Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-10-20
COMMUNICATED.
Our City Debt Compromise.


The proposition made to our boudholders to
compromise the debt of the city is the most i'm
portaut measure that has ever claimed the at
tention of our people, as our very existence as
CITY depends on the success Of The. movement
When the war closed Virginia was scene OF
desoatiou, and all her enterprises, public as we'll
as private, uprooted and destroyed. Under The
rule Of the conquerer We might then, without
the slightest difficulty, have made advantageous
terms with our creditors and thereby secured
to ourselves and children basis for sound loan
cial prosperity but no. our Corporation, like
our State authorities. aotuated, uoder the Cir
cumsances, by policy akin to frenzy, determ-
ined on course which directly led to breakers
then 10 sight. and on which We now find our
selves stranded, with great danger OF being ca;
tirely wrecked. Storm signals were dlsplaYeu
at frequent intervals, but our Legislators heedea
not the warning The future OF our city IL
dark and gloomy indeed unless the bondholder,
approaching our present condition, VIII release
bis death grip and allow Us to rise again. Tho
whole of this years interest will have to DC
funded, as no provision has been made Tor Its
paymept. This ruiaous system Of tinauce must
BIO checked at once, or We shall be utterly crush
ed Tte,is it not worse than madness for US to
hammer ourselves with fDe-spun theories OF
honesty when We are to the wall, the creditors
grin at our throat, and death by stranguIation
staring us in tho face? We notice that often
times men who prate the oudest about paylsg
the bondholders every cent and let everything
else 20 to the devil, arc most careless ABOUT
paving their individual debts, and some who
have axes 10 grind hold up their hands IN hor'
ror at the baro idea OF attempting TO toroe ny
legislation the acceptance OF terms, from our
standpoint, at once honorable and lust, VINO eat'
dress and sleep, and occasionally have segar
and drink thrown 10 at tho expense OF their more
honest friends and neighbors, and who Wont
raw an individual debt if they can possibly
avoid it, not even their washerwoman whom
they compel to furnish gratis nearly their whole
stock Of responsibility.
The proposition Of the commission appointed
BY Council to adjust the Corporation debt is
fair and liberal, giving to the bondholder every
protection in return for an abatement OF 81
Der cent. of his principal. and accepting in lieu
of his present bond new compromise Gu
pom bond" bearing 6 per cent interest net, and
receivable at par with crecnt'arks Tor all dues
to the Corporation Ehc par valho OF this new
bond would be equal. at least, 10 the present
market value Of the old one, and it @onld most
likely soon command a premium, because oil
the undoubted guarantee given, in that the
whole RESOURCES OF thu city ara to DO pledged,
without reserve, to the prompt payment OF the
interest thereon, and the principal at maturity.
a very amiable investor 10 railroad securities.
such as Northern Pacifcs aud chesapeake and
Ohios, aud who is also the unfortunate holder
of thousand dollar Corporation bond, and
controls many thousands more, is OF large. Del.
lowing Reputation aud, oh, how terribly
unjust the proposition is to him. lie paid
threo hundred and twenty dollars for his bond,
aud has since the purchase drawn IN interest
alone three times as much as his bond cost him.
Now the city offers five hundred dollars Tor his
principal, and 10 our Impoverished condition
the proposition is more than liberal. aud still he
is not happyl But there are few such characters
We are persuaded and doubtless they were orIgl
naIly Intended as an experiment ty the Creator
to ses how near man could he made without
bristios to approximate an animal Of the grunt'
ing kind and from this very congrueoce Oar,
win may have received his first impressions OF
cyolutiNn. Siuca the death of his Sea E!c.
phant" Barnum has had standing advertise
mont tar specimens rare of tho pachy dermata
species" and according to tho eternal illness oil
things our friend fills the bil' crammcd down
and to overlooking, and he ought to apply tor
position az soon asths big show arrives 10 our
city. EcCE HOMO.