Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-05-09
The Dcbt Of AIcxandrIa.

At the close of the last article on this subject
the debt of the city was stated as $500, l63 73
on the lst of March 1857. Some two, years
previous to that date, in July 1915, sinking
fund had been created by the Council to be
under the control OF commissioners. A ten
thousand dollar appropriation was made the
basis of this fund to which was to be added
whatever remained 10 the city treasury above
$4,000 at the end of each fiscal year. Between
that period and thelst of March lS47, the vigor-
Gus operation Of that sinking fund had re-
deemed $23, 900 Of corporation stock, so that
the real debt was but about $500 0U0.
At this point retrocession having been accom-
plished the Board of Public Works of Virginia
took, $272, 900 shares of the Alexandria Canal
stock as the States contribution to a,work that
then passed into her territory, so that the city
debt sunk TO about 1872, 900. =
At this time prospects for getting rid OF the
deb. were most promising. The writer we'll
remembers hearing Lewis Mckenzie, then the
chairman of the finance com mlttee say IN Coun,
ell, If the executors of Chas. Bennett will
place their fund alongside the sinking fund the
town will, at the present rate of taxation (5O
cents on real and 80 cents on personality be out
of debt in seventeen years. 1t was not to
be however. Mr. McKenzie's policy did not
prevail and MIR. VIM H. Fowle succeeded him
us chairman of the fuance committee. Great
works we're constructed and great debts incur
red.
The project of the Orange and Alexandria
Railroad was then started and in subscriptions
in aid of it's construction, the town subscribed
aud authorized stock for 800, ,000 January 30,
1919. This stock was made redeemable III
twenty-five years. 10 April 1850, $l50,00O
f1vo
as subscription to the capital stock
Of the Manassas Gap Railroad Company
Ten thousand dollars was issued on the
1h of March, 1851, redeemable July lst,
ISL, as subscription to the stock Of the Alex
audra Water Company. Ten thousand dol
lars stock redeemablc Jan. lst, 1857 was au-
thorized May Is, 1852, as loan for repairs of
the Chesapeake and Ohio Canal On the l4th
of April, 1853, $4,000 redeemable July lst,
1888, was issued for Orange and Alexandria
preferred stock April llth, 1854, $4,000
stock rcdcemable in 1884, was issued to begin
the Gas Works. In the meantime consldera
bic portion of the old canal subscription stock
falling due. had been funded again under an
act Of the Council Of eth of February, 1852.
Under an act of October IL, 1852 and Jan
uary 25th, 1854, 5000 1000 additional were
ordered to be subscribed to the Manassas Gap
Railroad. The States representative refus-
cd to allow this stock to be received at
par, and majority Of the voters decided,
against the vehement protest of many of the
most capable fnanciers and best citizens OF the
town, to sell stock enough to pay 100000 in
cash to the railroad and as a result: Of this an
other issue Of city stock of $lOO,OO0, redeema
bic january lst, 1881, was made.
On June l4th 1859 an issue Of $4,000 OF
stock, payable April, lst, 1869, was issued to
get funds to build the American coal wharf.
The war came on, and With it ceased the issue
of stock; the debt Of the city at its opening be-
ing, in round numbers, $l, l,244,0OO. Of this
amount the following was IN stocks issued un-
der The. nets above mentioned: