Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-09-15
THE
A Gard From J. r, PenteeOst-His HI
nauefaI views Fully E~xRIAipea.

hhuNAtA ACnS HaA
To he Voters Of the City Of NGshsiHf
| and Delegates 10 the Municipal COHreH-
ton: Having announced myself as a can
didate for Mayor, subject to the action OF
! the ManicinaI Convention, / deem it
! proper to give some information as to the
financial condition OF the citV, end my
views on the financial question, which is
I nov aeitati1g the minds of the people, it
being the most important question i~nyolEed
in the canvass.
After four years service in tie CCy
Council, two years of which 1 acted IS
Chairman of the Street Committee and
meiuue. 10 the Finance Committee, and
| having observed XeIy closely the workings
Of the various departments OF tie CORPORA
ton. the information that | give can Bs re-
lied upon as being correct. find the en-
tire indebtedness of the city to be in round
numbers 100000, as follows: Morris
bonds. $3.50, 600; keretey2l bonds, $4,000;
Matt Brown bonds, S200,000; Alden bonds,
not including Park bonds, $4,000; y. 4
C.. r. Il. bonds, $500, 300; floating
debt about S350,O00; making a grand total
of : 1.6OO,000. The city receives annually
frsta all Sources in the shape of revenue
about S5u.0OG, The running expenses of
the CITY, including schools, gead not be
more than 100000.
Now suppose the entire Indebtedness of
the CITY, mot including the Park bOnds)
vas funded in bonds drawing six per cent.
interest, * gould make the interest on the
funded debt S96,0Gg, which added to the
$4,000 current expenses makes $4,000,
subtract that from the $4,000, the reve-
nue. of the city, leaves a surplus of $4,000,
which can be used for improvements, or as
a sinking fund 10 liquidate the maturing
bonds OF O city. The Alden bonds (not
including the Park boIdE, esn be funded
for about eighty cents on The dollar there
bv saving to the city 100000. The float
ing debt is Of various characters about
$4,000 of which is Alden checks, which /
do not think the city will ever have to pay.
The question for tie CCGncil to determine
is, whether it is not better to fund tie II
den bonds at eighty cents on
the dollar than to let the holders
90 into The courts and get
iudgemnt against the City for their face
value, which they are doing at every term
of the court. Ny position is, it is better
to fund them at 80 cents On the dollar, and
let the funded bonds mature after the ex-
| piration of the time which the free terrific
nv is exempt from taxation, which will be
in avolt 10 wears. When the taxes are re-
| ceived from the Iree territory, the revenue
of the city will be greatly increased, and the
bonds can be paid as fast as they fall due
without any embarrassment to the city.
That part Of the floating debt that l re-
gard as being legal, cannot be funded, as
| the bulk OF it consists OF JUDGMENTS in the
| courts, and debts contracted recently. |
| baliegs the city debt (nOt including the
| Park bonds San be funded; and without
/ the cost of a cent to tbs city, be reduced to
| SI.4O0OOO by funding. as the bulk of the
| outstanding bonds can be funded for much
less than their face value, thereby lessen
the Indebtedness ofthe city S2OO,OOO.
EG-ld not recommend the sus-
| pension of the making of Improvements,
! but would recommend a more economical
system of Improvements. L would recon-
mend a uniform grade OF payements
| throughout The city. Would recommend
the building of streets IN the suburban
| wards of the city, as rapidly as the citys
\ financial condition would permit, thereby
| inviting improvements hat would increase
| the revenue Of the city. l would also re-
| commend a perfect system OF sewerage
which would tend greatly TO the preserTa-
tiOn of the health of the eily.
In conclusion permit Inc to say that If
l am hOnOred with this position L will Sc
/ icct as cOunSellors the best material in the
City Council. and be governed by their adj
vice and counsel, and as t,.c financial deS-
tiny of the city is in Tie hands o. the
finance committee, the ablest financiers in
the COunci! shall compose that committee,
and would urge upon them the importance
of prompt action, as hesitation often
| proves fatal. | leave my claims in the
/ hands Of the convention, and will abide
its action. Respectfully,
JAMES F. PESTECosT.
SEPT. Is, 1874.