Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-09-28
PUBLISHED DAILY AND TRI-WEEHLY 81
ED9 AR SN OW DEN
GAZETTE BUILDING, NO. 20 PRINCE STREET.
SATURDAY EVENING, sEPTR. IS. 1878
The New York Journal Of Commerce,

The New York Journal of Commerce,
10 reference to the liability OF lumber CT
towns aud cities to pay the interest on their
bonds, which, 10 many cases, amount to hiteen
and twenty per ceutum, per anoum, on the ID
vestnent, says
"Io two cases lust decided the United States
courts have throwa the weight OF their au-
thority on the side OF the bondho!der. Frankllo
and Marion couotes were the defendants, sod
against both Writs OF mandamus have been Is
sued to compel the payment OF detauitcd inter
eat The action Of the federal courts 10 these
AZ 10 other cases iodlcates the proper remedy.
The Journal OF Commerce does Got 60 to he
bottom of the remedies possessed by cities CT
towns oppressed With the weight of debts which
continue at their full value despite the shrink.
sge of all other values. Corporation Attorney
Stuart has more than ouce referred the author.
ties here to the Watertown case, decided 10 tbs
Supreme Court Of the Uaited States IN which
after mandsmus had been Issued and naI57
ity of tho enc board Of a town councll had re-
signed before the mandsrnus was served, the
court held that all judicial power 10 thro7
the weight of authority ca the side OF the BOND
holder" was at an end, and although this was
five or six years ago, tho WATERFOWL boDdho'd
ers sill wait for the proper remedy and
seem likely to wait forever TIE Corporation
of Alexandra provides, Ia its Eew bonds, g
remedy for the boodholders, which nsures tie
payment of the interest even after all the rem
edies used in the Watertown cases ere exhaust
ed. The act for issuing the new bonds declares
that 1.-THE Interest coupons O! the bonds hereby
authorized to be issued, shall be rccsivab!s at
and after maturity. at their face value, in pay
mcnt of all demands due the City Council.
1.-THE Circuit or the Corporation Court Of the
city of Alexandria, or any State court which
may have general jurisdiction IN that city, or
the judges thereof 10 vacation, shall have Juris'
dictlon and power, should default be made ior
thirty days 10 the payment OF the interest Gu
the bonds issued uadcr this act, OF aoy par:
thereof. upon the application OF the o"aers CT
the unpaid coupons ter such Interest, or any
one or more of said owners, TO compel the City
Couccil. ty maudanu5, to levy aud collect
tax sufficient to meet al! tho iutertS. then due
on such boods, aud to pay such iaterest as 5000
az the money shall be received, but should
said City Couuc fail or refuse to levy aud col
lect the tag aforesaid within thirty days after
the mardamus commanding it to do SO shall
have been served, or, in ths event of the resly'
nation of the members of tho City Council, or
a majority of them, or the corporate authorl'
Ties to evade the service OF process in mazda
mus or to avoid the icyying Of such tax, Or in
the event Of such resignation from any cause
or for any reason, then : the said courts, and
the judges thereof 10 vacation, shall have
power TO levy such tax and to appoint one Or
moro commissioners, at q reasonable coDpcG.
sation, to collect it. by distress OF o:her p:o-
cess"
These bonds thus possess valuable quality
possessed by 90 other bonds in the country.
When this feature is properly understood i.
will put them st g premium 10 eng money
market. Every dollar Of interest accruog on
these bonds has been paid By the city az soon
as it fell due.