Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-05-28

| ness very dull aud the resources OF all classes
limited, but these facts did not Justify any one
| in refusing to pay honest debts as long it
was possible 10 do so. Members might call II
"repudiation," or apply any other term to it,
but he had DO hesitation in branding it as dis
| honorable, dishonest, Il cheat, aud fraud to
attempt TO evade the payment of houest debts,
public or private. l. was nOnseDca To talk about
the thug as some persons were inclined to talk.
| II every man, woman aud child 10 the city were
10 favor of Reputation the thing would still be
impossible and yet We heard members intro
duc;ng propositions which they knew We're i'm.
practicable, the ooly effect of which would be
TO inure US 10 the estimation of all sensible
people.
AS to the taxation of bonds held by non-
residents he was heartily iu favor Of it if it
could be DONE He wanted every species of
property, real and persuna to bear its share OF
taxation, but the Corporation Attorney tells US
; we cannot tax this class Of bonds, and the Su
prcme Court of the Uhited STATES tells Us We
shall not do it. What then was the use of try
ing to accomplish absolute impossibilities. He
thought it probable, at least possible, We could
tax the interest on all these bopds. This was
question of law. He hoped it would be found
We had right TO do so. He would cheerully
vote for such measure, but would not publish
himself to the world as fool by voting to do
that which he knew could not be accomplished
AS to the city debt what Is 1t 10 round mum
bers- OPS, 900 90. OF this amount the COM
misSiouers of the sinking fund hold $50 10000,
leaving a nett Indebtedness Of 1915 10000,
Which at seventy cents, the outside value nt
the bopds leaves US 40 indebtedness oil SGS2
500. 90, to pay which we have the gas works,
which, he believed, could be sold with all light
privileges at $500, OOO.OO. The market house,
with exclusive market rights aud entire con,
troll of every portion Of the building. Council
chamber, Offices court house, Nc, &c., Nc, Is
F worth Sl5O, 900 %, the fish wharf, coal wharf,
Pioneer Mills ground rent, Rumncy's wharf,
&c, at least $50, 900 %, giving Us S4DO 900 %,
| and leaving nett Indebtedness OF S2S2, $4,000,
| to pay which we have taxable property to the
amount Of $5,5OOOO 90; certainly not bad
exhibit. But suppose we sell the gas works, sell
Tor lease for SO years, renewable, Nc, the
, market square aud dispose of all other public
property, how much would taxes be reduced?
We receive into the city treasury large nett
income annually FROM the gas works after light
lug our streets, public buildings, &c. and the
nett income from the market house, fish wharf,
coal wharf, mill, and other property Is very
! large. We would be deprived of all this rcve-
nue. aud be taxed many thousands Of dollars to
light the city, which eXpcusC Is not now paid
, by the tax payers but by gas CONSUMERS, and
unless We hal $2S2 500 IL cash to pay Cf the
{ Indebtedness we would find ourselves 10 as ba;i,
if DOT worse, condition than at present lie
, wanted all interest Oh bonds taxed if it could
| be legally done, but to appropriate $40 900 Oh
to pay SCI 500 % was folly; people would laugh
at US, or at least ought TO do so. SJme years
| ago the City Couocll tried that Experiment;
stood a suit, aud Instead of gaining anything
w,re 81 800 out of pocket for legal fees, CON-
{ pound lUtercst, aDd court charges on suit tor
81 900, and now lt was proposed to try the
ridiculous experiment again. lie wanted to
know who were in favor of such proposition
| that their pames might 20 on the record for
the Information Of the people.
} Mr. Hopkins said that the right OF the City
: Council 10 lax its bonds was still open qucs-
ton. Mr.. f. L. Smith, jr., cur former able
Corporation Attorney, who had given the sub
jcct much thought, says We can, and that he
! case decided by the Supreme Court, which has
J been quoted here as bar TO a tax levy OF this
KIDD, does not apply 10 towns aud cities. as
many cities Of the Union are now collecting
! just such tax The people expect some ac-
ton on the part OF Council in this matter. and
, the necessities of our town demand it. Each
, year We are getting poorer aud poorer, aud
less able to pay our taxes, and unless some
thing is doue We shall soon be able to pay
; neither principal or interest. He was not 10
favor ofrepudlation of auy kind or description,
but iu the hreat shrinkage of values 10 ali kinds
of property, the question Of taxing these bonds
should receive our most serious consideration.
He was most decidedly in favor OF uaklng the
attempt and take risks. Our tax levy could
then be reduced to LIS or $50. This would
encourage our people, and tend to revive III
some degree improvements, Nc The bond
holders won't reduce the principal because we
have just re-obligatcd ourselves IN the Issue OF
consolidated binds, to pay in full, and this
Council can't reduce the Interest without en-
couuterug law suits, 10 which we would surely
be worsted Our only relief would therefore
seen to rest GU our right to tax these bonds.
rh at the whole real estate Of the city is pedg-
ed for the payment of this debt there can be
no doubt, as the law on this point is conclusive.
Ii would therefore seem to be the part OF Wis
dom to avoid line of conduct that could not be
successfully maintained in refusal to pay more
than per cent interest, when by taxing The
bonds we reduce the interest to GO oct, which
is i sure, direct and satisfactory solution OF he
difficulty, and If carried out will bring the dc.
sired relief.
Mr.. Hopkins urged that even on the show
lug of the Finance Committee the taxes might
te reduced. Their estimates provided for a
surplus of over $1,000. Now il there is Il
surplus Of $4,000 would it DOT be better to re-
duce the tax to SIS or 50 cts.
Mr.. Brodcrs (in the chair thought that
everybody was in favor Of making the taxes
as light as possible aud Of taxing every taxable
subject, bull every one must see that the sur
plus was apparent only aud that the city
could get along with less tax than - per
hundred.
Mr.. Hopkins said that every Que knew there
had been great shrinkage of values, aud there
was no reason why the bonds should not be
subject to the same rule as all other kinds OF
property.
Mr.. Eiehberg replied that if there was any
thing certain, it would be that we should have