Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1901-01-09

said that $500 had been spent prepar- |
ing the bill and insuring the legality OF
all its provisions, and that one year had
been wasted over the matter. he also
said that at q cost OF 500 the city had
learned, by decision OF the Court oil
Appeals, that IL has absolute control oil
its streets. The ordinance, be said, was
in substance the report OF the joint COM
nittees to which the matter had been
previously referred.
The ordinance was passed unani-
mously. to take effect January 10.
The ordinance provides that Nag
man be placed at the corner OF Royal
and Wilkes streets; that the railway
use erooved rails on Royal street as far
as Wilkes street and keep the track and
two feet on each side in order, and that
the street. car shall be run on Fairfax
and King street at least once en hour
from Q. %. till midnight.
MIR. E. K. Boyer offered to take
charge az foreman of the street work.
He said 1t now cost $1,000 TO 81 500.
He submitted that the work could be
done more economically and he offered
to do the work at $500 per annum and
to guarantee that it would be well
done and 10 do much OF the repair WORK
himself. He was recommended BY
humber of prominent citizens.
When this application OF MIR. Boyer
was first read the clerk read the salary
at 81, $50.
Mr.. Lawler thought that was more
than the City Engineer was paid. The
clerk Their corrected his mistake and
the application was referred.
A communication from Geo. ID. Hop
kins asking that the city grant to glass
plant certain resi- estate near the old
canal at a nominal rate was presented.
Mr.. Hopkins stated that IL was the in
iention OF himself and others to employ
the sum OF SOS, 600 10 the establishment
OF q glass factory in this city but the
property must be given to them for
fifteen years free of oil municipal taxes
and levies.
Mr.. Paff introduced an ordinance
granting the prayer OF the petitioners
making the rent at $40 per annum or
the purchase at 81 900.
The subject was referred to commit
tees on finance and public property.
An ordinance by MIR. Harrison fixing
the rate OF speed of the electric cars
through the city's streets at II miles 40
hour was referred.
The committee on light and general
laws submitted an ordinance for the
safe introduction OF electric power
wires, requiring the work to be done
under the supervision Of the city cleo.
trician, who Is required to inspect ell
such wires. The ordinance was re-
referred to the same committees.
A resolution requesting the commit
tee on public property 10 rent the fish
wharves for one year instead oil nine
months, as is done at present, was re-
ferred to the committee on public
property.
Mr.. Smith in presenting resolutions
providing for the settlement OF the
public debt, which resolutions will be
found in the official proceedings, sub
mitted the following statement:
The debt OF the City of Alexandria was
funded in 1879 under an Act of the General
Assembly Of Virginia approved February
81, 1879.
The bonds Issued under this Act bear date
JAY !, 1879, and are payable thirty years
| after date, but redeemable at any tina prior
thereto al the pleasure OF the City Council.
They bear three per cent interest for the first
afteen years and then 1866 per cent for the
remaining fifteen yesrs. This Act further
provided that the City Council should create
sinking fund TO be applied to the redemp.
| ton and payment OF these bonds and should
annually until such bonds were paid levy
| and collect q tax, the proceeds OF which
should be paid into the treasury to the credit
OF the sinking fund.
The City Council In pursuance OF this Act
/ passed an ordinance approved October 81,
1879, creating sinking fund to provide for
the ultimate redemption ard payment Of this
debt The or finance authorizes the Com
missioners OF the sinking fund to rent the
stalls, stands and benches in the market
square and to invest the rents collected in
the stocks, bonds and other indebtedness OF
the corporation. The commissioners have
collected these rents and invested them in
the stocks bonds and other indebtedness OF the
corporation. The rents received in 1880
from this source amounted to IS, 943.57, and
| in 1900 to So 11279, showing reduction
/ Of $S30.7S In the amount collected from this
source, or falling off of nearly 20 per cent.
Tho commissioners investei the sums re-
ceived from this source In the stocks, bonds
and other Indebtedness OF the corporation
and held the Investment under their control,
| and the City Council continued to pay In
torres. upon the indebtedness from year to
year TO the commissioners and thus the debt
OF the city has been reduced flom Sl ,OoI.s
1922 Ia 1880 to S796, 800 in 1900.
Al &. ha al al hA
now held by the sinking fund, $40 ,726.74,
and the present debt of the city would be
$77S.575 20, making the payment on ac-
count of the debt of S279, 014.96 in twenty
yosrs, or an annual payment on account OF
the Indebtedness OF over $4,000 to.
geaher with $4,000 in interest paid an.
nuslly, making a total expenditure out Of
th, city's revenue of $4,000 annually
on account OF the city's indebtedness.
II will readily be seen that the sinking
fund Is not established In accordance with
the Act of the General Assembly, IS the city
has not levied and collected any tax for the
payment Of the Indebtedness, but has trans
ierred the rents received from the stalls, etc
In the market to be invested in the stocks,
bonds and other Indebtedness of the corpora
ton. aud then when the investment bad
been made has continued to pay annually
the interest upon these stocks, etc
held by the sinking fund commissioners.
This Is unlawful and fhould not be tolerated
by the people Of this city for moment. The
council has thus indirectly taxed the people
to pay this debt without their knowledge or
consent II the council should levy and col.
Iect tar for the redemption and payment OF
the indebtedness OF the city as provided for
by the Act of the General Assembly. how
much would it levy annually The council
should be compelled to levy and collect this
tax and not divert the revenue derived from
the market which properly belongs to the
general fund.
The policy pursued by the council has sue.
ceeded in increasing the price Of the bonds Of
the city which have ris,n from 4Sc in 1879
70 10Oc in 1900. No one complains be-
cause the bonds OF the city have increased in |
value, bat on the contrary are well Satisfied |
and oratifed that such Ia q fact