Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1869-02-05
Friday,

.N L."
Six city bonds wete accordingly is
sued to The late DIR. Drane, each fSr
s755 %, having one, two, three, four,
five and six years to run, from the
oath day of August, 1854, amounting
to the sum of S4,53l 32-tolls on said
bridge to be held subject to the pay
ment Of said bonds and interest. In
1858 this bridge being no longer safe,
a Howe Truss bridge was, by vote Of
the citizens, determined upon, and
bonds of the city, having from one to
ten years to run from July LIST, 1859,
to July LIST, 1852, amounting to the
sum of $40, 900 dollars, were issued
tolls on said bridge to be held subject
repayment of said bondsan interest.
From statement furnished me by
the City Treasurer, the balance due
on these two classes of bridge bonds,
on the LIST of February, 1859, amounts
to say s27 ,102 3S. But It is necessary
here to state that there is now in the
hands of the Clerk and Master of the
Chancery Court $4,000, subject to a
decree of said court as to which class
of bond-holders shall first be paid,
and the additional sum of $2,S25 O8,
now in the city treasury, making In
all the sum Of 81, 425 Oe, which deduct
ed from S27, lO2 SO, now due on our
bridge debt, would leave the actual
Indebtedness on bridges S19,877 81
These bridge bonds are all past due,
and understand that a Judgment has
been obtained on the greater portion
of them, and it Is quite probable that
other bridge bondholders win wish to
be placed in the same condition, and
1t is advisable that some arrangement
should be made between the city and
holders of these bonds satisfactory to
each party, and thereby prevent fur
Their cost In the case. And when 1t is
recollected that the credit system was
in vogue when the bridge was erected
and for several years thereafter, and
that in consequence thereof thou
sands Of dollars were lost to the city
in the way of tolls; and when it is
further remembered that q four years
war has interviewed, when no tolls
were collected and all sources of rev.
enue to the city were cut of, and that
oil this time these bonds were matur-
ing and the bridge, from the natural
wear and tear incident to this state
OF things, requiring very heavy
outlay, 1t would seem reasonable that
some mutual and satisfactory arrange
ments could be made between the in
terested parties. will further state,
In this connection, that under the
present cash system a much better
exhibit as to the income from bridge
tolls can now be made. The gross in
come from tolls for the two years
commencing ON the LIST Of November,
1865, and ending on the 80th day Of
November, 1858, amounts to the sum
of $685. 90, or the average per year
Of s4,l67 SO. Deducting all expense,
as follows: bridge keepers salary,
$3.50; insurance, $2lO; taxes, u. 8.
Government, sl15; taxes, state and
county, $40 IS; repairs, 5000; in all,
sl,l75 e5-leaves 50, ss2 81, to pay on
the principal and interest Of these
bonds, The interest being about $3.50,
would leave 5000 81 to pay annually
in liquidating the bonds, and conse-
quently in a few years both principal
and interest would be paid. Thus you
have statement as to the present H.
abilities of the city SO far as bridges
are concerned.
In 1859 city bonds to the amount of
SIS, 900, having from one to ten years
to run and bearing eper cent interest,
were issued for the purpose of improv-
Ing streets. Our present liabilities on
these street bonds, as shown by a |
statement Of the City Treasurer, are
as follows: l. ...''..-. ,....u
street bonds now due ...,,.......... n. sz6 Al
Interest now due on same. .,.........., 400 90
Amount funded, due in lSs7............ e,888 Is
si5,isi o. |
Thus 1t will be seen that our debt Of
$4,000, created In 1859 for grading
and Matchmaking our streets, and
probably large portion of this In
debtedness created In advance of the |
real necessities of the city, has been
reduced In the last four years some