Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-29

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capable OF intellgently representing W
IN every department OF business life, ana
| am confident that at the close OF 1897 we
VIII nave seen marked Improvement III
our commercial affairs.
Mr.. Powerss speech was listened to
with closest attention us remarks,
especially those IN reference 10 the I'm
provement OF railroad facilities and the
investment OF home capital I'm home In
dustries, were frequently and heartily
applauded
Mr.. Munford on Municipal Affairs.
AIR. i. Il. Munford was next intro
duced. our Municipal Affairs" was the
subject OF his address. lie said.
Mr. President and Fellow Members Of the
Richmond Chamber Of Commerce:
At the call OF your committee. / come 10
speak upon q subject near 10 the hearts
Of us ali-how during the year upon when
we have just entered can We best IIo-
mote the prosperity Of our city, ne
gentlemen who have preceded me nave
discussed her manufacturing ana CONNER
cial interests. and pointed out now upon
their continued development depenusu
much Of her future wealth and progress.
] have been requested TO consider no"
this object may be furthored by felreilch-
ment and economy In the administration
Of her municipal affairs.
There are few subjects when To-Day 80
enlist the attention Of thoughttul men as
those which pertain 10 the right cohuuc'
Of municipal governments Inc unpicSe,
derte1 growth Of cities; the conEeslloh %
wealth at these centres Of population, the
rise OF great corporations; the Inventions
and appliance OF modern ciNllzalion
which play such a conspicuous part III
urban life-an these invest the suDJec'
with growing interest and Importance
CENTURY OF CITY BUILDING.
The century just drawing TO close VIII
be notable for the number OF srsat ci,ioo
built and the constant trend OF poPuia-
ton ia almost every cline toward these
centres y will be distinguished lot tnc
marvellous advances made IN an VIZ
methods and appliances Wnch suDaer 20
the health and safety. the conVemei'cs
and pleasure Of those VINO i've NltnYi
the cltys gates. The ditncultes encoun-
tered. the success achieved, nave oh!y
served 10 stimulate inquiry. How pest ~
drain and nave clean and lght lhf Sli''''
! of our cities: how 10 make life ana pro
| porty secure: how TO minimize the Va !.
! from fire; how to eradicate disease ~" ~,
10 educate the young, now 10 pi9yluS "a
| The Door: how 10 lit up the HnuI1tl ~
class. carried down In the Hetce ma, .
| strom OF these cOngested centres ~.
| problems which engage the pest lhous'i, ~,
| and efforts OF our time. closely 49,
| with these questions are the SIM ih'i
| irnuortant Inquiries as to the proper liihl'
| fations upon municipal legislduon-le'
! strctions by express provisions q! ", a.
/ ter protecting the citizens from we ~ ~
| iudged acts of their own representative
| ggnd eafo-oiiards recurring the SUBMISSION
| TO the people OF ordinances uteiitu VI
! paramount importance for their TeJec1'oi
I or aiiirmance. ., ,-,o,,.
! ing inheritance IS the ownership ana OF
| ration by the city of those natuiil III iu
nonoliss whose value IS in large measure
! an outgrowth Of popula ton. J e,iuu ~, ~ ~
water-works, gas-worKs, e' teienbones
| Shall the municipality own these hat "a
| monouolies? If 20. snail H. o3Ci1' ~
| lease them TO others? snail such ildl
chises. in cases where the cry iS , NJ -
| 1ranted 10 private individuals or corpora
! lions. and II so, for what peIiods OF lin"0
PROMOTE THE CITY'S PROSPERITY
These suggestions. Mr.. President, WI
serve 10 Indicate at how many points hiu
ncipal policy and leglsla tIon .ou niIotte,
life of the city. In the brlet uIne sllo' ~
me I cannot attempt TO 90 more 1hah ~
tice one phase of this many "a SUBJ
am asked. How will retrenchment an
economy in our municipal aHalis "a ~ =
the city's prosperity? ! answer, ~ 80
! Ushfnq uDon a surer foundation net cieuit
ht, disneiline the fear Of increased taNa
! ,ion and nv providing eventually iai ~
fnnd 10 meet the wants OF the seNefal u
partments of her government ..,.
