The times. [volume] (Richmond, Va.) 1890-1903, 1897-02-12

lie then went on to cssil attention to the
J fact that the general fund IN the past
had derived benefit from money which
should have Injured 10 the beneht OF the
sinking fund, and that money had peeh
loaned the city on a negotiable note.
which practice was not warranted by inc
ordinance.
The erroneous practices, he SAID, hda
gone on for twenty years. anS the result
was that II would take one hundred years
to wipe ont a debt which snonid DC ""-
initiated in thirty-four years.
Tie grave error made by the Boaru loi
twenty years, re said, was in CONSEQUENT
ing the sinking funds Of the OLD ana new
debts and using them Unfortunately III
redemption OF bonds.
by the False methods persistentiy put-
sued for twenty years" said MT NC
Carthy. the Board has exhausted the
sinking fund by using It for payment OF
all bonds. and Notwithstanding the u. airy
age Of some bonds there Is no SINKING
fund TO go with them. The error was IN
eXcusablc. I cannot understand now con-
scieniious. intelligent men could nave
continued in such practice TOT twenty
years. BY these means the bonded dept
Of the city has grown TO proportions not
contemplated by the charter.
Il don't see anything alarming III the
future. however. for we have the conso-
lation OF knowing that by simply taxing
the amount OF money. which the city mas
always put aside yearly, the entire bond
ed debt can be annihilated In thirty-iour
years"
What would tho bonded debt OF the
city pc to-day If the law had been prop
erly carried out by the Board OF sinking
Fund Commissioners" asked Mr.. Roun-
tree.
WOULD BE ONE-HALF.s
II should say about ore-half,' replied
Mr.. Mccarthy. "rhat is. the amount ac-
cumulated would be an Offset which would
practically make the bonded debt one
half
This wound mp the sinking fund ques-
ton, and Mr. Meredith was asked by Mr..
Rountroe what services the Common
wealths Attorney renders the city Of
Richmond the committee having been
directed to inquire into the matter.
Mr. Meredith replied that 50 far ms he
knew he had nothing 10 do except to adj
just the assessment OF city property
every five years
There was then some discussion OF the
amount paid the clerk Of the Hastings
Court by the city. and the suggestion
made that Il would be better and cheaper
for the salary Of the Clerk to be abolish
ed. and 10 allow him TO charge fees
as formerly No action was taken on this
matter.
A discussion then ensued as 10 the
proper method Of procedure in the future.
Messrs. Harrelson and Noble were IN IA
vor Of taking up the salary list. and
recommending reductions, 50 that some
thing may be accomplished at once.
Mr.. Jones moved that the committee
proceed az the mkt meeting to take M
and tabulate a report from the informa-
ton obtained. Including the list of sal
aries paid the city officials. The motion
was adopted.
\ resolution referred 10 the committee
by the Council providing for sweeping
reduction Of salaries. was then taken ny,
but was tabled upon motion Of Mr.. Mo
BILE, who said tho report Of the committee
when submitted TO the Council would
cover the point.
After some further discussion as 10 The
best method Of procedure. the committee.
at 30 adjourned 10 meet at $50 next
Thursday night