Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1877-12-07
A Word On CIGy Finances 60 City
Tax Payers.

The rigid economy pFacliced Oy the
present Board Of Aldermen in their
administration Of the finances Of the
city is worthy Of all commentator.
While It Is true, In consequence Of the
exOr5iIant debt imposed upon the
city by the Radicals during their In
famous control, they have not been
able 10 reduce taxation materially, II
Is also true, IS honest men, they have
lived within their means-allowed eX.
penditures Of what was absolutely
absolutely necessary only--and by this
course caused the absorption of an i'm
mense deal of outstanding scrip they
found floating about when they took
Office. They also sat on foot and are
bringing 10 q conclusion, a fair COM
promise Of the heavy bonded debt OF
the city, that they also inherited as a
legacy from their Radical predecessors
This compromise Is on the basis Of
sixly.Gve cents on The face of the old
bondS, the new bonds to bear interest
at the rate Of Eve per cent. instead Of
the old rate Of ten per cent, and the
new bonds 10 run fifty years, instead Of
twenty years as the old ones provided
In order to avoid the rulnous outlay
that the former practice Of Issuing
scrip involved, they have arranged 10
borrow money 60 that necessary ex'
pendItures can be met with cash. This
lie a nett saving OF at least thirty per
cent. upon every dollar Of outlay In
currol on city account-besides re-
establishing the city'S credit. To main
tain this healthy course of adminislra'
ton, and provide for the interest upon
tho now bonds, so that the compromise
shall not fail, the Board Of Mayor and
Aldermen have been compelled to go
to the full limit Of the two per cent.
tax SLOWED by the charter, and require
that 1t shall be paid in currency-wiih
the exception, tina, scrip issued between
April 7, 1876, when the last charter
was adopted, and which, by section 80,
required that all scrip issued therea(-
ter should be receivable for all dues to
the city, and February l, 1877, when
that section Of the charter was repeal
cd--And scrip issued since the Board
commenced the cash system Of expen'
diturep, which we believe was about
September ls', will be received as cur
rency In paying taxes. We trust the
taxpayers Of the city will promptly
and cheerfully support The policy ana
: measures of the Board above
indicated, by paying their taxes
We are certain the benefit o.
their doing go, will be substantially
felt when tax.pSying time comes again
aud they have at least the incentive Of
knowing that what they pay will be
honestly expended aud accounted for
We have heard come complaint aId
apprehension expressed about the re-
suit Of a number OF suits instituted b!
holders Of the ten cent improvement
bonds, upon their mAtured coupons o
, interest-lhe apprehension being tha
tho judgments in the suits would b
attempted 10 be enforced against th
b city by mandamus. A number OF sue.
/ suits were instituted before the compro
. mise now In course Of consummatioI
was negotiated, aud these suits hav
gone 10 judgment, but os We are re
liably advised every u of these judg
: mont creditors have agreed 10 the con
! promise by the terms OF which thes
judgments will not be enforced againt
the city, II the compromise Is carrie
out In good faith. We said every one
: there is an exception. One, a NJ
8 Wharton, said to live in New OrleanI
Q obtained a judgment for $4,000 aud dc
termined TO have his pound Of nesl
|, II he can got it, has procured from til
-. United States Court q mandamus npo
|, the Board of Aldermen to levy a Ia
a 10 pay it. The Board, in proper OBJ
:. dience to this order Of the Court, wi
}. levy the tax. This is the only case OF
y city bond holder, who, with the fac
u of our corporate impOverishment b
=, fore him, has been illiberal enough
II throw an obstacle in the way of Il
< compromi,c OF our bonded debt, al
10 we have every reason 70 believe
- will stand alone in his u%ncnviaOle !
d%ividualily.
=" \ Matter that Needs Ar NJ