Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-06-17
LOCAL NEWS.

GHCRCH SERVICES TO-.HORR0H:
CHRIST CHUEcH-Service at IL a. H. and :
ST.. PAuL,s CHuRcH-Scrvicr st II II. IN. and
5p. m.
GRACE CHUReH-Servicc ut II Il ny. and Il
p. m.
ST. HMARY's CuUEcu--Mass att, and II H. n
and Fespers at p m
FIRST PRESBYTERIAN CHURcH-Scrmon in
the morning and at night, by Rev. Mr. McAtcc
SECOND PREsBYTERIAN CHURCH-Scrmon in
the morning and at night, by Rev DR., Bullock.
METH. EPIS. CHURCH-Sermou in tho morn
ing and at night, by Rev. MIR. Foster
METH. episcopal CHURCH SOUTHEASTERN in
the morning and at night, by Rev. DR.. Hough.
METH. PROT. CHuECH-Scrmon in the mora
ing and a. night by Rev. Mr.. Benson.
BAPTIST CHURCu-Sermon in the morning
and at nj ght By Rev. DR.. Ryland.
IoUNG MEMS CHRISTIAN Assoc S--Prayer
meeting in the Meth. Prot. Church at four =.
IN. Bethel. Prince street dock NJ :! p IN Jail
services at 2p. NJ Aims House service, at ,!
O'Clock y. M. During the week there will be
daily prayer meetings in the room, Of As,ocia-
ton ut p. IN. Suburban prayer meeting vii! he
held overy Tuesday night 1T s o'clock IL; Mrs.
Stanbury'S, near the Orange depot. An open
air meeting will hr held at the corner of King
and st. Asaph streets Tomorrow evening ii IL
o'clock.
GERMAN LUTHERAS-S.rvic at II a. M. and
at 8 p. m, at the rooms Of the Christian Assoc
ClatlOQ, by Rev. Mr. BlScnOH.
PRIMITIVE BAPTIST-Sermon at 8 y. ~, by
Elder w. l.. Bebec, of Georgia.
CITY CoUSCu.--At an adjourned meeting
Of the City Council Erst night there was no
quorum in the Board Of Aldermen.
Common Council The Common Council
met at Harmonic Hall last night. After much
difficulty quorum OF members was obtainedat
$50 o'clock Some twelve or fifteen spectators
we're present.
The chair announced that the Board had
assembled for the purpose Of considering the
act for the issue Of coupon bonds for erecting
Market building
The consideration of the bill was then re-
sumed.
Mr.. Shinu said that it was at first supposed
that the preferred stock held by the city in the
Orange and Alexandria Railroad, could not be
sold and used for the Market House, because
by the act making the subscription the interest
on that stock was pledged for the redemption
Of the bonds issued to purchase it. But Il more
careful examination OF the law had convinced
the committee that that difficulty might be
overcome The stock could be Sold its pro-
ceeds invested in Market House. and the
rents pledged for the redemption Of the stock.
In this way $4,000 raised annually from the
market and used as sinking fund, would by
1883 retire 100000 Of the city stock ard leave
the market afterwards to pay the city $4,000
or $1,000 per annum. The committee would
be glad to withdraw the present bill and report
a bill in accordance with the plan he had
sketched
Mr.. Massey opposed the sale of the stock,
because the o., A. Il NJ. Co. was solvent, the
stock was good aud the interest could hc OBJ
tanned by suit and judgment.
Mr.. Shinn briefly defended the plan he had
proposed. By Mr.. Massey'S plan this Orange
stock would earn nothing. by that of the COM
mittee it would between this and 1852 retire
100000 city stock and pay for the new Mar
ket House
Mr. Massey argued that if this stock was
worth $40, 900 to the persons who would buy
it, it was worth that to the city. Nobody would
buy the stock except they expected to make
money upon it. lift would pay a purchaser TO
buy the stock, it would pay the corporation to
keep , it; snoo, .,,nnor,.d tho n,.D SUGGESTED by
Mr. Shinn, and answered the argument OF Mr..
Massey by mentioning that several years ago
firm came here with an intention Of erecting q
manutactory. They applied to the owner Of
ground on the north of the city, and offered
him good price He refused, alleging that if
the land was worth that to them 1t was worth
rs much to him. The~ground was common
then and did not produce cent; it Is Il common
now and don't produce 4 cent That was the
result of arguments of that character Mr.. S.
proceeded to state what had influenced the
committee to propose the sale of this stock.
The proposal of a gentleman to loan the city
900 at per cent in gold had been with
drawn and the money must somehow be raised.
It was only proposed 10 sell the original sub.
scription iSiOU,OO0) not Sl50,0QO preferred
stock That 100000 had in 81 years never
declared dividend except once a script dlyl-
dend of So. 80 share He explained the cir
cun,stances which would make it impossible tol
the Orange Company to pay interest on even
its preferred stock for - years to come. Ii
the yearly receipts OF the old market house were
$500, he believed those Of the new would be
$4,000 Mr.. Shinn, Mr. Smythe. of the First
National Bank, and himself, had made csti
mates, however. upon only $4,000 annual re-
ceipts, and had found that in II years these re-
ceipts, if invested semi-annually, would enable
us TO retire more than the original subscription
TO the railroad. while FIVE did not sell the
railroad stock in the same period, we will have
paid out $4,000 in interest and not have retr-
ed q single cent. The only inconvenience such
sale would cause would be the annual loss to
the treasury of $4,000.
Mr.. Massey would never give his consent to
sell 500, 900 ground out of the sweat Of the
people for S35,OO0 and ii that was done he
could exclaim, thou canst not shake thy CORY
locks at me and say did it.
Mr. Smoot-Sl20, 600 have been ground cut
of the people already to pay interest on that
which we now propose to get rid OF.
Mr. Massey said that the property Of which
Mr. Smoot had spoken belonged to slr: Alex
ander; it was assessed to VIM Alexander yet,
aud nobody knew where VIM. Alexander was.
Laughter (Mr. Smoot-Nor where he s gone
to- A spiritual circle might be formed to as,
certain lis whereabouts.
Mr.. Smoot showed that if VIM. Alexander
had sold the lot it would have paid him five
times the value of the lot in interest on the
money.
Mr.. Massey said VIM. Alexander would have
spent it and would have had nothing.
Mr.. Smoot said he would have had tho
money nevertheless