The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-12-10
Tho Taxpayers OF tho Oity Intcrested-
An ExtravaRnnt Proposition.


An Extravagnnt Proposition.
We had the opportunity OF examining,
on yesterday. tho draft of a bill drawn
by the City Attorney. aud to bo pre-
sented to the Legislature by Representa-
tive Thompson. This move seriously
affects the interests OF tho city, and we
desire promptly to post tho public. This
bill authorizes the Mayor aud Aldermen
to issue eight per cent. bonds to an
amount which, together with the out
standing indebtedness of the city, shall
not exceed tho sum of $500. .OO0. These
bonds nro payable in twenty years, with
interest payable semi-annnally. There
is to be no sale of bonds, except ut pub
lie outcry, and upon notice previously
given. There is to be registry of city
bonds, old and new. A special tax is to
be raised to pay the interest on all the
bonds. The proceeds of the bonds are
to be applied to payment of city debts
heretofore contracted, or which may
hereafter be contracted-the new City
Hall. the new market, improvement Of
streets, extension of water works and
other city improvements. There is pro-
vision against increase of the debt
Another section OF the bill makes it
felony, punishable by fine and imprison-
ment, for the City Council to issue
bonds privately and fraudulently. The
tenth section provides for sinking
fund, to be created from rentals of the
City Hall, with which to pay the same.
The last section repeals all previous
Acts in relation to city bonds.
The above, wo believe. is an extract of
the prominent features of the bill. We
must say that we cannot perceive how
the interests of the city arc to be pro.
noted by this movo. $500, 900 to be is
sued of8per cent. bonds. This we deem
wholly uucalled for. Let US see how
tho scheme will stand the test of analys
by examination. Tho taxable property
of the city is estimated ut IS 5000, 900.
at one per cent, this will give us $50, OUO.
The receipts of the city from the various
sources Of revenue are about $35, 1000.
This will give us an annual income of
$4,000. Now the annual interest on
$780, 900 eight per cent. bonds would be
S64, 900. The current city expenses are
about $50. 1000 per annum. This would
give 100000 per annum, to meet which
we would have but $S5, 900. That is, the
city expenses would exceed the receipts
by $4,000. But why issue $500, 600
city bonds =? Tho outstanding debts
OF the city, we learn, arc now about
1926, 600. Why Eow issue S475, 900
eight per cent bonds, and thus place ct
the disposal OF the City Council 80 large a
sum OF monoy-large. assuming that the
bonds will command good price. Wore
they to sell at eighty cents on the dollar,
the City Council would realize S64O. 600.
Take from this the 1926, 900 now our
outstanding debt, md they would have
S315.O00 in hand. Now, putting the
City Hall ut 800. 600, and the market at
S12, 900, and letting that amount 20, the
Council would still have $2O3, 900 to
spend, or pretend to spend, in indefinite
city improvements.
We oppose the move, and we invite
public attention to the subject. Fur
ther, VIC hold that this grave matter
should have been presented to the CITY
first, before being put before the Legis-
lature. There was rule which made it
obligatory upon public bodies to give
three months notice before applying for
suoh authority as this Council is now
seeking. Wo hold. further, that the
present Council have forfeited all claims
to public confidence. They issued, pri-
vately and illegally. S25O.OOO seven per
cent. bonds. They are charged with
authorizing or allowing over-c charging in
connection with tho contracts for the
City Hail and the market, to the extent
OF over $4,000. Aud now the Council.
representing to very slight extent the
taxpayers of the city, undertake and
propose to bind the property of the citi-
zens to the extent of an uncalled- for
bond issuance of $780, 600! Why. sup
pose these bonds bring but forty cents
on the dollar. We would got but 1920.
o0O, aud we wonld be saddled with a
debt Of $S00,O00 We leave the matter
to tho citizens
<N <S-
Spen ker Mosts.