The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-16
TO PASS AS CURRENCY.
sS00 600 IN Pen CENT. BONDS TO
BE ISSUED BIZ THE CITY.
IL n Believed That These Bonds VIII
Pass in This Community as Legal Ten
der-Other Work Of the Board.

| Board OF Aldermen, held In the Council
| chamber last night. the following men,
bers answered to their names at roll-call.
Messrs. Dickerson chairman, Allen, Car
ter, Cary, Davis, Gray, Gum. Hard xicke,
Mitchell, Mountcastle, Reeve, Tanner.
| Taylor and Turpin.
| After the reading OF the minutes the
| Committee on Streets submitted their re-
port recommending the establishment Of
| certain grades and paving. and also ie-
| commencing the establishment OF an al
! ley between Second and Third and Cary
and Canal streets. an alley between Mar
| shall and Clay streets east Of Fifth street.
an alley from Twelfth street betw zen
| Broad and Capitol streets. and also an
| alley from Cary between Fourth and
| Fifth streets. The report was concurred
| in by the Board.
| 1t was agreed that the sum Of $4,000
be appropriated for the purpose OF re-
paving Brown street between the Chesa-
peake and Ohio railroad and Fifteenth
| street
| The Finance Committee then submitted
| the following recommendation:
That the Committee on Finance be, and
they are hereby, authorized 10 issue on
such terms, at such times and Of such de-
nominations. not less than five dollars. as
| they think VIII produce the most ready
sale or the same, four hundred thousa I'd
dollars in six per cent. bonds Of the city
| OF Richmond. The said bonds shall ma
ture one year from date OF issue. and
| shali express on their face that at or af-
Ter their maturity the city will receive
| them with accrued interest TO maturity
| Humiliation Of all
and claims due the city. The net pro-
ceeds Of said bonds shall be placed to
me credit Of an account known as
| Temporary Loans"
Some discussion arose in connection
with this resolution. Mr.. Dickerson
| stated that he was entirely in the dark
on this question. He wished 10 know
| where this money was going, and what
was the extent Of the city's indebtedness.
and how the money was expended. be-
fore he could vote for the resolution.
| Colonel Tanner stated that the CITY
was indebted for work done on the city
| Hall, and for street Improvements. &c,
and that the object of issuing these bonds
was 10 relieve the city 10 some extent
| Of her present embarrassment
Mr.. Allen said he thought he could
| offer some explanation Of the scheme
| The city was unable 10 meet her pay
roll, TO pay her employees and contraC
tors. She was unable TO borrow money OF
| TO sell her bonds. The time had come
| when she would either have 20 issue these
| bonds, or go TO protest within the next
thirty days. The object OF the scheme
would be to give the city currency
which would pass practically as legal
| tender in this community. II might be
| stated as a fact, said Mr.. Allen, that
these bonds would pass as currency in
the city Of Richmond. The city through
| this means would be relieved of her
| temporary embarrassment. pay off en-
| ployes and settle bills for the next twelve
months. Mr.. Allen believed that the
| scheme would not only give the city
| government relief, but would serve as a
| relief TO the citizens as well. The plan
| had met with approval at the hands Of
| prominent bankers, business men, the
| Mayor, the City Attorney and others.
! The Finance Committee had first de-
sired to issue the bonds in the denomlna-
| ton OF one dollar. but IL was found that
| II the bonds were issued In denominations
| less than five dollars, the city OF Rich
mond would be subject to a tax OF ten
| per cent. on every denomination less than
| that amount.
Mr.. Reeve asked II there would be
/ any danger OF depreciation Of these bonds
I'm case Of extreme financial depression.
Mr.. Allen replied that he did not think
there would be any danger to the reve-
nues Of the city on that score, certainly
not before July 1, 1884,.
Mr.. Turpin thought the movement
would be an advantage, on the ground
| that the city could take the bonds AT
maturity for taxes, instead OF cash
Mr.. Dickerson stated that while he could
| not afford to vote against the recon-
mendation, he protested against being
| forced 10 vote for measure of so great
| importance until he had more thorough
| knowledge Of It. II ne voted for the
measure then It would be a step in the
dark. He wanted time To consider the
matter and look into It from several
| polnts Of view. He therefore moved that
| the question be tabled until next Monday
night, when the Board might take action.
Colonel Tanner stated that the Board
| did not have time TO walt. At this time
| the city could not afford to stop and
| trade horses"
NIessrs Turpin and Hardwicke spoke in
| favor OF passing the measure WITHOUT
| DELAY. while others advocated the plan
| ~ nostnonine the measure until Monday
| ni-ht-
Trpon motion OF Mr.. Taylor the question
| was nut. and the motion TO table the
| recommendation OF the Finance Commit
| tee was lost.
THE recommendation above mentioned
was then unanimously adopted. The re-
| ports of the various committee were then
read.
An ordinance was passed providing for
| the Immediate punishment by the police
Justice of persons violating the law In
regard 10 cruelty 10 animals
An ordinance prohibiting street cars from
travelling more than four miles per hour
around curves. and FASTER imam eisnt
miles per hour at other times was passed
as was also an ordinance providing that
private teams give street cars the right
OF way after being given reasonable no
tice OF the latter's APPROACH.
Thu new plan OF opening and grading
| a number Of streets In the annexed portion
OF the Lee district was concurred In by
the Board.
The Committee on Finance was instruct
ed 10 provide the funds 10 the amount
| of 5000 appropriated for the pump-house
OF the Water Department
The resolution instructing the Commit
| tee on Ordinances to report the revised
| ordinances as whole Instead Of In sec
lions or patches was concurred in by the
Board.
on motion OF Mr.. Turpin the resolution
In regard to the appointment Of a special
committee to consider the question or re-
ducing the number Of councilmen ana
paving regular salaries was laid upon the
table indefinitely.
The Board adjourned at Hos o'clock.
10 ri Of Fire commissioners.