The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-04-15
1Nnnclicster,s Debt.

DtOts
The BoyDHoLDERs REFUSE TO ACCE.'r THE
PROP0slTICs HARE BY TUE MANCu ESTER
C0AAITTEE--A COMMITTEE APP0ISTEi' To
MAKE PROPOSAL FOR THE CITY TO Ac'
cEPT-wHAT MANCHESTER WILL DO, &C.
a meeting Of the Manchester bondhoId
er,- called at the request OF the committee
appointed by the bondbolders 10 confer
With the committee from ih, Manchester
Council relative 10 tbe debt auesti0n-wa
held in this city yesterday at 12 O'Clock at
the Office of the Merchants and Mechanics
Insurance Company. Herbert A. Claiborne.
Esq, presided, and Mr w. L. Cowardin
acted a. secretary.
a proposition prepared by the Mauches-
ter committee for the settlement Of the debt
question was offered 10 the bondnolderS.
After discussing the matter some time they
decided not TO accept the proposal, but ap-
pointed committee OF eight, who will
write out proposition which will be sub
mltted to the Manchester committee for
their agreement. The following is the com.
mitee: w. l.. CowardiD, Il. w. PickrelI,
Rev. w. q. Lpmpkiu, w. G. Seldom. Colo
mel T.. p. Meredith, T. III. Leary, w. M.
Woodward, and II. a. Claiborne. II il 10
be prepared ard submitted at the next
meeting OF the bondholders, which takes
place May l2th. The proposal made by the
Manchester committee was claimed to be
the best that the city could make just now,
and reads as follows:
$4,000 "JaqueIin Taylor" bonds remain
as ut present. AnBual interest. $4,000.
S92, 900 bridge bonds, 10 be funded as OF
1st May, 1879, irfto new bonds Of same Sc
curity, bearing per cent. interest-the in
tereSt coupons for first three years utter
date, instead OF being payable, to be fund
ed into like bonds as those from which they
are taken. and this 10 be so stated on their
face-coupon falling due November 1, 1892,
payable. Annual interest, $1,000. The
iundsble interest not TO be fundable until
the expiration of the three years, and 10
bear no interest until funded, and so stated
on coupon.
$50, 900 0taX-receiyabie bond, to be fund.
ed as of lst September, 1879, into new
b )nds OF same security, bearing per cent.
nterest-tbe interest coupons for first three
years after date, instead OF being payable,
to be funded into like bonds as those from
which they are taken, and this to be 80
stated on their face-eOupon falling due
March /, 1883, payable. Annual interest,
S3. 600. The fundable interest not to be
fnndable until the expiration Of the three
years, and TO bear no interest until funded,
and so stated on coupon.
$4,000 real estate bonds, to be funded as
Of Ist July, 1879, into new bonds OF same
secu iiy, bearing per cent interest for eight
years aLd 5 per cent. .tbereai,er-the interest
coupons for first three years after date, in.
| stead OF being payable, 10 be funded into
| like bonds as those from which they are
taken, ard this to be so stated on their face
coupon falling due January, 1888, PAYABLE.
Annual interest, $1,000. The fundibie in-
terest not to be funded untl the expiration
Of the three years. and to bear no interest
until funded, and so stated on coupon.
S23. 700 plain bonds, to be funded into
new bonds as OF their proper dates, being
date OF last payment Of interest, bearing 4
per ceat. interest. The interest coupons
for first three years after date, instead Of
being payable, to be funded into like bonds
as those from which they are taken, and
this 10 be go stated on their face. Arnr2l
interest, S9i9. The f"ndatIe interest rot
to be funded until the expiration Of the
three wears. and 10 bear no interest until
funded, and so stated on coupon.
All bOnds to be Issued for thiriy.four
years from date, and rcdeemable after fiji 81
Ieu years at the pleasure OF the city.
$4,000 floating debt, to be paid gradually
between now and November |, 1882, and Il
bear per cent. intere-t IN the mean tine.
At the suggestion of the Committee o
the Creditors the foregoing is respectfully
submitted by the committee on behalf O
Manchester. j. III. PATTES0N,
p. B. SIMS,
J. X. PRRDUE,
B. A. NUNNALLY,
| tD.Nxr