Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-24

I'm taking any part In this movement TO
rohablitate the road was simply 10 give
tho city good service. II the road has
been unable TO sustain itself while pay
ing tax OF per cent, can II sustain It
SELF with a double burden?"
Mr. Newton said he thought 5 per
cent. tax was large enough. you can
scarcely expect Us to take a franchise
that Will lay the personal estate Of each
OF US under obligations TO the city"
WILLING TO BE FAIR.
1--WE are prepared TO return to the CITY,"
continued Mr.. Newton, any tax that It
may justly claim"
The syndicate would be willing TO place
the books Of the company under the ex-
animation OF the City Accountant. its
equipment under the City Engineer, and
II they should report that the property
would earn tne tax OF Sl.4 he and his as
sociates would be glad. as well as willing,
10 pay It. The company had 10 provide
Tor proper maintenance Of the road, pay
mont Of interest. and the creation OF a
sinking fund TO retire the bonds at their
maturity. Capital would not consider a
proposition that did not clearly provide
for this The bonded debt would be
$2D0,0O0.
Mr.. Meredith said that the facts before
the Finance Committee, upon which their
report was based had been denied. On
the other hand. all facts CLEANED by the
companies had been presented to the FL
nance Committee. He asked that the
chairman Of the Finance Committee
should be heard first SO that the com
panios might be given the privilege OF
reply.
The chairman overuled this notion
and Mr. Meredith was asked TO show
the Finance Committees report.
MUST NOT TAX TOO HEAVILY.
Mr.. Meredith said il would cost the
Power Company from 10000 to $l.OJ)0J0
90 put the property i'm order The Irac-
tion Company had been forced 10 get
capital TO float the enterprise from other
cities. The Power Company could not be
expected 20 spend literally, If il was not
met i'm liberal spirit. a street-car COM
pany was not 10 be treated as an object
of taxation. A street-car company, he
contended. was a means of building up
q city. II was one Of the necessities OF
modern city life. lie urged the commit
tee 10 do nothing 10 hinder the project,
but To foster t., so that the public might
derive cheaper better, and quicker trans
portation. The Traction Company had
laid figures before the Finance Commit
tee, and invited the committee 10 make
am examination of The books, or appoint
am accountant 20 make an examination.
This had never been done. He commended
that it was unfair 10 increase the taxa
tion without such an examination. After
the Traction Company paid its interest
providing for the sinking fund. and other
legitimate expenses, there only renamed
$1,000 for the stockholders, and no pro-
vision was maze for damage suits or
other extraordinary contingencies. The
company had also To put aside per cent.
of it's earnings for depreciation account
"Do YOU want the Traction Company
to get I'm the same condition as the
Richmond Railway and Electric Com
panv is to-day You cannot burn the
candle at both ends. You cannot take
the only means we have and expect US TO
give YOU the same service We give now
/ no one has damned the Richmond Rail
way and Electric Company more thdn
YOU gentlemen have. then why start o'1
10 cripple the other companies ana re-
duce them 90 the same straitsF
Mr.. Meredith quoted figures 10 sho"
! that for the twelve months expiring &c
| tober 81. 1899. the Traction Company haa
maid 10 the city SS220W taxes, and hdd
! Given fbe pubic the benefit of labor ana
school tickets at half fare, amounting
20 $500. 60
He read the following statement 10
show the benefits 20 the city of Richmohu
from the Richmond Traction Coii l6.,.
from June 10. 1896. to September 49, lo'''