The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-06-20
Concur.

Alderman Geddings, from the Committee of
Ways and Msans, said they had hoped to be
able to make proyfsionto meet the interest on
city stock, past due, amounting to S3s,GyW.
They thought such provision very desirable, 70
found floating debt otl about $50, 900, upon
which the city has to pay avery heavy interest,
and for the security Of the payment OF these
notes the best class OF city stocks are pledged,
and in. case Of emergencies they would .nnd, 1t
extremely difficult to raise the funds. AT the
same time it was desirable to meet as lar, and
as promptly as possible, those notes for which
the city stock is pledged, in order that they
;mltht get them back as speedily as possible.
i The Committee, after an anxious conference,
came to the conclusion that the only way was
Ito proceed according: to the old stereotyped
process of funding the interest. He then intro
duced the following bill, which received it's trst
reading this evening: ,-..yo..-,.,z-.
"A Bill to provide for the liquidation Of inter-
estand arrears Of interest on the city debt to
SECTION 1. Be IL Ordained by the Mayor md
Aldermen in CITY Council assembled, T1at
there shall be issued to persons holding stocks
in six per cent. bonds OF the city, and entitled
to receive the interest thereon accruing on the
1st day OF July, 1868, stock obligatory on the
corporation-the said stocks or certificates
thereof to embrace, for each person 80 lndeDt-
ed, ali interest and arrears Of interest due on
the said LIST day of July to bear intsrest at the
rate Of six per cent. per annum, payable quar-
terly, and to be redeemable in thirty years from
date Provided, that no part of said stock shall
be issued for any sum less than twenty dollars
or for any fractional part Of dollar; PROVIDED
also, that all such quarterly interest and ar
rears for less than twenty dollars and Tor frac-
tional parts Of a dollar shall be paid IN city
bills or United States currency, ut the option OF
the city; and proutded further, that any person
bona fde holding stocks or six per cent. bonds
on said 1st day OF July, upon which interest
has accrued, shall have the privilege until the
3Oth dny OF = of fdiscounting such interest,"
or any part thereof, against taxes due bythem
to the city on said 1st day OF July, and may re-
ceive any balance in his favor IN new stock, a.
cording to the amount thereof in manner afore-
said.
SEC. q. The form of certificate and mode Of
transfer of said stock shall be subject to the
same regulations as now exist In relation TO
other stocks of the CITY.
Alderman Whilden introduced the following
bill, which received its first reading this even
ing: ...s,
Be il Ordained by dtc Mayor and Aldermen
in Cdy Council assembled, That hereafter taxes
shall Constitute specific lien on The property
taxed from the time when the Liability for the
said taxes accrues, and such taxes shall be paid
prior to and in preference OF all judgments,
mortgages, pledges, debts or other liens OF phi
va.e character on said property.
RESOLUTIONS.
Alderman Clark introduced the following,
which was adopted:
Whereas, in the management Of the City
Government it is the imperative duty OF Coun-
oil to 30 closely watch and guard it's finances
that the expenditures shall not exceed the re-
ceipts;
And ,ohereas, it is we'll known that our pres
ent expenditures of City Government are in Ok.
cess of it's receipts, be it
ResoIved, That special committee OF five
be appointed by his Honor the Mayor to re-
port to Council at the earliest practicable time
a system of taxation and expenditure, by
which said desired end can bo attained.
Alderman Clark then proceeded to make the
following remarks
Mr.. Mzyor and Aide7nlerl-In introducing
this resolution, some explanation is necessary.
The fact is patent to all Taxpayers and who
in this city are not?-that althoug gh severely
taxing the people, the city is not paying the in
terest on it's debt, and scarcely paying it's run
ming expenses. 1t is we'll known that there is,
or will be at the expiration Of this year, 8 def
cit OF nearly $500. 900, which is practically the