Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-07-26

To the citizens Of Alexandria
Mr. Shinn stated that i had never read the
act creating the commissioners Of the sinking
fund, or if 1,had read it, that did not under
stand it: he.went on to explain that the act
required that the commissions of the sinking
! fund should Immediately after selling the stock
invest the proceeds 10 Market House, whose
rents were to be held in pledge for the bcncht
of the owners of the stock that hat teen sotet,
1 andiyet Mr.. Worthington 'saresolution proposes
to allow the stock to be sold and the funds to
remain in the hands Of the commissioners un.
invested, and he asked what security would
the holders of the stock have then.
NY young friend was mistaken, as l have
read carefully the we'll concocted ''.lron-clad
resolution he refers to, and admired the sagaclty
and shrewdness Of its originators, who deter
mined thereby in their expiring moments as
members of the late Council, to so arrange the
matter as to enable them to keep the control
of it, in spite of any opposition that might be
shown by the incoming Council.
I'VE are to judge by MIR. Shinn' S quotations
from that resolution, it is pretty evident that
vithstanding the careful reading he has given
il, for he makes it appear that the proceeds
from the sale of the stock is to be invested IN
Market House for the benefit of the otrners Of
the stock that had bssn s0M -.
Does he mean, IF he means any thing,
, that the proceeds are to be invested Tor the
; benefit of the corporation, it being the owner
of the stock, or does he mean for the benefit
Of the owner after the SALE if the latter, 1t will
be superhuous. As he may be assured that the
parties for whose especial purposes the sale OF
! this stock has been coupled with the market
question. are fully capable Of protecting their
own interests. All they want is to get your
! stock, then they will ask no further protection
or favor from you. ;..
ami afraid that my esteemed young friend,
has allowed his ardor to overcome his discretion,
; and caused him to cast stones that may re-
: . bound. 'Eand rent the fimsy material used to
obscure the detormites Of his precious bunting.
As he does not seem to understand the na-
ture of his own resolution will explain 1t, SO
he may be assured that have not only read 1t,
:, but fully comprehend its meaning and design.
That resolution makes 1t the duty OF the
commissioners Of the. sinking fund to sell the
t Railroad stock and to invest the proceeds III
: Market House, the revenue from which Is to
/ be applied to the redemption Of the CondS Thlci
we're issued to raise the funds with which the
p stock was purchased.
And the design of its orignaors was TO Sc
) cure the control Of the improvement OF the
market square, by putting the matter IN the
: hands of q commission they felt sure OF be-
t ing able to control; being disappointed III this
|. an effort was made to remove the Treasurer
r. The being one Of the commissioners and not a
y pliable as they wished); again disappointed Ii
Z not being able to remove that officer, the Com
mittee- Of Public Property was changed SO IT
J. embraced majority Of the partisans OF the
Cluss plan, and q resolution was passed by the
!, Common Council adding this committee tc
that of the sinking fund, to take charge OF the
market Improvement, thus creating a majority
of the combined committee in favor OF tho
: "Cluss scheme
a Thus it appears that | have not only reaC
Y the resolution referred to, bnt fully understand
+ its meaning and design.
Ny resolution which passed the Board o.
. Aldermen, ordered the commissioners OF tht
sinking fund to suspend action relative to TIT
s Improvement, but left with them discretionary
. powers as to the sale. aud II the stock was sold
s to hold the proceeds for further instructions
f It does not propose to lessen the security tt
:, the ond-holders, for it is to be presumed tha
the commissioners are capable Of holding Sc
curely the proceeds from the stock " hethel
p it is to be invested in Market House or IN
vested in some paying security to be held tol
q the benefit Of the holders Of the bonds, ant
3 thus avoid the contingencies and risks attend
o Ing the complication of this fund with th(
: Market House improvement-th sale OF tht
v stock should never have been coupled with tn,
e market question | am no lawyer, yet | con
tend that if the commissioners Of the >inkln!
70 fund hold the O.. d. A. K. r. stock
AS TRUSTEES FOR THE BOND HOLDERS
l.. that the City Council have 20 power or contro
over it; a trust must be held sacred without tint
} interference of either party interested IN II
and can only be changed Or annulcd either b.
the completion of the obligation of the on
party or consent of the other. Therefore TIT
late City Council had no power to order thcs
trustees to sell the stock and divcst the pro
; ceeds from the original intent Of the deed 9
trust: it is diversion to put the funds IN
market house that may or may not produce ;
revenue that would enable the trustees to l!qul
date the bonds for which the trust was created
If the late Council had such power 1t IS pre?
sumed that the present or some future Councl
will have the same power to order the commits
sioners Of the sinking fund to invest the accrue
ments from the market IN some other Improve
ment, which may cause a total loss OF all thel
funds What man would invest IN Securlt.
of this kind that could be changed at pleasure
Of the borrower!
J / may be charged with inconsistency wheI
it appears that | was the author otthe resolu
;, ton that passed the Board of Aldermen order
= ing the commissioners Of the sinking fund t
! suspend further action in reference to the sal
of stock, &C.; if 50, I reply, that notwIthstanld
} ing Mr.. Shinn assertion that "a simple resolIl
ton could never repeal law," believe tina
). the present Council have the same power to re
peal as the late Council had to enact law, IN
: posing duties on: and to direct the commission
ers Of the sinking fund about matters they hay
J the absolute control over.
We will now see how and when MIR. Shin
and his friends expect to pay off the one hun
} dred thousand dollars bonds, with revenu
re accrueing from the market house to be erccte
d with the proceeds from the sale Of the railroad
C stock.
! THE RENTS FROM STALLS, &c.