The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-04-27
TIE CITY DEBT.
Ho w to Pay 1t.
The following financial plans are published
for public information:

The following financial plans are publishes
for public informat!on:
FIRST PLAN.
l. Redeem the whole debt Of the city by an is
sue OF si,, per cent bonds, payable in thirty years
interest semi-aanually In gold, at New YORK, no
.. False by taxation 100000 per annum. witt
which the City Treasurer Is to bny city stocks ant
bonds and destroy them; he to advertise and pur
chase as low as possible.
s. Sell The assets Of the city, such a, stocks ant
| bonds, ant buy up city Issues
Expenses OF city (other than for interestD no
TO exceed sS65,e0o.
SECOND PLAN.
!. Same az above, excep. the exemption from
tax.
2. Bonds liable to tax never to- exceed pei
| CENT to be deducied from coupons when present
ed for payment, and forever free from any other
| taxation.
est to be held In trust by the City Treasurer, and
| never to be used for any other purpose.
4. Apply the monies arising from the tax oil l
per cent. to the purchase, semt-annuay, of said
iss.o Of bonds Bids to be open, and lowest offers
taken.
THIRD PLAN.
That the City Council should sell all the as-
sets OF the city except the public buildings
and White Point Garden, for city stock or
certificates OF city Indebtedness, and that the
the city should be settled by an issue Of thirty
(so) years bonds, interest. and principal paya-
BILE in coin, and which should be n0n.taXabe
By the city, and rs far as we can, bind posterity
that no future debt he contracted, and all the
present holders OF city stock be invited TO come
In and change their present stock for this Issue.
We cannot at present meet our city deb. as 1t
falls due; but we can pay the interest on all we
owe. and we have a right to ask the creditors OF
the city TO give US an extension OF time, IL we
can show, as We think can be done. that the
interest can be paid punctuaily.
Ex-Mayor ClarlS's Plan.
That a crisis in the affairs, particularly as re.
lates TO the Indebtedness OF the city, IS approach
ing rapidly, even supposing 1t not already pres
ent, no one who either has real estate interest,",
a city stock interest, or simply that interest
which wishes well towards the c!ty and ITS iuture
can he so unconscious as not 10 see, lee anu know
that something must he done, and quickly, too,
to save the city OF cur birth OF adoption-it mat
ters not which-from pecuniary disgrace and re.
tardatlon Of perhaps years In her material pros
per!ty.
levied to meet its running expenses and The inter-
est On its debt Of S5,00o,000 and little upward,
lesscned in part, however, By assets OF stocks
and bonds valued at nearly If not quite 81 500 OOO
The debt pressing, with all its concomltant
evils upon her will surely and as certain as death
bankrupt and rule all her future prospects unless
some systematic plan Is adopted oy which the
debt itself shall lose its strength and renown;
Such plan Is within the reach or the CITY
Fathers 1t Is offered. and If adopted by them
will secure the payment OF the whole debt at par.
or the current market prices OF Its stock in mar
ket as sold and purchased. without the repuuia-
tion Of single dollar, and all, too. in the COM
parative short space OF Thirteen years. the plan
is as follows, based upon the invariable rule OF
interest:
After proper legislation, let the present city as
sets be sold and with the proceeds be purchased,
as can be done, $780, 600 Of its stock as asinRins
fund, to which add annual y S100, ,000-a!so 10 be
invested each year with the accumulated interest
Of the year la city stock.
Should this systematic plan be adopted and per-
severed In. there Will be paid Of the city debt at