Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-21
I'm GOOD CONDITION.
NOTHING ABOUT RIcHmoND's rlNAN-
ces TO GIVE CONCERN.
She Has Followed Wise Course I'm Public
improvements and Rstrenchmens 10
Practicable Now-rubiic Spirit

ltJi. ana CtlCUfdttoHS ~ "-s
request by the City Engineer. The esti-
mates are my own:
Our total bonded debt au-
thorized IL .................... I1ll,ooo OIL
Cash on hand and sinking
fund .......................... iff,5if a
Total indebtedness ....".. 7,oe3si II
City Property ................. s5,ls4.7s7 3s
Streets and sewers (coso 4Wp,p "
Value of parks (estimatedD 2OOaVaW
s1f,lsi,737 26
Value Of property over In
debtedness ......."............ flm,V1 W
Charter limit OF bonds IS per
cent. .......................... t,co1,9b W
Less bonds issued and autho-
rized hVoS'oh IL
8 SO5.664 50
In explanat on OF the above figures 1
have taken a valuation of the city pro-
perty from the Auditors report, as per
advertisement ordered by the Council.
which, / think, is far above the actual
value: to this have added the cost OF
the streets and sewers; also an estimate
| OF the value of the public parks, for the
| following reasons:
ARE SOURCES OF REVENUE.
| First, the streets and sewers bring In
| direct revenue in taxes and licenses. The
| license-tax bears a very small proportion
| 10 the benefits derived from the streets.
| To prove this, let comparison be made
| In the taxable value OF property on Broad
street to-day and twenty-five years ago.
also on the property bordering on Church
| Hin avenue.
| | do not claim that this difference Is
due entirely to these street improvements
| but only that private enterprise has gone
hand in hand with public Improvement,
! and thus the revenues OF the city have
| been greatly enhanced. In computing the
value of the parks. l have calculated the
value of Monroe Park. based On the
present value OF the ground surrounding
| II, and have added sum about equalling
| IL, as the combined value Of all the other
parks.
The combined estimates. I think, make a
| very good exhibit--about seven million
| expended and over four millions gained.
| That we have drawn uncomfor.ably close
| 10 our bond-limit is true: but circum-
| stances were such as to render this both
wise and judlcious. few years ago, when
| we, as others, were on The full tide or
| prosperity, much was undertaken when
| seemed entirely feasible-but the panic
came-and with 1t such financial depres-
sion as has been rarely experienced IN
this country; and we were CONFRONTED
| with this problem-whether to abandon
these works, and thus lose to the city all
that had been accomplished 30 far, or In
the face of the financial pressure and
shrinkage of values and incomes to push
forward these works TO completion. The
| latter which II has been demonstrated
| to have been the wiser course, was adopt
| ed and to-day we have our City han
completed, furnished, and occupied; our
necessary school buildings erected; our
soldier-boys comfortably housed and cared
for. and all the departments fully scs-
tained-and this without impairing ouf
credit or reaching our bonded limit by
several hundred thousand dollars.
TINE FOR RETRENcHMENT.
| Having accomplished all this, retrench
ment Is now practicable. The season 4
at hand for arranging the budget for tn
4 incoming year. Let the Committee Oh
Finance set aside $4,000 as contingen
or emergency fund. after which give 4
the various departments such sums a
can be appropriated to their use. with tn
distinct understanding on the part OF al
that these appropriations will not be In
creased unless some unforeseen contingsn
cy should arise, such IA q serious acci
dent TO our water-works, gas-workS, o.
the visitation of some epidemic disease
in which cases this fund could be draw
upon. Let the committees controlling TN
various departments resolutely insist ina
the heads of departments begin the cur
rent year we'll within their appropriations
81. Af,1aT ~
money may be provided from the con
tlngent fund without the Issuance OF ad
| dItional bonds. And should these not oc
cur, the fund so set apart may be applied
to the liauidation OF our floating debt. o.
the redemption of bonds, as may seen
best to the Finance Committee, md th
Council of the city resolve that under NJ
circumstances will they authorize tn
issuance of bonds. the proceeds or which
are to be applied to the running EXPENSE
of the city. A rigid adherence TO thi
plan will change the face OF our anair
az once. establish our credit on the firmes
basis, and prevent the increase OF ou
floating or bonded debt The maintenance
of our credit is a matter of supreme I'm
| portance to our welfare. In the course
a few years it will be I'm our power Il
commence the redemption OF our pc
cent. and other large interest-bearini
| bonds, and substitute for them per cent
bonds. a process which. when complete
| will reduce the interest We are now pay
ing over 10000 per annum. and enabl
us to devote that amount to the redemp
! ton of our bonds, even though we shoul'
be unable 10 diminish their volume.
MUST WORK TOGETHER.
Harmony and concert of action in al
| departmants Of our city government Il
1 krt,. Igta n
things, and this, / think, can be accom-
pllshed when the situation Is understood
| by all. That there have been serious
| errors in the administration OF our analr
Is undeniable-as witness the Eghth-atree
| tunnel-but that the general policy o
| our Council has been sound and Judlclou
is equally undeniable. IL Is TO be nope
| that never in the course or our hlstor!
| can the time arrive when In the constr1c
| ton OF improvements and the acqulsitoi
| OF property which are TO beneht futur
| generations even more than the present
. | II will be so necessary To lay on iutuI
generations q part OF the buruen' as
has been from the close OF the war q
the present time; and could II have beei
nossible TO have accomplished them with
ont exceeding our income IL would nav
heen only Just and equitable TO nav
ughtened our burdens by decreasing on
rate OF taxation; but this applies only y
| narmanent improvements, In the penehV
OF which they will have their fuii share
can think OF but two such tAsths
nresent-one Is the Improvement Oh on
water.works so that all our citizens ca
obtain a full supply; the other Is the es
tahlishment OF an electric plant OF ou
! ouyn which | feel sure could pe aoh
Nth great advantage to the city, as "
J are now paying for lighting the CITY IN
snm equal to the interest on niiiho
"a quarter OF per cent. ponds.
sum nearly equal to the cost Oh our 'i''
Hall. nrr,crrNcy
Having. as think. given fair statemen
oe our financial condition and prospects
and submitted plan OF action when WI
fully establish our credit. ! VIII nov
4 noint out some Of the things In wnieh ="
are deficient. Foremost among these,
regret 10 say, Is a liberal and eniishtene
nublic spirit, the possession OF whicl
has given other cities OF les
nouiation and wealth. public libra
. ries. art galleries, ana other ms,i
tutions which we lack. And nrst
, | Importance TO us Is literary Journs
. distinctly southern. so conducted that IN
, outside world might see US We are. an
not. as from time immemorial. throug
! the pretudiced spectacles OF our neighbor
or the unjust and Ignorant eriucisH
Of foreign writer's