Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-02-03
Communicated.

lComDluD ichtGd.
COMPROMISE OF The CITT DEBT-It il uss-
less to discuss the question rs 10 whether the pfi
vHto property of The city is liable fJr taa pay
mont Of the citys Indebtedness as long 81 tho
courts possess power ID compel Council to mako
speci4l leyies. which power am0unls, in TACT, 10
complete and entire ownership by our creditors
OF ST. property. At IL" limo iho coa.prOnlse %
last year was attempted Tho City Council hnd
the right to 6iscrinast9 IS between green hG@iis
and cOupOEs; against tho latter, consequently We
had the power to coerce acceptance Of tho terms
offered by the city in the new Compromise
bonds; but By recent dac sion Of the United
States SGpfemo Court tho right in question has
been taken from u, and coupons must now DO
received without rebate or discount. Tsi3 de-
cislon Of the hignesL court in ths land is deEruc
tive of our uitlmslum. i. e., fifty Ce1ts and no
more" and many holders o. Our bonds %ao nGG
agreed 10 accept the ofor msdoth roH refuse.
because their coupons nre worth much Tdoio
than the city offers, consequently CUR nltcMpjnt
funding is O complete tsiluce, end the pr&i6ct On
which our hopes rcsLed for tu.uro prosperity IL
di:sipated as the mist before the rsiEe fun.
Now our resident creditors mako proposition.
Even they begin to realize tho hopelcsane.s al
CUR condition, and il tho offer is accepted, per
haps they Will ba able to influence an amount &
bonds sufficient 10 mske sure the success OF the
scheme, and thereby give US, a. less.. temporary
relief Now as this IS q MISTER which vitality
concerns every AleXGndrisn suggestions ttom
even tho hunblcst ought not to ba rejected.
Under the new assessment bill for ihis city, Juat
passed by the General Assembly. tho property,
both real and personal. il all probability will be
reduced TO about three aid 4 half millions, and
how it is possible Fer us, IL thc:c lracs OF greH.
depression, 10 rsae on that amount! of property
from tsxation sum sufficient 10 pay the pTcscnt
running expenses Of tho corporation Snd even
three par cen: interest on tho bonded indebted
ness. is o problem Of difficult solution. If the
proposed compromise is effected, tho interest
will have to DO met promptly, ne By tho bill just
offered in the Legislature by Mr.. Mushbsch,
snd which hiss already been endorsed By oar
City Council, everything we have or expcc. 10
own, even our bodies s!d if it wero possible our
souls, are therein pledged to prompt fulinept
of all obligations Hereunder. With these facts
staring us in tho ihco, Council will be compelled
to insugurate the ncsL rigid economy, just what
to. The all.iluportaEt question seems 10 DO.
whoTo TO begin? Somebody must ho hurt; BIZ.
though tho surgeon nay sympathlZi With hi;
ps!ient he dare not spaTc the knife. We you'd
therefore suggest largo reduction IL tao iorco
OF corporation employees, and also reduction
IL pay; thorough reorganization o. Tue corno'
ration Inuchnerq and lis readiusirnenl on ba
sis within cur ability, which poverty l:S re.
stIctci 10 the veriest minimum. Ihen VIC shall
be in d position 10 meet cur bonGholfcrs, Who,
seeing cur discrimination 10 make sacrifices and
not eek AL OF them, will CO operate with Us IL
tho EcrCulosn eif.'rts 10 put the old town on ~
legs sShin-e contamination so davGuLiy prayed
fo7 by all cur people, sld for which the Gazette
nhs lsbored so long snd faithfully.
FIRST WARD.