Birmingham age-herald., 1894-12-16
PAY THE INTEREST.

The Mayor and Aldermen would have acted wisely last night if they had passed at least one of the several resolutions lntro- dueed showing their intention to protect the credit of the city. It was the proper thing to do. Prompt action would have put at rest all whsperings or insinuations that there was any intention on the part of the Mayor and the Board, or any member thereof, to delay payment, or in any way embarrass the holders of our city securities.
 Whether the Mayor has or has not ex- pressed his intention to seek compromise with the bondholders, or to defer or resist payment of interest, it is well known, and the AGE HERALD here states it as fact, that he has suggested several plans tending in that direction-all no doubt intended for the welfare of the city. This effort to avoid full and prompt settlement at all hazards is having pad effect, and the Board last night could have set at rest all such runors by declaring it's purpose to pay the interest.
 The AGE- HERALD has often times called attention to the evil effect that would fol- low default in our interest. Not only would this municipality suffer thereby, but every business man and property holder here would have to bear the respon sibility. These bonds and coupons carry on their face the faith and credit of this people. The holders of them sought in- formation Of our people and measured care- fully the character of this citizenship. Nearly all, if not every one, of the banks in Birmingham, through their officials, put the stamp of their approval on the se- curities by writing letters fully indorsing them. They are morally bound to see that they are protected, and it would no doubt afford these gentlemen great relief to have the Mayor and Aldermen now in power declare their purpose to act in good faith toward these creditors.
 The AGE- HERALD is sure that it is not the intention of Mayor Van Hoose, or any member of the Board, to treat unjustly the men who, in good faith, invested in these bonds, and whose money has built these school houses, macadamized and paved these streets, constructed our splendid sewerage system and made Birmingham all that she is. The trouble is they ara them- selves unnecessarily and too soon alarmed. There is no need of default; no reason for hesitating about making appropriations for meeting this interest. The time has not come, and 1t is hardly probable it ever will. Birmingham has passed through a season of.great depression; depreciation of values has been the result. Her public treasury is not empty now, and it is very plain that by continued close economy sue can stem the tide for yet n while. Let the interest be paid promptly as it falls due, using current funds in ex- cess of this interest for governmental ex- penses until these funds exhaust; then do as nearly every city in America does, float treasury script until the time again comes for tax gathering; redeem this script and proceed likewise in 1896. Meantime there must and will be q general revival of busi- ness; values will increase; constitutional convention will have been called, which will grant additional taxing powers. Bir- mingham will rise to her feet, and having preserved her credit, will stand forth the strong, great city that she was ever des- tined to become. Pay the interest.