Credit NAV be defined as the medSui
| If confidence which the pubic ftsls j
o. ,.,IIfngness and ability Of a debtor 4
promptly meet his obligations. II COM
dence I'm his ability and Willingness 10 pa
! con he maintained unquestlonel, MS 81
dit will be high, and the debtor holds IN
falisman which will enable him 10 qia
charge at least part OF his interest ~,
bilitv by refunding at lower rates MS OF.
cations Capital Is always seeking sdl
inveefment For the guerdon OF safet
! n will accept q lower rate OF lhterts'
while from investments toucned VIZ
! hazard Il demands hlgher CoinPcilSui
! ton Let II be noted that the TWO Iequ'
sites of credit are willingness ana aDlllt
TO paw. There are men who though amp
able fail 20 pay just at the time anu p'dS
as fixed In the bono; Whlle lheie al
others with willingness 10 pay ana ye
chose obligations exceed their abilit,
roth classes are well-knOwn in the bus
ness world. and both classes can nave pu
little credit. What is true or an lnulyluus
is true of a municipality. 40 ueNlSS
,~bich tho wit OF man can suggest wi
maintain the credit of a city, unless theI
is "a well-founded confidence IN the Hiinu
of the public that It has both the willins
ness and ability TO promptly dlschais
its OBLIGATIONS as they accrue.
How should the credit OF Richmon
stand? This. the Queen city OF the Souti
This war-racked. fire-swept metropon
| whose very existence as she sldhus I,
dav a. a monument TO the indOmitaD
snirit of her peOple-hOw should her err
dit stand among her sister cities ~
swer high among the highesl III IN IN
| broad land. Public credit Is not alone n
3 child of teeming thousands OF populatlQ
and of millions Of taxable values. III u
citv's liabilities are kept well within n
| safety-line Of taxable assets, anu ~
annual revenues derived from reasonaD
! rate Of taxation on fair valuation
! ! property exceed the annual eXpehdltuIe
j | then her credit should be as hign as eit
of the FIRST magnitude. How stands kicl
! | mond's credit to-day? / am proud 10 81
| =. a. rs,h. hut AZ ought tD he higher. III
| record Is n record of honorable dealli
with her creditors, ana no man mas 10
, who has accepted her plighted ialth; 81
, | her credit should be carried 10 nikh
! ! roint and fixed upon a surer tOundatlo
e II is 10 this important subject that WIS
r especially 10 address my remarks. q
, sire TO point out her present nhalci
e status and 10 demonstrate why hef cleu
S Yo,,st he fixed upon a firmer basis and
show how such result will rebound
bar nroeneritv ard to that OF all ell
p gens-high and low, rich ana poor
THE CITY's FINANCIAL CONDITION
f The fiscal year for this city begins
the 1st of February and ends on the 81
of January This fact IS an eiiiDs.i .l,.,.
circumstance, for accounts ana reports
70 her Auditor and Treasurer ana heads
II various departments are not all az TINS ga
n accessible. as showing the results OF 1
IS fiscal year just drawing TO ciose' =,
y the end of her last fiscal year-to-wlt, [
l. Sst Of January, 1696-the bonded DEBT
IS richmond amounted to S2o3,6SS, and
z am informed by her Auditor that this
debtedness has not been since increase
except that authority mas as Deen , stanr
for the issuance Of $3l,OJ OF addlton
IT bonds. which have not as yet, howev'
r, been placed on the market: -.
y At the same date the floating 20 DEBT i5o
ls the city amounted 10 iV5z4i.Si' Szo.,lov
e, which consisted in short-tlme paper q
Of counted at banks and Sl22 lli.9l Of unp5
ri appropriations. already voted, | am a.
DR. a9yised that the amount Of this float
II debt has not been materially lncreas
ar during the fiscal year Just drawing 10
p close. , l., a,.,aoDc