The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-11
ELIZABETH CITY'S BIG DEBT.
AN EFFORT BEING MIDE TO LIGHTEN
THE OPPRESSIVE BURDEN
The Arrangement that II IL Thought nHg he
Made with the City's Creditors-Sone Dis-
henrteninx Figures and "A CLEAN of Hope.

years old. with population Of about 2S 900 and
an assessed property valuation. this year. OF
only 81 600 COO has managed to accumulate n
debt n nearly $4,000. 600. and Is sued for largo
debts which sho cannot pay. During tho pres
ent year she has not paid q single dollar to her
teachers. police. nremen. or any officials what
ever. Her treasury IL empty and unless some
extraordinary measures arc taken 70 replenish
IT, II will continue to be empty at lenst until
next October and possibly for an indefinite
timo thereafter. In this emergency it has
been suggested that something must DO done.
There was n private meeting OF officials
last evening for consultation Rs to what that
something should be. The Sinking Fund Com
missioncrs, Mayor Il. W. Townley. Comptroller
Il. B. Lcggett c. B. Place, f.. @. Brown, and
Eugene Ely met with n committee Of tho Com
mon Council consisting OF four Democrats
and four Republicans. ono from each
ward OF tho city. Messrs. T. II. Frank
lin. VIM. Connolly. +. Otto Walter. Joseph
II. Grier A. +. Dawson. Alcx Forbes.
Langton W. Reobo and Reuben j. Ryan. They
doom it inadvisable to make known at present
the details Of their contemplated arrangement.
as It will not be fully determined upon until
Friday evening next. when these same officials
will hold u consultation with an invited body OF
the heaviest taxpnyers-one Democrat and one
Republican from each ward-and will present
for their approval the maturcd plan for relief
| In the main. this plan Is at present understood
| TO be the issue OF n sufficient amount OF bonds
| 10 meet all pressing demands bonds having
| some forty years to run and bearing at the out
set n very low rate OF interest. probably not
moro than per cent. the rate OF interest to in
| crease IRON time to time. 1t Ia believed by the
| projectors Of this scheme that tho holders OF
bonds now due or nearing maturity will gladly
| thfa faana of honda nuI TINT
| the bnsis OF this amicablc adjustment OF the
city's difficulties 1t will be practicable to collect
| taxes and negotiate loans 10 an extent ample TO
| put the city on It's feet again.
| The bulk Of the city dobt is held by hall
| dozen individuals or corporations. ana tne re-
| mhindcr IL we'll scattered. The Singer Mnnu-
| featuring Company and iis members indiyid-
| uglly hold about Sl2OOOOO ot the bonds gud IN.
| dr't"lnrss uIon temporary loans. Tho Mutual
| Benefit Life Insurance Company ot New York
| holds 81 600 OOO: some Hartford. Conn. insur-
| nnce companies hold about $500 900. and s1mc
| private individuals of largo wealth ia Now lork
| hold from 500 900 To- 5000 200 each No New
| York insurance company - known 10 hold any
| OF The Elizabeth bonds. The Sinking Fund
| Commissioners are Of tho opinion that such an
| arrangement rs that proposed Will give new
| encouragCmsntt 20 the now depressed citizens 81
| Elizabeth, All be the means 81 npprcciating
| the value of the.r property md grant ng them
| new lens' oi prcsprrity. In estimating the
cauArty Of the city 10 mott lts indebtedness un-
| der the new plan. however they proics- to have
| restrained themsclNrs from tQ9 sanguihc
view OF tle future. II the boniholders do not
accept what lhcJ ;r"nosq to offer then. they
| holders 10 take the city and sec II they can do
| any better with It. Citizens have become thor
oughiy dishcartrned with the present stat.
Of things. and many positively refuse to pay
| any more taxes until thero can be some
adjustment by which gllGam Of hope may ,ap-
| take my property and my curse with it, IA
| often heard among them. Better burn the
| city down and be done with II than go on with
| our noses to the grlndstons In this way" some
even go so iar ns 10 say. The better classes OF
every dollar OF the debt shall bo ultimately paid
| but there is n stronger element among those
| who are voters but not taNIhyers. n iay'r 81
Yesterday: There are not four out Of the six
| teen members Of our Common Council who
| own property ana nay thNcs. hhd am sorry 10
| say that some OF thrin represent constituencies
! holly in favor OF regulation, and, as poll
| tcinns. even though they recognize the Shame
| aud dishonesty Of such q measure. they will
| hnrdly dare tp vote ngninst whnt they know 10
! ie tho feeling OF their constituents. With them
| W. expect tu have a hHrd fight in arriving Ht
| any Just and sensible arrangement OF our Imam
tnclcss 80 iar. at beast, ~ u proposition 10 the
| houdhoid"rS which " 10. OF course, l." depend
| cut upon their acceptance for nnhl concu-iou.
| When speculative mania attacked EIHphcih
| In 10. n aud Y. streets wrre made sewers
| consiTu ted. gu- uui water scrvi'r PROVIDED Tor
ior n city of lJo 900 inhabitants. But never
| got more than - pn. and they were saduirl
with drit OF s3.5 5000 i9r thg'r m4gniii cnt
| loud- issued o. meet that vast expenditure in
| Ia trtal
'i. w ~, n , ~ " M ~
| ', fnri, ni,i H.. iru,.tiv,. r.snurs' ~ iasuinC
| -, ,,ls - q, ,,,i ,,,,l .,,,.t,,i a., ~ I
| lN'l' ~, mus ~ "NlN' NV, ~ .'',u ~ uu'
| NOW. Wh,n thr Noul lIulrI ,tlls Mo nuhicipWl
| hrud roll. n pros 'tts iho following gha5ty re-
| mIudpr. ut tudel tednnss:
lmpro,r ,rncri hnud.. se7a"o issued six ani seven
ar- ~. Z. inU cue ~ ~ alh ~ sold Tor o'@9p OF
~ , & ,.. u, ., -ei IN ,s,, i,
y W i M ,i ,,i,i1,, a ni r,ycn.a bords !, ~
| giaccI at " cents
Funded assessment hords S7i2 90. issued in - ~
meet rebates upon improvement "s essneni' taken At
Ni,.ni> ,,t.,., s,,,n,, i..,.t from, ,-,,, 90, D.,
'' " M W ,, w, m ;i nm ,,,rit,,,' ui,ccI
"fs.st cent ur th,,e ,t.ip,i iaii due %, st,rsr
schoo houeo houus $ntool, issued IN - aud "a and
sod Tor ~ cents . -
MlS,' i"' , nnI IVY h''' ooh'' s''V" issued III ~
ana a % sg W ho,s B. opp l..uel In II and SOLD At a.,
r,lds
lax arrraragc- bombs s2ttO on o. which The taxes OF
Tho cl rom 0b tn - W'h the interest npon them are
l.gr. Ihel' nrc---u que ana nnnilh "l m3s, taxes
a. 60 .Vs' ~ s, ~, H. & sh ~ o 81 - "'"
| int"rc.t ri,n llo,e .iupartrt luin- "a, 73D
| state ani cuuni, lax .. nHrnil. siII2i u
Duo CONTRACTORS. tGGi -,
| Awmd, iHr street ogrnnts. sls'i2ln
| i t,rti', ,, 'n,' ~ AiH'iI ''7''"
| .ml""' '''', ,
| The yisinlc resources oi tho city. TO meet all
| those liabilities ~ reported 'S;
| bonds in siukng tlnd slp6JO
| Interest on h.nis 81 SO "
| 'hsi "n hAhl s''''"'"