The age-herald., 1900-04-15
st consideration of the business commu-

est consideration of the business eommu- nifty here.
 But there are some matters in connec- tion with the city finances of which the community should be advised at the earl lest possible day, so that action may be taken in time to endeavor to correct the great wrong which has been done this city, and to save us from what the event has proven to be- to say the least of 1t, very short-sighted and unwise action in regard to the city debt. The only ques- ton in Birmingham is, how is the revenue of the city to be provided in order to se- cure these essential necessities In the progress of this growing community? This involves wise and prudent treat ment of the city debt, which will soon as- sume a phase which will demand from the business interests of the city in aid of the city authorities their best judgment and attention.
 Without casting any reflection upon any administration, the fact Is, that under the peculiar constitutional provisions in this state which put an absolute check on the taxing power, while leaving the debt ere ating power unlimited, the city of Br- mingham found itself in 1895 in a position where it would be unable to meet the in- terest on its debt. In that year an agree ment was made. which I have always re- garded as unfortunate, to say the least Of it. to secure the extension of the payment of a part of the accruing interest for period of five years. In his current an- nual message the mayor states that these deferred payments amounting to $26s,SIO.OO will be due and payable on the 18th day of August, 1900. and after that date the annual interest charge on the basis Of the present debt and interest rate, will be $109, 800 or $69, ,567 in excess of the amount paid during the past five years, and to meet this increased charge, the city will only have the increased revenue under the constitutional amendment TAich will reach $72, 60724, so that we will be only B. GOO better off than we now are.
 Of the present debt, s55,O00, bearing inter- i, est at and per cent, Is now subject to the right of redemption by the city. Under the agreement of 1895, presumably the agents of the city necessarily came in close contact with the various holders of the city bonds, but I am informed by the mayor that they have declined to give this information to Tho city.
 Of course, in the adjustment of the city debt it will be necessary for the munich pal authorities to have some knowledge Of who are the holders of the various issues of city bonds and before anything can be done it will be necessary that the city shall in some way relieve itself of the in- furious effect upon it's credit, produced through some agency, which, so far as I am informed has not yet been discovered. In May, 1898, the following typewriter let ter, on official city paper purporting to be
 
 was circulated among the bondholders:
 City of Birmingham,
 "Office of George Eustis, Treasurer,
 Birmingham, ,sAla., May 5, 1898.
 Dear Sir:-Your name appears on the records a holder of the bonds of this city I desire to inform you that owing to the constitutional tax restrictions, which prohibit this city from levying a tax of more than one-half of 1 percentum, it will not be possible to continue the payment of any interest whatever upon the bonds of the city.
 notwithstanding the repeated failures in the past, and in the face of the unwilling ness of the people to consent to an increase of their burden of taxation, another effort will be made to secure, if possible, finan- cial relief measures through necessary con stitutional legislation.
 Tt is to be regretted that adverse cir cumstances and conditions now existing are not more encouraging for success in