Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-07-31

and IN the INFERIOR, cooiei, partly Slou"J 49,.
or. but or the cost, stationary tempersIue,
cloudy or foggy weather, possible followed Dy
rain. - .---
TIE CITY DEBT CoMM1ssloN.-Ths spec a
committee appointed by the Deb'-reoucl0n
Commission met a. thu Auditors othc; last
nipnt. Present: Hugh Latham, chairman, q.
8. Stuart, Lewis Mckenzie, lsa'c Elchterg
and VIM. +. Caroc.
The c,mmittee at or consideration uua mou'
10 agreed upon the following report, which had
been prepared by Mr. Stuart;
III the Commission to adjust the City De6t:
Yuur Committee 10 wnUm 1as aSs.sLei ina
duty # preparing business Tor your consideia'
tion respectfully report as follows:
After carefl ally considering and discussing the
Anupcial coalition Of tie city, lis debt and lis
resources of every description, your committee
.Ie OF the unanimous opinion
1st That Tho city Of Alexandra is ale 20 pay
the interest fifty cents In the dollar i lila pre-
sent indebtedness, and no moro.
3D. That tle reduction OF the dett. by scsi!ng
it ono ha.f is preferable to reducing tae ~ rest
70 three per Cent on the whole 10
81. That TO accomplish the desirable result OF
reducing the sot to an amount lns Interest on
which the city Can promptly pay, al tho prlh'
c;p.l it may ultimately redeem, IL necessary
10 recognlz5 the f,ct inst the boadnu oars nave
rights in this matle: as well as IN c'LS ID :; IA
their part advantageous terms mus. De offered 20
the bondholders, making it to their interest to
accept u compromise.
Y,ur committee believe, therefore, that Al
&c: the m st str ngent and olndlns IN us terms;
= security thst shall place it within the power Ct
the ndholdcrs to enforce promptly and speed
ily the payment OF the interest should there be
DEF ull ia lis pay n nj. should 90 passed by tue
Legislature OF Virgins aad the Guy Council Oh
AleYanuria. -
~ n,-.nsroo = ,basa viaws yOur committee
reyort the Following Recommendations and p!an
of I'd ustment to be off II. d 10 the 0ondA9dors ~
the meeting to bs held 10 October;
lss Scsls tko whole dsbs Of the city ct h;ty
cent: in tho dollar, and ISSUE new bonds ut thst
rate taxing up and destroying thu OH evidences
-. Let the bonds tau. Issued BE- coupon
bonds, payable thirty years a!ias dasa .: ~ Inc
pleasure Of the City Council
3D. rhe coupons to express on thar taco inst
thew are receivable at and after maturity ~ TN .lr
ace vslue in payment 0; all taxes, licenses, 1Ae,
dues, demands or gas bills ard TO be upon Inc
SAM foOti.g in these particulars with current
IL d..
4.n. The bonds and coupons - express on
their fsco that they are not axablo oy III city OF
Alexandria waether held or ownnt by res!d 5nts
or non residents Of the city.
5th All the revenues derived trvM tn puoNc
properly to BE- pledged for the proup! psyi snt
oftae interest on the municipal debt. ahd to Dc
usei for 10 Clher purpose.
9Th a contract to be embodied in the act and
orllnsnce taat The CITY will, by taxation, raise
the difference between the revenues derived
from the munich. IL property and the amount II
iEts!et
7th, A sinking f4nd to be created and = tax Of
10 be annually levied and sscrecly APP
p!ial to ;hc ext,rgushment OF the deos
Sc. Power 70 b. conferred on tins circuit
anc corpcralion courts OF tho city or alexandria
or suy State court wing genera! trlsdictlon III
sad city, or the judges thereo n VacaNon
sh ,uld default be mad, tor tn'r.y Gays IN lho
payment Of the interest or any part thereoi upon
n mt application # the 0on1n0!ders or any
ore r more Of them, to compel the City Coaacl
by rn.Gdsmus TO levy aid ~ once co.secs TX
zatIiceit to neet the interest dla and 70 pay the
interest due at uLc,. Ia even. q the CITY Gou?
ell falling 10 levy and CO lest the tax aFor"s "a,
If er the man1smus sh All have ps9n serve Il up'
on it, 70 thirty days, or IN eVeat OF IN - oe.is
no power il cxiateucs 10 lsvy and collect III.
tax then the circuit Or corporotcn courts or
other State cour. of general lrisdlctlcn liz Said
city, or the j., d .as thereof III vacatl9n, TO have
yower TO levy ,h tax above provided Tor, ana
80 splo'nt u commission to coilectl IL
Your colnmi.iee recommend tho adopt'on or
ahis ban They believe it to 5s one omnsntly
;ust TO tho bondhoider add cretlt.ole to the clss
10 its denrossed financial condition. Eae deot Il
stst.d ~ the su iitor 10 b. 81 l3o az less the
sinking, 81 063 543 g.. Were tas ue1t sca'<d
f ty canls iu the dollar il would anouaS TO
1854 IA s. the annual intere:t on which would
be 3d., U50 80 This amount lha city csa pay oy
rgi economy in munetpal Al Ai!0. Io e1sc'
such an aijustm Int Of the debt is il outlined in
sh.c report needs no. oaly tho exer:loa OF the
co omission hut The ho.rty co operation or eve
" civ n 1t IS not TO b beloved that thare Is
in uur midst one 50 ulpatrlotlc, so iosS 70 nis
own lntere.: rs to refuso aS5istaHCs, ootu W
word and deed to the acaomo sat .! a 70
suit 50 necessary II ever agaia there is to DC
nrosnerity in the city. Respectful v submitted.
HUdH LATH NJ
CHARLES y. STUART.
VIM f. CARNE
ISAAC slGdbEhG.
Il