The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1855-11-24
rS~ Report of the Finance Committee

rF" Report of the Finance Committee
(Adopted By the Council, 18th November, lG55.)-
The Committee Of Finance have TO report to the
Council the necessity levy further tax on the per-
sons and subjects mentioned in the ordinance, passed
the lth January 1885, assessing the for the pre-
sent year. The Council, governed by resolution
adopted utter its organization has pursued strict
economy i'll all expenditures for works commenced
and in progress, ana has undertaken improve
nenfs of much cost.
The principal outlay has been for the extension of
the Water aud Gas Works the repairs of the CITY
Hall, and rebuilding the First Market House-a COM
msnced mere than year past The heavy outlay for
the enlargement of the Water and Gas Works, be-
came absolutely necessary 70 secure continued sup
ply of water, and to provide for the Manufacture of
gas, meet numerous demands that could not be sup
piled without considerable enlargement of the works.
To have stopped the above mentioned works would
have involved heavy loss to the city, and incon
yenience to many citizens, IN deprivin2 them of the
of water and gas In the prosecution Of improve
ents necessary to the safety and comfort of the
citizens, 1t became necessary to give the obligations
of the city for work done; aud thus the stringent
condition of the money market the necessity to pur-
the recommended by the Committee to
secure the means to the credit of the city
The senl-annua interest on the city debt, due the
first of January is provided for by the remaining
half of the assessed for the year. to be paid be-
tween the 18th and 3lst of December next The levy
now advised to be made. with other revenue from
nous sources, VIII pay oil the temporary debt of the
city, and the expenses of the city government. The
equity of paying OFT the temporary debt created for
improvements, which the citizens now enjoying
the full benefit of, cannot be questioned. Whist the
Committee feel reluctant at this time incre the
taxes, and have used every effort 10 raise the money
necessary preserve the faith of the city, except
sacrifice her bonds, they believe it will be agree
able the citizens to pay what is necessary, than
relieve themselves by the sale of bonds at price
that would be permanent injury.
This view of the subject will meet the assent of
every citizen, when the fact is considered that
: 26 of the funded debt of the city, amounting
to So 000 has been created by their directing
subscriptions to he made to the James River and
Kanawlu Canal, the Richmond and Danve Railroad
Company the Virginia Central Railroad Company
and the Virginia and Tennessee Railroad Company
neither improvement bringing cent of direct
enue into the city treasury The balance of the
funded debt 1878 300 is represented by city property
OF than equal value; aud is confidently believed
that when the Water and Gas Works completed
that the revenue from them will nearly. if not quite
pay the interest that portion of the debt, after
furnishing the citizens with and gas cheap
1t is furnished in any other city in the Union. The
committee think the city bonds will acquire new
value permanent investments, when it is known
that at all co-t the city faith is maintained by the
citizens the value of which confidence will be real
lied when it becomes necessary TO renvest matured
bonds, given for unproductive investments in the
canal and various railroads Impelled by these con-
puss the ordinance herewith reported assessing
levy of thirty per cent the persons and subjects
mentioned in the ordinance passed the 18th January
last assessing the taxes for the present fiscal year
Respectfully submitted,
BY order of the Committee of Finance.
no A-lt TICS w. MCCANCE, Chairman.