Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-02-15
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CIaIzens' Meeting.

Sunday Morning, February 10.
Citizens Meeting.
There was 9 meeting Of substantial
citizens at the Cotton Exchange last
night, which was called to order by
Chairman Wallin.
The Citizens Committee on the Bond
Compromise snbmittcd the following
report, which was read by j. d. Gill
land, Esq.:
To Z. ". Wallin, Esq Chairman OF the
Citizens Meeting:
Your Committee, to whom was lie.
ferred the matter Of the preparation OF
bill. to be enacted by the Legislature
of the State of Mississippi, for the COM
promise OF the bonded Indebtedness Of
the city OF Vicksburg, reports that,
according TO your instructions, they
have prepared such q bill on the basis
OF fifty per cent Of the principal OF
such Indebtedness, which bill they
herewith present.
NJ. SHANNON,
GEo. W. HUTCHEsoH,
II. SHANNON,
II. B. BRUsER,
j. ID. GlLLAND.
To x. W. Wallin, Esq, Chairman OF tie
Citizens Meeting:
The undersigned members Of your
Committee, considering the great in
terests Of our city aud citizens involv.
cd in this matter, would respectfully
report, that they do not believe that the
bondholders will accept a compromise
of fifty per centum. A compromise OF
sixty.hye per cent has been heretofore
aged upon, not only by the bondhold'
ers, and the corporate authorities OF
the city, but was also ratified by a
meeting Of the citizens, and an ACT
passed by the Legislature IN 1877, to
carry that compromise into effect.
If the city now refuses to carry into
execution its agreement on the basis ct
IS per cent, and the Legislature adj
iourns, no other compromise can be
effected until the Legislature convcnes
again, which will be two years hence,
In the meantime, suit after suit will be
brought against the city, and we will
be vexed, harassed aud almost utterly
destroyed by the powerful machinery
of tho law which will be invoked Ia
aid in the almost coni,cation OF oul
property.
The difference between 6j per cent
and 80 per cent. of the principal 0.
these bonds Is about SS00J), which, a'
principal, will entail upon US Ill an
nual tex Of $4,000.
The aforesaid compromise having
been heretofore agreed upon, the credi
of our city has been good, and tn
Board Of Mayor and Aldermen la.
borrowed money 90 az 10 run the cit!
upon q cash basis, with an annual ex
penditure OF about 1876 900, and ha
this year, within the 20 mills levied
also levied and collected about $l1,OO
10 pay one years interest on the ne'
bonds TO be issued on the O. per cen
basis.
And now, we would show that II
compromise with the %bondho.del
should nor be defeated, the city vii
have no credit, a borrow no money
and the authorities must again resor
10 the pernici0u, credit and scrip sys
TEN, which experience has shown u
even under the best and most tconom,
cal management, has coat us an annua
expenditure Of about 5000, or jus
double the cash system aud thus !
three years, we will expend under thi
credit system about Sl05, 900 more TIA
under the cash system ; In other VOID.
by refusing to pay more than on pc
cent, aud thus defeating the % pc
cent. compromise, we will lose IN lh
short space Ol three years sl3U
more than the difference between III
so per cent. and the IS per cent. bash
with the interest added.
Considering the almost certain re
fusal Of The bondholders 10 accept th
offer OF 90 per cent, we show / at lh
city can better afford to exgcn'e III
agreement of compromise at 20 pc
cent, Than 10 run the rick oil = IOts
failure of compromise by refusing
give more than so per cent.
Therefore, we think that our citizen
should get the legislature 10 pass Ih
bill which has been submitted TO u- b
the counsel of the onlhOlders At e
first striking out those harsh and ot
noxious measures aud provision,
which, We have no doubt, the bond
holders aud their legal advisers wi
readily assent; aud let Us ad
to that bill a section restrain
ing the Board Of Mayor and A
dermen fIom levying in any OF
n year more than Is mills, ilciudia
the tax 10 pay the SAID interest.
Respectfully submitted,
II. u. BRUSER,
ESQ. W, HUlCHEsDN,
j. n. GlLLAND,
THE sUBT,TUTE.
An Act TO authorize the city Of Vichsh
TO compromise its bOnded Indebtedness
SECTION l. Be It enacted by the lie
islalure of the State of Mississippi