Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-02-25
The City Debt.
HOUSE OF DELEGATES, RICuMoSD
February Plat. 1878.

The City Debt.
HOUSE OF DELEGATES, RICHMOND,
February 2ls!, 1878.
4: kempcr, etq Mayor:
Dear Sri enclose copy of the bill author.
Zing the City Council of Alexandria to con-.
promise its debt, which was approved ty tho
Governor on yesterday, and is now a law. The
bill as framed it, and as it passed the House il
he first instance. contained substantially all the
provisions adopted by the City Council which !
was required by that body 10 incorporate in i
and among them that limiting the rate Of ,sfS.
lion to not moro than 81 10 per snnum on eyer,
500 Of the assessed value of the real and person.
al properly in the city; but the Senate Com.
mittee for Courts of Justice struck out that mr.;
vision upon the ground that it was, to SAY tfa
least, ihpolitic and inexpedient in bill ssiiro
creditors TO release fifty per cent Of tho princina
duo Thorn 10 fix as the maximum rate Of tsye
ton that which under certain circumstance
(such as shrinkage in taxable values, &c
might not be sufficient The House agreed f.
the Senate amendment
In the newspaper report Of 3 debate which
took place in the House some weeks ago | am
credited with having said that the holders OF the
bonds Of tho city had been consulted, and h.!
assented to the compromise proposed by tn
bill. This report is incorrecs and does Inc H.
justice. and tho error is the result! of tho repor;,
or's endeavor 10 condense my remarks. My
statement was to the effect that this measure WIS
ono the provisions of which had been subnircl
to the bondholders, thst some of them hsd -
copied il. and that il WAS not forcba adju:,.
ment bill for the reason that III express terms
it is made 10 depend upon the as: cnt of the cr".
itor, without which it cannot become Operative
Yours, truly GE). a. MUsHBACU
X BILL 10 authoriz, tho city of Alcxsrl.s :,
compromise the debt Of tho city, and to ;sUn
bonds in accordance with tho terms Q! sue.
compromise and prescribing the mode ~
which tho Payment Ct inc l.Hrc:. on ne.
bonds may b, enforced.
Whereas the city council Ct Alexandria j. U:.
able, even 8. the high rate of.aystioH upoa H!g
assessment OF the property within the city & a
exsndria, TO meet the accru!2g lntercs. on 10
debt Ct that city, and al The same .ltne msEr
provis: on for the ordinary expenses o. the mun
cpsl government, AID has asked is creditor:
to assent TO compromise ois said deb. st The ~,
Of fifty cents in the dollar Of principal there,
TO the end tia. the nunicips! government !!ay
be msintsinei, and tho DEB. 50 arranged y: l.
bring the aggregate in:eres: thereon within Il"
ability Of the tax. payers - rlec; II By rraS2"
able taxation; therefore,
l. Bel. enacted by the general assembly O..
Virginia, Ths. the city counc!! OF h.cX.!I!r.,
be and it is hereby authorized and oInDown7t!:n
csll in the the outstanding bonds and crlicacr,
Of Indebtedness Of said city. Of every dcSc'!p.
ton whatsoever, ow1el or he'd by lc's3",
render their bonds and evidences % inio5;".
ness and To issued % such persons IN lieu There
of. ard in exchange therefore registered coupe
bonds for one.halt Of tee pTincips! Of the secg..
ties so called in end surrendered, hu: the AREA
CT interest on such securities, shs!! BE- comp7".
missed or settled upon such terms, and in sUc'.
manner as may DO hereafter agreed upon BE-
tween tho said city council ard the pc!5on>:'
whom the samo may be Guo
=! The bonds issucl under authority Of :!
act shall bear date tho frs. day Of March, els!.:
teen hundred and seventy -ogh. snd b pay,b.
thirty years at.er their date but redecnst!c =.
any time prior thereto y. the pleasure Of tho c;r
council. They shall bear in!ares. ut the r".e
six per ceatum per annum payable scml-ann"r'
ly on such days and at such places n; the >.!,
council may prescribe, and the said city co""c'.
may give such liens upon the municipal Property,
or tie revenues derived therGltonl, to secure t.
prompt payment OF the Interest coupons Of t.
said bonds, ss i. may deem proper.
). Theintcrast COUPONS o; the DJ3d; hHT"H'
autEoriZ I'd to be issued, shall be receivable =.
and aftor maturity 1t their face value, IN p.y.
mnnt Of ell taxes licaGses. gas DIS, l!ae5 rem,
debts, and demands duo tho said city cou@t..,
which shsll b, SO expressed on their face. A.
sid city council shall not by any law, ruI". e.
ordinance. discriminate against such coupons -
medium for such payment, or ofcr disc"''..
or rebate for payment in current money; -:
this provision shall not bo construed to REQUIRE
in current money Whero coupons ior u gfcA!'@
amount than tho bill for such taxes, hcens',.
ens bills, fines, rents debts or demands, are l'H'
dered in payment thereof. Neither the SAL
bonds nor the said coupons shall be tsXabI" nl
the said city council, whether hell or Owned br
residents or non residents of the city, @A:,a
shall also be so expressed on their face
4. The said city council shall creste a!Gkla-
fund to beappled to the redemption and pay me:
Of the bonds issued under and By authority OF H.
act, and shall annually, until such bonds sc
paid, levy and collect q tax, the proceeds -.
which shall BIO paid into the city treasury 10 IL
credit ofth @ sinking fund.
5. Tho circuit or tho corporation court q -
city of Alexandria. or any state court whia@
may have general jurisdiction il that city, or III"
judges thereof in vacation, shall have lnrls!t.
ton and power, should default bn madc f.
thirty days in the payment of the interest on ="
bonds issued under this act, or any part there,
upon the application Of tho owners Of tho unla'
coupons for such interest, or any ono or moro Z.
said owners, TO compel tho city council, =
mandsmus, 10 levy and collect tax sufficient l.
meet all tho interest then due on such bond.
and to pay such interest IS sool 81; tie moE"N
shall DO received, but should SAID city c0un'I
fail or refuse to levy and collect tho tax &t1:"-
said within thirty days after the mandarin; CO@'
mAnding it to do go shall have been served. or.
in the event of the resignation Of the memorr'
of the city council. or ms ority Of .hom, o! Ia
process in mandamus or to avoid tho lcvyLa.
Of such tax, or in the event Of such resignaHo.
from any cause or for any reason, then the Sd!
courts and the Judges thereof in vacation, SEA-.
have power to levy such tax and to appoin.
ono or moro commissioners. at q reasonable con
pensation, to collect it. by distress or other pr
cess.
&. None Of the provisions o! this act shal! ~
Fly to any creditor Of said city who doe: no.
accept tho forms Of said compromise and eA,
change his securities hereunder, nor shall Sa.j
courts, or the judges thereof, have any juFi:i!''
tion under this act except in favor of those W"
are holders OF the coupons for Interest on IN
bonds hereby authorZ ed TO be issued
7. This act shall be in force from /. pissaC''
a TEXAS SHOOTING AFFRAr.-A terrible -
tai shooting ARRAY and four.Eanded duel Occur
red at Bryan, Middle Texas, on Tuesday ai.e''
noon, at o'clock. Four men met in the stree.
armed with six shooters and guns. Their nam,
were Hodges, Rush, Irwin and another Pay
whose name could not be sscortalnci. I"'
cause Of the difficulty is supposed to have pee"
an old feud. All four began shooting S!'nN!:"
neously, and pereons nesr the sceao He'd. Hpe'