The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-13

A Clear Statement OF Facts From Colonel
"A. {. Jones.

n. {. Jones.
Editor Of The Times.
Sir,-A few short months ago the people
OF this city elected majority or inc
membership OF this Council, on platform
which demanded Of them that the an
nual appropriation for the expenses OF
the city should not exceed the annual
revenue; that there should not be any IN
crease of the debt. and that the boating
debt should be reduced at least 10 per
cent. per annum; that all departments
OF the government should be shorn OF eN-
trayagance.
This Council has endeavored TO act well
The part assigned 10 II; 1t has been able
TO accomplish very little, I'm comparison
to what could have been accomplished
with the hearty cooperation Of all con-
cerned. 1t has not had the support OF the
Board of Aldermen to some of its meas
urs; it has also had to combat certain
office-holding influence.
The preparation Of the budget for this
year required most careful study before
il could be go framed as 10 maintain by its
provisions, the pledge TO live within th5
annual income II was not possible 10
make any provision for the retirement
Of any portion Of the floating debt. save
to pay TO the Sinking Fund the amount
due il for the preceding year. This
amount was provided for when II was
reported by the Finance Committee to
the Council On a disagreem Mt between
the Council and the Board of Aldermen.
the budget was referred to Conference
Committee which Conference Committee
reduced the amount appropriated TO the
Sinking Fund TO the extent OF $4,000 The
budget. as amended by the Conference
COMMITTEES was finally adopted by both
the Council and the Board of Aldermen.
and became the appropriation ordinance
for 1897. the Council pledging itself by
vote not to exceed the annual estimated
revenue.
The estimate of this revenue was made
by the Auditor. after a careful cOnsidera-
ton OF the expected income for the
current year. and, notwithstanding his
protest. a majority of the Finance Com
mittee added $1,000 to this estimate. thus
practically beginning the year with an in
crease of $4,000 TO the floating debt, by
not providing. as stated above. for the
amount due the Sinking Fund. and this
addition.
The floating debt already amounted TO
the sum OF s315. O00-thls on February /.
1897. There has been appropriated beyond
the appropriation ordinance a sum greater
than $500. Against this excess Of an
preparation there has come. into the CITY
treasury the sum of = 900. which can be
considered as proper offset against this
extra appropriation. The delinquent tax
claim against the Chesapeake and Ohio
Railway Company. for the sum of s253.-
1851, was compromised by accepting the
sum OF S3Sl3l.53 Considering this as n
part OF expectatnt revenue from dellnonent
taxes. II should not be treated as an ex-
cess OF Income until the estimated amount
OF income from all sources has ben col
lected. vi
On November LIST the floating debt or
the city was 1924. 20. against which all
moneys coming into the treasury between
now and the close Of the fiscal year viii
be proper Offset, and which is esti-
mated will amount to $3.50 thus Ieav-
ing the floating debt on January 81 1SeS
at the sum OF s237. 756. 7O-provided the city
Is able TO pay the amount due the sink
ing fund for this year. AS TO whether this
can be done or not is question when
can only be decided when the books are
balanced. The bonded debt is 81. aO2 $50 %
thus making the total debt Of the CITY
on January 81, 1895. amount to 81. 40 4gS 80.
What was the condition OF the sinking
fund on January l. 1897? Under the stat
ute law of the State OF Virginia. which
0if~@ NN' 'iNs IL 'Ai0Afiltt dS a corpora
ton. and which law gives the right to the
city 20 create a bonded debt. under GER
tain conditions. and under which law. as
a part of the contract with the pur-
chasers of such debt the city agrees 10
lay aside per centum per annum OF all
such debt for the redemption OF such
debt. Under this law and contract there
shoC!d have been In the sinking fund AZ
least the sum Of 1920 099 29-without the
fund having earned one cent Of interest
lf tho interest that could be properly
earned was computed and added to this
sum which should have been I'm the sink
Ing fund. the amount which would now
be in this fund would exceed 100000
and the bond issue would have been linn
tied thereby
The sinking fund I'm 1895 amounted to
sl1Ai.65 instead Of the sum just men
toned. ON January 81. 1897, 1t amounted
70 Ss5,23i.iS. II the holders OF the bonds
OF the city OF Richmond are satisfied with
this condition why should not we be?
In n few short years-namely. 1900 1904
and 1851 .lS7 % OF the city's debt will
become duo. j suppose this VIII be nro-
vlded for-as has been the custom IN the
past-by the issue Of new bonds and the
use Of the sinking fund. however small IN
amount. whether applicable under the
law or MOTTO help increase the city's
bonded debt. thus stripping the remain
ing debt OF any sinking fund, although a