The record-union., 1898-06-19

age plant He thought the city had
an excellent chance to win the suit
against the bonds Of 1888, as he
thought the statute of limitation had
run against them.
Trustee Tebbets inquired whether the
question of the statute of limitation
had been raised, and General Tozer
said it had not.
L. T. Hatfield said it is a clear prop
osition that the bonded debt cannct be
wiped out this year. but that it is pos
sible to do so in 1899 or in 1900. He
said Justice Mcfarland of the Supreme
Court had suggested that if the statute
of limitation has run against the bonds,
then they need not be paid, but that
the point had not been raised in the
court
Mr.. Hatfield said the litigation with
which the city is tied up is strong
drawback. Within the past ten years
not a single public Improvement had
been made but what were absolutely
necessary. There was no attempt on
the part of the city to make other than
absolutely necessary improvements.
Mr.. Hatfield spoke of private enter
prises in this city, and said the parties
who had put in the big electric plant
here had done so because they under
stood that the city has a future. On
the other hand, the extraordinary tax
rate caused prospective builders and
capitalists to think long before they
| located here He thought the attor-
neys in the bond suit ought to be
consulted if it was intended to refund
the bonded Indebtedness He thought
that the moral influence of a reduced
rate of taxation caused by refunding
the debt would work wonders for the
city and he believed if the suit now
in process is withdrawn the attorneys
would reduce their fees. He said the
city owes nearly 40 per cent. of its in
debtedness to litigation. and that it has
never won q suit in which it had be-
come involved.
Trustee Devine said he had investi-
gated the bond question pretty thor
oughly and felt certain that in the be-
ginning it was a conspiracy, and that
the successors of the original conSpira-
tors had continued the conspiracy by
securing the passage of special Acts of
the Legislature.
THE city" said Trustee Devine, has
paid S4.500,OO0 on the bonds, and still
owes S400O00." He felt certain, re-
lying on the position taken by Justice
Mcfarland, that the city will win its
suit in the end, and that it viii be de-
cided that the statute of limitation has
run against the 1888 bonds.
Trustee Tebbets called attention to
the fact that the Mayor is one of the
largest taxpayers in the city, and felt
certain that if the bonded debt is re-
funded and the tax rate reduced the
people will willingly vote another issue
of bonds for necessary public improve
ments. He said the increase in bread
stuffs has not been met by an increase
in wages and that while men pay
double for the necessaries of life they
get no more from their labor than be-
fore the increase in prices.
Mayor Land explained that his fig
ures had been carefully taken from
the City Auditors books. He said he
could eliminate from his estimate the
extra $4,000 he had added to the gen
eral fund and thereby reduce the tax
rate to 81 30, but that he had figured
on the increase so as to be on the safe
side.
The meeting adjourned without a
general indication as to what action
the board will take.