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

assessed for taxation amounts TO s'+i0s.-
90lI personal property, NsIO'tSz. or
total OF Sf155.ss3 for the year 1896. rms
does not include forty-seven miles OF
street railway. which Is assessed By tho
Board Of Public Works for state taxation
at $4,000.
In, addition to the foregoing property
owned by her citizens and liable for tcxa-
ton. the city Is herself the owner OF
large amount OF property. Most OF II Il
unpfoductive, 1t Is true. but stil worthy
Of mention In connection with her true
financial status and as demonstrating that
the money derived from her bonded indeot-
edness has not been squandered. / do not
aIlude to her streets, though TO lay out.
grade, macadamize. and pave them az az
they exist to-day (of which there are ilb
miles) there has been expended during
the past twenty-three years $2.5l6.GY9 in
actual cash. CThls is the period for which
We have reliable data Nor do l
allude 10 many miles of sewers, con-
structed during the same period at a
cost ~ s71eO64. though with reference 10
this latter item IL may be fair 10 state
that the larger portion OF thls expehu.tuIs
| stlU constitutes valid lien upon abuttinK
real estate Yielding from time 20 time q
/ revenue to the city. the present computed
value of which is about $4,000. | 90 al
lude however. TO properly IN Ga,y use
! her school-houses costing 5000; The nine
onglne-houses and apparatus OF all KINDS
| connected with the fire and fire-alarrn DE-
partments. about $4,000; her seven parks.
containing In the aggregate 5I3 acres, ana
/ estimated 70 be worth $50 900, her fOar
armories which cost $1,000: her aims
house. $4,000; and her new City Hall, cost
| ing 81 $4,000.
These are valuable properties, which
| represent another large portion or our
| bonded Indebtedness. ] DO not think they
| can be fairly termed assets, though they
| are so listed by the city authorities. Tney
! are. however, quasi assets for but lot
| their possession the city would be com
|
! Similar character, and some OF them coull
| he sold In the second category place
the water-works. gas-works, markets, ana
! the SeabroOke warehouse.
WATER AND GAS-WORKS.
The reports Of the superintendent OF
! Water-Works show that for the five caien-
| dar wears lust passed the net receipts
| maid into the city's treasury from this
! source. after paying all the expenses ol
| the department, except interest upou
| money expended in constructing the plant
| amounts on an average TO Sao,WV per az
! mum. The data obtanable from the CITY
| records does not show the amount orlgl
naly expended in constructing ill., ~,
works. but whatever may nave pset w. ~
| cogt those figures demonstrate that Una
! one item Of assets yields n revenue lats'
enough to pay the interest upon N,"p.V
Of the city's bonded debt on basis OF
per cent. the rate OF her bonds az ~
present issued. or upon Sl0O,tJ OF oohn
M = rate of 2j-lOo per cent. which D
he average rate paid by the city upon ne
whole bonded indebtedness. IL may D.
also remarked in connection win the r.
uOrte made by this department. tnat VI
| foregoing average profit does not lpcluu
any credit given the water-works 70
water furnished the city in any OF It's de
partments. . .,.o,,,
for the past fiscal year amounts TO w
s-9 not including the gas furnished IN
| CITY which sum will meet the lnteres
| mon over 81 10000 OF per cent. bonus
the ate at about which our bonds, ca
no,,, Ie marketed or Of $4,000 bonds a
an average Of 25-l00 per cent, as aDoV
From official reports II viii be seen tina
the average annual income fs 10 tre TIRE IRE
: markets for the past three years IS 40
G;7. which sum will pay the Interest upo
$500 coo of her per cent. bonds, or on SZ3o
, 900 at 2-lOO per cent we ~, aeeiase -
! torest on her whole indebtedness.
The Seabrook warehouse is leased az q
animal rental OF l,Sl0, which will In INK
4 manner pay the interest upon NoVO or
per cent. bonds, or upon $4,000 at zo-n
| per cent .....,
WHAT REVENUE IS YIELDED.
r THO four aforementioned items Of a.
