New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-14
TRYING TO PAY A CITY DEBT
MEETING OF RESIDENTS OF ELIZABETH.
THE DAWSON PROPOsuION-sCALING THE INTEREST
OF THE DEBT.

MEETING OF RESIDENTS OF ELIZABETH.
THE DAWSON OBSERVATION-DISCLOSURES THE INTEREST
OF THE DEBT.
A special committee of the Council Of
Elizabeth. n. j., held q conference with large number
OF the proneD residents Of that city, last night for
the discussion proposition for meeting the cty's
Indebtedness submitted by a. T. Dawson, chair
man Of the special committee. There were present
Mayor T0wncy ex Mayors Green ana Coursen. Senator
McGse tie Hon. Amos Clark IT,, cx-Assembyman
Mckinley, Controller Leggetj. tie Sinking Fund Com
misoners, members OF the Board OF Trade and Eluca
tOn, members and ex-members Of the City
Council, several cier-ymen, and about 100 other
taxpayers. Hardly two men held the same views as
to the best OF freeing the city from its present
financial embarrassment Some Tor scaling the In
terest bonds and paying the principal IN full Others
wanted the principal scaled and the interest paid IL full
while many were in favor Of scaling both.
The meeting was called 10 order by Mayor Townley.
Ex-Mayor Green was chosen chairman, and DR.. l.. W.
Oakley secretary. The Dawson proposition was sub
m'tted Taking the Indebtedness OF the CITY at So OOO
600 10 proposes pay 10 at The end Of forty years BY
means of a sinking fund, when shall accrue from an
average tax-rate OF PSF per cent tax valuation
real estate. increasing from Sll,OOO.OOO IN 1ssO
70 500 100000 IN 1919. This is 90 be- done hv sealing
. t.t In D4r cent "a year tor the frst three wears.
per cent for the Jour- per cent for the noXt four
per the four, and . per cent from thar
fi1ne onward In the meantime the appropriation for
civ expenses If 10 remain unchanged al SlsO.OOO
Mr. Place then offered resolution proclaim
ing the determination or the citizens 10 pay
ILe city's debt in full; but declaring that
u consequence OF their misiornes ana OF unforeseen
circumstances they would be Obliged 90 ask OF their
creditors relief and iudu geuce both TO time Of final
pavuen OF principal and the rate Of Interest," and
therefore moved that the meeting consent that the
proposition then laid before should out 10 the cred
Tors as the sentiments OF tAetaXpHyCrs the civ with
the honest belief that Il all the ety5 position VIII g
low 1t 10 do, and trusting us creditors viii the posi-
ZION OF affairs they really are; and request
ing on creditors who approve the suggestions
OF the meeting 10 address the Controller OF tue
CITY and send the amount of bonds held by them
Judge W j. Tenuy thought the proposition good one
as far as IL went and that although the CITY not
bankrupt the citizens were. The Hon. William Nc
kinney was m favor OF paying the principal IN full, but
wanted the Interest scaled OF 81 cent.
senator Niece thought the proposition a step IN the
right direction, but sac that the Guys only assets
N. taXab. property. This ol5,OUOOOO last year,
and was growing less every year. instead OF in
creasne. John +. voorhees, favored payment in full.
As h. was getting late and many other persons had dlf
f-reut the subject, II was finally resolved 10
postpone further discussion until next Friday evening.