The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-09
YOI. LVI.

by thn hope that III ft DE found either lm-
or unacceptable IN Itself TO the
CstS Council, or TO those friends OF the rail-
road who Submitted the late proposition,
that it will at least serve 10 revive the pro-
fcct, and lead 10 some other plan upon
which NIL can stand. A very large majority
OF our citizens not only desire to see this
road built, but are willing for Richmond to
give substantial cid to the enterprise, IL it
can be safely and properly done.
The fact that the late scheme was voted
down does not prove that we or the people
are aSains: the railroad. II does prove,
however, that the particular scheme pre-
sented to US was very Objectionable.
Our city finances, after having been man.
aged With conspicuous ability and success
for the past few years, are Just now so
threatened with necessities OF paramount
character for large issues Of bonds, coupled
unfortunately with the certainty OF greatly
diminished revenues, that it will require
the most steadfast devotion to prudent and
rigidly economical administration OF affairs
to avert financial disaster.
It is we'll known that under the Sl.40
rate Of taxation the revenues OF this city
are barely sufficient TO make both ends meet.
All departments o! city work are
REDUCED TO STARVATION DIET,
and most unsatisfactory allowances with
which to meet the necessary demands OF q
rapidly-growingc city. Last year, by the exs
ercise OF great frugality, we paid off the
floating debt that had encumbered lis for
some years, and are Just preparing for the
| storm of financial difficulties to burst upon
us in 1880. @"
First. In 1880 the new assessment viii
| take place, under the operation OF which it
=. I,,f ft1 h<~f t,,fn nr hot yx-o
will lose the revenue upon ut least three
millions OF dolars-cquai TO ten cents on
the huudred dollars OF real and personal
property.
Second. On February"1, 1880, the price
OF gus will be reduced from $3.50 to 81 per
| thousand. by which our revenues Will be
still further diminished some S32, 900
equal to eight cents on the hundred dollars
| more.
Third. 1t is foregone conclusion that
the building Of new pump-works cannot
be longer delayed, and putting the sum
needed therefor at s500,000, the interest
thereon will be equal to tax OF nearly
eight cents more.
! These three matters alone will necessitate
| increased receipts equal to twenty-sX cents
on the dollar OF additional income, which
could only be raised, we fear, by increased
taxes to that extent.
Now, then, with such certainty OF in
| creased burthens staring us in the face,
could we, as prudent cust0dians OF the city's
! interests, enter into q scheme for the isSu-
| ing OF ST50.000 more of our bonds unless
upon proposition absolutely necessary to
the maintenance OF our prosperity, or one
almost faultless in protecting us against still
further demands in the near future? Was
that such proposition? /, for one. did not
think so nor did the gentlemen who voted
with me. In the first place, we were asked
10 subscribe S750000 to the stock OF this
company, the annual interest upon which.
il 6 per cent. bonds, would amount to S45,-
000-about eleven cents more on every hum
dred dollars Of value to our taXation-ma-
king Il grand total, il all be done (and the
other three seem inevitably, OF thirty-Seven
cents, or q taX-rate OF LII instead OF 1.40,
as at present.
II successful in making their other loans
the road would be constructed, and our out
lay be confined to S750,000, or, $4,000
every year as long as we and our children
shall live. This would be bad enough.
But suppose they succeeded in borro wing
only half or quarter OF the three and a
half millions, and had to stop for want 81
funds. Then is II not certain that
RICHMOND WOULD BE CALLED UPON TO MAKE
ANOTHER INPUT
OF quarter, or half, or million, or two
millions more to finish the Job. II we pu'
in more money up would 60 our taxes
again and II we did not the property
would be sold and our subscription lost
for, mind you, every other party that sub
scribed money to this scheme would ge
bond and mortgage and interest upon his
capital, while Richmond (as usuaD would
get nothing. Neither security nor inter
est-nothing but SO many shares OF stocl
that might not be worth ten cents pei
share.
For my part, do not hesitate to pro
nounce it the most certain and fatal fnan
cial trap ever submitted to the Council. Ol
course l entirely acquit the worthy gentle
men who proposed it of any such intention
For them personally, and as sagacious bust
ness-men, l have the highest respect ant
confidence. In their zeal for the railroad
they failed to protect our interests fnaE
cialy.
Having found so many objections to tina
bill, although approved and endorsed by ST
many of our leading business minds, l nat
uraliy put forward competing proposition
with the utmost dittidence. advance ii
however, in good faith, and invite any
change or amendment that may serve t(
make it better.
lam, and have been from the start, in
tensely in favor of this railroad-and alst
in favor OF Richmond giving countenanct
and substantial support to it. think Rich
mond can give such aid, aud in manner
4 that will neither raise our taxes nor prove
q &c sink-pocket" financially.
My proposition contempates making
subscription or loan to the new company {!
!, one million dollars Gnstead Of $750,000)
but to be secured by mortgage upon tht
Richmond docks and upon the canal tt
! Bosher's dam, nine miles above the city
where il is proposed to locate the new cit!
pgmp-house, including, of course, the wa
ter.power and privileges upon this level
the right Of the city to an unlimited supply
of water for municipal purposes, and .
pledge of all revenues arising from the docl
and water-rents. This will give us sub
stantial control over the dock and its tarit
OF charges, which, il it should fall int
alien hands, might be used greatly to oul
injury. 1t would also give us contro! ovel
the water-power OF the citg, which, judi
ciousy used, could be made to greatly slim
ulate our manufacturing growth and pros
perity, and would insure us an abundant
| pure, and free wster-supply.
POTENTIAL CONTROL OVER THESE MATTERS
CAExoT BE oyERESTIMATED,
and il we become the large city that San
guine people predict from the building OF
| This road for otharwisa) would he wort h