% sets are valuable and productive prope
ties. yield az at present managed IN ~
: aggregate ai7.M9 per annum. ara , upg
! the basis of this income may be lairl
D |
= They yield upon that sum revent
2 eoual TO the interest upon S,scoOJO OF OF
r. city debt at 5 25-l0e per cent, her a'SI a,,i
3 interest charge They can without uou'
be leased TO responslDie pdrt 10 ~r,,i,ag.
- visions securing the city all the prlVl,es'
81 now enjoyed and providing water ana 3,
e 10 her citizens at present rates Ior e'e
Y "A larger annual rental. Ahd mus - ~
against our bonded Indebtedness OK 81, sSa
D csc we can fairly present as an oii'
70 these assets worth 2,MOW.
- Another item Of assets not hereto1o
y mentioned but which may be talrly co
v ! sidare1 I'm this statement, Is the amour
Q of unpaid delinquent taxes, when; ITO
r. an account furnished by the citys a
{ countant. amounts for the years belWe'
. fg0S and 1895. inclusive, 10 SSbls0b' up
p real and personal properly me poo ~ y.
t against real estate 0o-wit, about $1oV
I NAV be considered as a solvent asst
e which can be eventually coleeteu:
4 | ike manner there are due the CITY ~
G thousand dollars OF denhq ,eeo 'aA ~ 20 =,
: accrued between 1876 and l@b, as 20 u
r amount Of which, however, l nave NOT u
''' The annual interest charged upon IN
d bonded indebtedness IS Se9Vol. a.. .,
y I have already pointed out that =
s. whole per cent. portion OF our in1eute
D. rAs-to-wit. 81 .lS0,G0-matures petWe
g July. 1904. and January, 1913. ne pls ~,
- interest charge upon tnvse ~ 90,
IS ! bonds. there will be a saving OF N',loo I
e annum on this item. III like manner I
u per cent bonds. amounting 10 Sl''2S'u
e mature between January, lyvi, anu jan
q @rv 1909 The present interest charge
n those & per cent bonds is slO5,2i3. funn
e mo 4 ner cent. bonds, there VIII De
If saving Of Sj5.0el per annum UPON =,
s. item. Under the charter ana orllhaiii. :.
- nor cont each year upon inc cl.
l. iondod indebtedness must be pald =
y Inc sinking fund TO redeem her ponas
r thev mature. This item OF annual chai
9 is now $1,000. ,, v,r,
81 THE RESULTS SUMMED UP.
u, Let US pause for n moment in our NV
- fipatiOns to summarize the ftsuita'
!. ,ind tbot the aggregate values or real
III 80 for taxation Is $4, +5ts1; person
= nropertv sl9.70O,4S2; value Of forty cdo
r. miles Of street railway fi'''ovvi,
II Grand total Of taxable yalu
% ssi et5 SSS: that the city, bessie ,,s
% ronSrtv costing many miilol
much Of which is IN daily use, put ~
which she deserves no income; mas rev
v nue-producing properly M Son nj I'% Vii
81 brings annually into the Guys tIeasu
~ st47 &c. that the charter limit or our Dol
Of ed Indebtedness. is per cent. upon ths ~ ~
Of ! able values Of our real estate, Is so.v,
te $50 that our present ,o about 81 eoot
NJ or Ga other words we are WITHIN SfVV'
ne Of the charter limit. - ara,
Of There Is but one lesson 70 De ora
j from these figures, ana tnht - sna
n another bond should be issued e 5,'t J
d. nroT,ide for the present floating DEBT a
ed - refund our outstanding bonds az u
al @a feIenu A Oq solemn resolve by our CO
r. mon r,nu Council upon this line of policy wo VIC,
be of inestimable benefit to me i,scr ei.
of tavation contribute 10 her abihty
s. eventnaliv refund the whole indebtedn
id in s1-2 per cent. bonds. and by the
so tainment Of these results help on
ng prosperity of all her people
a RECEIPTS AND EXPENDITURE
Let MS now turn from the city ~
ed liabilities and assets and CONSIDER iol