October 2, 2009
On Chicago: The First City Loan
"It was on August 10th, 1833, that Chicago became organized as a town under the general laws of the state, and at the election held that day only twenty-eight votes were cast A board of trustees was elected, consisting of P. J. V. Owen, George W. Dale, Mark Beaubien, John Miller and E. S. Kimberly. One of the first measures of public utility was the construction of a log house to answer the purpose of a jail, in the public square where the City Hall and Court House now stand. Another public building was shortly afterward added. It was an estray pen, or pound, and the total cost of the same was twelve dollars. Under the preceding Board of Trustees one of the greatest public improvements demanded was the building of ditches on either side of Clark Street, then the leading street of the town, so as to make the thoroughfare passable. The treasury was empty and the president of the Board was driven to the necessity of negotiating a loan for sixty dollars in order to carry out the work. This amount was expended faithfully and the debt was paid on maturity. It is mentioned here because it was perhaps the first financial transaction ever entered into by Chicago as an organized community."
From: The Chicago Police:From the Settlement of the Community to the Present Time by John J. Flinn, 1887
Photo Credit: PROCEEDINGS OF THE TOWN’S INCORPORATION,(ca.) August 3, 1833
Posted by Chicagobookbabe