Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-11-27
cLARKsvILLE's DEBT.
Trying to Compromise the Bruce
BOnds--The Town Looking Up.

Trying to Compromise the Bruce
BOnds-The Town Looking Up.
CHASE CITY. VA. November b.
Especial 1.-The town Of GAINESVILLE. in this
county. for many years has been burden
ed with heavy debt, which has to some
extent retarded its prosperity. Now
prospect OF relief appears to its people.
About 1856. when the Roanoke Valley
railroad was In process OF construction.
Clarksville subscribed. In its corporate ca
pacf.y. $4,000 to the enterprise. Mr.. David
shelton. then the owner OF Buffalo
Lithia Springs. was president OF the rail-
road company. and prevailed upon Mr..
James e. Bruce. wealthy gentlemen
Of Halifax county, Va. to advance the
money and take the bonds Of the cor
pora,ion. The interest was promptly paid
10 about the close OF the late war.
After the cessation Of hostilities the
incorporation became defunct. and no
election of Town officers was held. and the
payment Of the interest ceased. Mr..
Bruce died many years ago, and the debt
is still held by his heirs. Various legal
expedents have been taken TO compel
settlement, bur without accomplishing
anything. There was no ofiicer Of the
dead corporation upon whom to serve
notice. Judge Asa ID. Dickinson. OF
the Circuit Court. once Issued man.
damus for the town to hold an election
OF officers. The polls were opened on the
day appointed. but not a solitary vote
was cast. This dilemma still exists. The
citizens OF the town have evInced a dis
position to effect some settlement. but
heretofore. have made no progress In that
direction.
THE TRACK TAKEN UP.
The railroad track from GAINESVILLE 10
Manson. N. c.. for which the subscrip-
ton was made. was taken up by military
authority during the war to construct
the Piedmont road from Danville south,
and all the rolling-stock carried OF. leav-
ing only the roadbed and few depot
buildings
Last week Mr.. G. NJ. Bruce. OF Wash
ington. ID. c.. as representative of the
Bruce bondholders, visited the town. and
a large meeting of the citizens was held,
to hear a proposition from him. He
stated that as attorney for the bond
holders he was in a position to offer
compromise, and would accept $4,000 in
bonds Of the town in liquidation Of the
debt and accumulated interest.
Several citizens replied that in view
Of the disastrous confiagration few
years ago, the bank-failure. the financial
panic, and other misfortunes. they were
not in a situation to accept the PROPOSE
ton. Another hindrance was the statute
law of Virginia prohibiting towns from
exceeding the rate of taxation Of the
State for realty and sufficient revenue
could not be raised TO pay the interest
at present assessment
Mr. Bruce then stated that while he
was not authorized TO offer any COM
promise other than the one stated, yet
ne was convinced that the question. as
viewed by the citizens Of GAINESVILLE, was
a fair and just one and agreed with
them that the compromise offered was
more than they could pay. He asked for
a proposition from the citizens. and Offer
ed his services TO present II to the bond
holders and urge its acceptance.
After more discussion II was decided
that an offer of $4,000 be made, and a
committee consisting Of Thomas N. Will
liams. ]. A. Drake. w. II. Russell, and
]. ID. Pettengill, was appointed to take
charge of the matter. and IL possible
effect settlement upon that basis.
Under all the circumstances this propo-
sitIon is considered a liberal one, within
the power of the town to meet. and
1t is confidently believed settlement
will be reached.
is LOOKING UP.
The town has in the last few years
shown wonderful vitality. and when the
old debt incumbus is lifted 1t will start
on new career of advancement and
prosperity.
The Reams Springs, near Clarksville.
have recently been purchased by Angene
& Veon, of Fostora, o., who intend erect
ing hotel and cottages there and making
a summer resort of the place. The water.
although of local reputation. has long
been known 10 possess numerous poten-
tial medicinal properties.
The Mineral Hotel property here has
been leased by Mr. Ed. NJ. Holt for an
other year. and in view OF the large
patronage this year the owners contem-
plate making extensive improvements
DIR. Hammett Moss died in this county
last week in the SD year of his age. He
had practiced medicine at and near
GAINESVILLE for nearly forty years.