind ol ptiuciple running" mm of it. It was provided that the through tho [rayon-pt! lt,:cen'ed t? to amount borrowed by any municipality '"tro. Patt.t.r ot "gm" on . a part " t e .. tee, not lplanned omMtth ot tU value of t:,teiiitl,i/ieth W _,',',',,.:.",':,):','""',",, (1.252;: c Ileana 0 . . . . I names " e municipa to I ' property of the mtmittipalitr; ability and means, and then .. at the