The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-29

,ICHAIONDs CREDIT.
How should the credit Of Richmond
stand? This the Queen city OF the
South, This war-racked. fire-swept. me-
tropolis, whose very existence. as she
stands to-day. is 4 monument to the in
dorniiablc spirit Of her people. How
should her credit stand among her sister
cities? j answer. high among the highest
in this broad land.
Public credit is not alone the child OF
tecmins thousands OF population and Of
millions Of taxable values. II the citys
liabilities are kept well within the safety
line OF taxable assets, and her annual
revenues derived from reasonable rate
Of taxation on fair valuation Of prop
crty exceed the annual expenditures. then
her credit should be as high as cities OF
the first magnitude. How stands Rich
mond's credit to-day I am proud TO say
10 j. high; but IL ought to be higher. Her
record l. a record OF honorable dealing
with her creditors and no man has lost
who has accepted her plghted faith. Still
her credit should be carried TO higher
point and fixed upon surer foundation
II Is 10 this important subject that ] wish
especially to address my remarks. ! de-
sire 10 point out her present financial
status. and TO dem 1nstrate why her cree
dit must be fixed upon a frmer basis.
and TO show how such result VIII re-
dound 10 her prosperity and that OF au
citizcns-high and low. rich and poor
The fiscal year for this city begins on
the 1st of February and ends on the
3ist Of January. This fact Is an empar-
RAISING circumstance. Tor accounts ana
rcporfs of her Auditor and Treasurer and
heads Of various departments are not aI'
at this date, accessible. as showing the
results OF the fiscal year just drawing TO "a
close. ....,. ,,,.,,,,
At tho end Of her last fiscal year. to-
wit. the 3lst Of January lN". the bonded
debt Of Richmond amounted to S'g@.-
$50 and / am informed by hor Auditor
that this indebtedness has not been since
Increased. except that autl1ritv has been
granted for the issuance of $1,000 Of addi-
tional bonds which have not as yet
however. been placed upon the market.
At the anne date the floating debt of tho
CITY amounted 20 500 2iiol, S2NT 1870 OF
which consisted. in short time. PAPER "lH-
counted at our banks ana 81 ii'..It
unpaid appropriations already Fc,eu
am also advised that the amount or tti-
floating debt has not Teen materially l-
creased during the iis' q! year JUST d''-"
ing 10 a close.
Ter bonded indebtedness is evidenced
bv four classes OF bonds. which. ~ 70 mo
numbers are as follows.
81 10000 per cent. bonds. which mature
lotwccn July 1904. and January. HW'.
81 80. 900 o per cent. bonds, whicn ntl.lt
between January, 1901 ana January
1914.
s. 900 per cont bonds. which mgture
between January. 1870, md July ~.
Saf-J. 600 I per cont. bonds, winch M, llle
between January. 1870. and July. li-'
These bonds. having reference TO lncr
rate of interest and the lenAih OF Hii.
which they have 10 run. are sollluS az
present Oh the market ON a basis OF -
per cent. for the : per cent. bonds, rs
per cent for the q per cent. bombs, rs
Dor cent for the per cent bonis. ara
A., per cent. for the per cent. ponu7.
Thus our I per cent bctis ate seui'ls
for about 97ia. or 2ia points bcio" pa'-
These bonds have sold FOR more lnih
par. and II asked the question why th"y
do not AT this time command pre- MUM.
| answer because while Richmond mas
never made default On the payment Oh
any obi. cation Yet there is gro"lrs
impression that tho amount OF her M
dcbtcduess is approaching the danger
line and the amount of her annual eN-
penditures greater than her annual re-
ccipts well warrant.
HER CREDIT STILL GOOD.
am not here to question the soivency
Of the city nor To arouse unwarrantcd
fears as 10 her ability 10 pay. The re-
suit of my investigations, coupled with
the spirit OF economy now abroad IN the
community, and the efforts now being
put forth for retrenchment IN her eN-
penditurcs. convince me that her credit
In fact still rests upon "a solid foundation,
and that with prudence and decision ON
the part of those who control her affairs
every difficulty can be- removed.
Inspection IF the official records viii
develop the following facts. A. we have
hcrl tOfOrc stated. the amount Of our out
standing bonded Indebtedness is S,,2o36,3.
with a floating indebtedness of $3jl3fc.
The citys bonded Indebtedness IS limited
lv her charter 20 Is per cent of her real
estate taxable values. Our real estate
assessed for taxation amounts 20 Sii.i0i.-
e0l Personal property. SO 600 is2. or o.
a a. ID.