The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-14
ELIzABETH,s BIG DEBE
Trying TO Provide for tho Payment 81 hs
Bonds-TRxpnyers In Conference.

Although no definite action was taken in
Elizabeth. N. j., last night. toward providing
for the payment OF the city's debt Of &C. 600. .000
q proposal was offered which 1t was believed
would bo accepted by the'holders of the eitys
bonds. In the present year che has not paid
dollar 10 her teachers. police flremen. and other
offlcials. and her treasury Is almost empty.
Something had to be done and on Tuesday night
last the Commissioners OF tho Sinking Fund
and special committee Of the Common Council
met to decide what should be done. A report OF
that meeting was read Mt meeting In the
Council Chamber in the City Hall last night.
Five representative mon from each ward had
beon invited to discuss and approve the plan
proposed at tho conference. Mayor Townley
called tho meeting to order. and said that ho
hoped that something would be done to satisfy
the taxpayers and the bondsmcn. Ex-Mayor
Greene was elected Chairman.
The report Of tho conference committee said
that the proposal submitted was to enable tho
city to obtain power to issue bonds having forty
years to run. called 10-40 adjustment bonds.
with coupons attached. bearing interest as fol-
lows: No interest to bo paid in 1879. but tho
amount added to the principal at the rate Of ono
& at ono per onr SHaIs sSO
two per cent, four years nj three per cent. four
years at four per cent, nine years at live per
10 be raised each yoar by taxation.
The pronosat was submitted at the conference
by Mr.. A. Il. Dawson, Chairman OF tho special
committee Of the Common Council. and II was
approved, with only one dissenting vote. The
report yid that the, conference, committees be-
lieved that IL is all the city 10 nble to do for its
creditors and do itself justice.
In order TO get the proposal before the meeting
for discussion, Mr.. G. II. Place. one OF tho Com
lnissioners Of tho Sinking Fund. offered the fol-
lowing;
Boe That we the citizens and taxpayers Of the city
a NllIn FUa fIfn Nh.
troubles Of our CITY do proclaim determination 70
Of our misorianes and Of gnforsecn
stances We shall be Obliged To ask onr creditors relief
PRINCIPAL and no rate Of interest, md therefore
s 'qnps ssop % h. IF 90 on, our @ eeo1. esfs@
as the sentiment Of the taxpayers Of this city. with the
and carry out trusting our creditors w sec The con.
When We nnd oa,sSSs placed We DO iuTiisr @ rearcsi
All creditors who approve our suggestions !. address the
bonds held by ,hsn wy viz 'A'''"' VI
Judge Tenney opened the discussion by sny-
ing that he thought tho proposal a good one.
but ne thought that the citizens were bankrupt
moro than the city.
William Mckinley believed in paying the
bonds 100 cents to the dollar. but he wanted the
holders To- give reasonable time to do II in.
-, Senator Magee said that tho city has no assets
that can I've applied to the deht.
John l.. voorhees, believed that It ia possible
Tor the city 10 pay IFS debt In full but he thought
that the interest in tho near future is too heavy.
A. II. Knapp said that he had thought that the
debt could be scaled 10 5000 900 at six per cent.
Peter Bonnett doubted whether the valuation
OF the taxable property would increase $500 900
q year. rs the proposal suggests. He proposed
that the subject DO discussed and looked into
another week before notion is taken. and after
several others had spoken for and against the
proposal the meeting was adjourned.
Chairman Greene said. in closing remarks.
that 1t WIS palpahlo fact that the city Is swim
died every year by persons who swear OF their
taxes. lie was going on TO tell how much dis
honesty there had been, when be was called 10
order by Councilman sheridan. who had pre-
viously desired to mako u personal eXplanu-
ton and deny that he was u repudiator.