The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-03-02
a STATEMENT OF FACTS.

To THE EDITOR OF TIE TIMES: Tho
! request on the part of the president OF
| the Roanoke, Fincastle and Clifton
Forge Railroad Company, made to the
City Council at the last meeting, that a
special committee be appointed to con.
fer with the officers OF this propo sed
line, looking to the com pletion of the
road into Roanoke, toge Their with the
information arising from the sam g
source, that the city will be eXpe ted 10
subscribe Sl00,t00 in city bonds to fur
Their the enterprise, give rise to several
vital questions. These questions may
not affect the manufacturing, business
and real estate interests OF tho CITY.
but they will certainly affect the mu.
nicipal standing OF the city, and every
tax payer and citizen will in short
time feel the depression caused by the
continuous drain of interest on the
bonded debt, sapping at the very vitals
Of tho city jvernment, and Gripping
every effort toward the improvement OF
streets and sewers.
The first question is, can the city
afford to issue ad6iliona. bonds? The
total bonded deb. Of the city is now
SSl2,G00. Of this amount $1,000 Of
school bonds yet remain unsold, leaving
an outstanding indebtedness OF S76I 900,
on which the city viii be paying inter.
est the first day of next July. The in.
terest on this bonded debt is SIS 500
and the sinking fund tf per cent. re-
quired to be set apart annually from
the revenues Of the city on tho total
amount Of all bonds issued, aggregates
S1,Gl0, making total Of interest and
sinking fund 10 be paid out OF the cure mt
funds each year CT S53,270. This is the
amount that the city is liable for on ac-
count OF the present issue of bonds.
Now as TO the revenues. The ASSES.
sed valuation on personal property is
S3,36l 800 and on real estate, 7.5OS ,OlO,
making total assessed valuation On
both real estate ard personal property
of $40, SEQ 5l5. The taxes assessed on
this amount of property for tho city
foots up to Sl35,S66 Delinquent taxes
will certainly reduce this amount 20
per cent. which will reduce the reve-
nucS OF the city from taxation to SllO,-
0U0. The other sources from which tho
city draws revenue are taxes on Ii.
censes. ranging from S:3, 900 10 S24 600
per year; market receipts and polio }
! court iines. TIE two latter will prob.
ably reach $1,000 year. so tho total
rcVenn's of the city. which can DE
counted upon, will ha,dly exceed Sll3,.
Geo. From this amount must also be
paid commissions, averaging nearly
| $1,000 a wear
Thus IL will be seen that tho ava;la-
| bic funds for current expenses, after pay
ing In crest and com missions, Il mounts to
something like >Si 600. This is pract!c.
ally tEo situation. The city cannot in.
crease taxation because ii is now TO its
limit.
The Charter provides that The city
may issue bonds not 10 exceed 10 per
cent Of The assessed valuation. Taking
this for granted, though il ia by no
means possible, bonds TO the amount Of
S215 900 may still be issued. Should
this be done, and tho bonds issued for
railroad purposes, it would practically
| prevent tue further issue OF bonds { +
public iEu orovemcnts FOR several wears
| 10 come. Following in the track OF this
| comes the cold fact that the bond appro
| pTlauons heretofore voted by the people
have been alIuoss exhausted and yet tho
work of making public improvements
has not much moro than begun.
Roanoke has also an expensive mu-
nicipal government. 1t takes $40. 600 a
| year to run the police force, and the
o1Iho AihOuu1 10 pay salaries or The
various officers Of the city government.
The fire department costs ST. 900 a wear.
| and to maintain the almshous and
| take care Of the paupers costs $4,000.
For keeping up the public buildings,
furnishing fuel, ianitors, and other ex.
| penses, not including tho public schools.
costs 5000 Il year Water and gas has
been costing about SO, 600 year The
Jail costs the city between 5000 ana
| $1,000 year.
Now we arc up to about SO 600. and
yet not dollar has been Appropriated
for public in provements. There is
only Sl4,U00 Loft, yet at the beginning
OF last fiscal year, s2o,Oo0 was appropri-
ated for street repairs alone. No won
der tho city treasury is demoraliz I'd,
and the Council has to borrow from Tho
bond appropriations to pay contingent
and current expenses.
Should the proposed 100000 of rail.
road bonds he issued, its effect is not
only to cripple the revenues of the :ity.
bad as they are, but its worst effec. will
be to dollar the issue OF further i'm
proyement bonds First WApn