Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-29
THE RICHMOND DIsPATUH-FRIDAY. JANUARY rs. 1870

nya.,,iss ' ~, scociaI ordlnances And thus
The total disbursements for the fiscal year
ending the 3ist of January, loo' eto,s
AZ, ST. or slH,7i0 more than our rsoS s,,,,,.
SPENDING MORE THAN WE 1nt.
These facts are not presented IN s ;pnse
Of hostile criticism upon the WORK OF ,n'.s
in authority. Doubtless had many OF ~
bean present we would have fohoWed tns
practice Of the past, needed the cails upon
the city's treasury uor al th no,,eS sor
ward TO a more prosperous future 10 meet
But to-day we are confronted with the
fact that we, the people OF hic .ln,9t,.
have been for number or years spehun's
more money for current expenditures thNh
the amount Of our current receipts. :.
How long my friends, can we Keep IL
up? Where viii It lead TOT Snal we
continue on the same line or poicy
III SO. what will be- the inevitable result
The destruction OF our credit, loss OF
business interests already here, menace
to such new business enterprises az may
| seek our gates, and finally an irreparabie
| injury to our schools, Fire, Police, Health,
| and every other department depending
| upon the city for its support.
| II Is but q question of how long we
can continue at the present ratio or re-
| ceipts and expenditures, and the period
\ cannot exceed few years. The idea OF
| increasing taxes Is not to be thought OF.
| Against II every Businessman struggling
| to keep his enterprise anoat; every pro-
n ne with empty houses confront
/ ing him on all qides; every laooring man
who new works In constant fear OF losing
| his place. or, still moro trying, walks the
| streets of the city in enforced idleness
vainly looking for employment All these
| with one accord protest against the idea
| of increased taxation. There Is no sentl-
| citv offcials: and best Of all there is
| no necessity for resortiDg TO such
suicidal course.
WHAT MUST BE DONE.
our receipts, as we have seen, may be
safely estimated TO reach, say N,2SOOV)
| per annum- our two fixed charges are
! $4,000 for interest and $1,000 for the
| sinking fund, thus leaving a balance OF
| about $4,000 TO meet the other current
| expenses of the city government our
| excess Of expenditures over receipts Tor
| the fiscal year ending the 3lst of January,
| 1896, was. as we have seen, S4l,VO 10 SO
! reduce expenditures as 10 destroy TINS
deficit Is the problem. and IL IS problem
| which | believe our city authorities VIII
solve 1t must be solved. There Is abso-
lutely no other alternative.
/ cannot attempt i'm the limits or this
paper, already extended beyond my eA-
pectations, TO point out the line aloilS
which these reductions should be maze.
/ know It is a difficult and embarrassing
duty IL will require great prudence ana
decision. But ! look for all these In our
officials and the public sentiment when
makes or unmakes administration. Need
/ appeal 10 the patriotism, yea, the
common-sense. OF those in authority, ana
of all who receive ecmpesn1ss;atiqpin IpO Iron,
be met and IL can only be remedied py
striking from the list Of the city presenI
burdens, those for which she - no'
| legally liable, and so reduce the remain
ing expenditures as to brisg them safely
| within our corrent receipts. or the aD-
, soute necessity for this course need nol
: further speak. Nor need pause 10
60. 10
men the beneficial influences or such re
suits upon the whole community. w
need more capital invested in enterprises
. giving employment TO labor, We nave
! wateT-power locations, and labor-all u
be obtained at reasonable prices w,
have the raw NATURALIZATION, LUMBER
! iron. coal-in easy reach. We nave anpi'
! transportation facilities to the market
competltion every item or expense
! taxes, Insurance, freight rates, and rate
of discounts-go to determine whether a.
e enterprise shall live or perish, whetne
capital invested shall receive proh'
4 and labor employment at living wages
NO INCREASE OF INDEBTEDNESS
One more word, Mr.. President, and
n | shall close In order TO establish on
a | credit upon the surest foundation w
A need not only TO stop the Increase or on
"a bonded Indebtedness TO keep our annua
expenditures we'll within our annual re
ceipts. but we must guard well the rs
quirements of our charter ana orol
J. nances to pay over to the SinkinB-tun
: commissioners each year l per centui
@ unon our bonded indebtedness for IN
n LIQUIDATION Of the several issues OF pohd
y as they shall hereafter mature, ia,
Unfortunately. i think. for the city
70 there has been In the past no specls
IT issue of bonds for special purposes, no Sc
70 gregation of the whole amount into Va
II rious issues 1t Is always Wen 10 sepd
J. rate bond issues into bonds, we VIII say
. for construction of water-works, ga'
IS works. CITY hall, etc. not only becaus
n II keeps before the citizens the purpos
IS FOR which the indebtedness was lhcurrss
= and the cost of the plant or other OF
Il iects of expenditure, but IL enables, an
indeed requires, the Board OF Sinklnt
e Fund Commissioners TO keep segregate
4 the amount Of per ,0 otntg tbe,r on hand SS
m and as a consequence, only 10 apply u
2 same to the payment OF each speclf
N issue of bonds. The theory Of a sinkin
N fund IS that cotemporaneous WIN ~
m issue by the city Of a block or bono
CD there shall be dedicated from her currei
I. revenues l per centum per annum on u
I'M amount OF such issue, which sum so del
w Gated shall be paid each year 10 III
On Sinking-Fund Commissioners who sha
"a invest the same I'm Understanding $
le curties. The semi-annual interest upc
this fund shall in like manner, togeth'
is with each recurring annual payment,
reinvested Thus. by semi-annually cor
10 rounding interest, and the payments II
H. thirty-three years of the per centum,
m above described, a fund Will be aecum
1t lated which will equal at the expiratiC
y of that period the whole amount OF q
;. bonds so issued. This explanation W
or show that the Sinking-tund comm
49, sioners are trustees both for the city al
~ the creditors; that the assets in the
~ hands are 10 be invested and held 4
"a the reduction of specific Issues OF bon
"a as they mature, and not applied In gro
- | TO the payment and cancellation or any
NJ the bondeS indebtedness as II may
e come due.
- WARNING. NOT DISCOURAGEMEN
10 Let us observe these principles whit
as | | respectfully submit are sound In la
ge ! and finance I'm the management or o
sinking fund, and we will sun furth
strengthen and fortify the citadel or o
~. | municipal credit.
- / while from the foregoing presentation
- our financial status we must draw lesso
al of solemn warning. yet they need not
cn | lessons OF encouragement. Inc best s
OF curity against disaster Is 10 recognl
=, even afar off the signs OF danger I
IS difficulties presented Will be bravely a
IS, successfully met. our city and her pc
IN ple have great resources. The history
e. me past assures IL. while the future hol
ne for her still greater opportunities. w
en- hearts alive and loyal 70 the best
ry terests of this our beautiful home, let
ID go forward with confidence TO meet I
x trials. and. believe, the trumphs, viii
L. are 10 come.
ed Upon resuming his seat Mr.. Munfc
W, was loudly cheered. and was heart
wv congratulated by many gentlemen NJ
vn him. His address was . brilliant effo
lot and was delivered with much force.
to REFRESHMENTS AFTER TIL
10 10 SPEECHES.
m President Halves said that in beh
Ild Of the Chamber of Commerce he
Us sired to extend to the three gentlen
'ea whose eloquence and instructive
&c dresses they had all listened TO with
ar much pleasure the hearty thanks