Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1901-01-09
LEXANDRIA GAZETTE AND VIRGINIA ADvERTIsER,

DO mol. intend to advocate the increase OF
the deb. OF the city, but do advocate tae
discontinuance Of the payment OF the oeot py
this generation. We have paid enough. Let
those that have to follow Us pay their part
Let the City Council spply the surplus reve-
rues to the improvement Of the city. Let us
do something TO build up our waste places
and beautify cur city 50 as to attract stranS
eTs to our midst. Tho city OF Alexandra IN
1880 In point Of population ranked next 20
the city OF Peterbnrg; today she has n'en
passed By Danville, Portsmouth, Newport
News and Roanoke. There is tome cause iof
this and we should unite to see that our city
is put upon pi ogresslve.and go ahead Dssls,
and this should DO done at once. Let the
City Council abolish our present sinking
fund and establish one in accordance with
the law. Let 1t levy and collect the tax pro-
vided for and see how many dollars the pso-
pie are ready aud willing &c pay annually on
account Of the debt The debt which now
bears 60 per cent will be due ard payable
on the first day Of July, 1909. Everyone
recognizes that il will DO impossible for the
city to ply the debt when il becomes due,
and 1T will be necessary to negotiate new
| loan. believe that it is possible, with the
assistance of our banks, to negotiete new
loan at 81 per cent and sell our bonds at par
and thus retire the present outstanding debt
sn therefore offer the following reso utior
see official proceedirgal
Mr.. Snowden said he was the only
member OF the Si0king Fund Commits
sion present and he wanted to ask
Mr.. Smith what was behind this. Who
prepared the statement which had just
been read2 He did not believe that
Mr.. Smith could have drawn 80 adroit
| a paper and he did not mean to ques-
ton bis Intelligence either. He said he
did not like to strike 10 the dark, but
he believed the paper had been drawn
by some one else, but it was bubble.
In July, 1899, a resolution had been
presented looking to the rounding OF
the debt at 8 per cent. and nothing had
been heard of it since. He did not
want to discuss the matter, till he
| could secure some data 10 answer to
the paper, and said at the next meeting
he would do 80. The officials In charge
of the finances of the city had consider.
ed the reduction OF the city debt and
the paying off of the old bonds with
new ones. He and others had consult.
ed with the banking houses Of the city
and had endeavored to negotiate LOAF
at 8 or $50 per cent. and had been told
that If Norfolk and Lynchburg coulG
not get lower rate than 4 per cent
Alexandria could not be expected to d.
80. As the debt would not mature til
1909 it would be folly to pay 4 per cent
when only 1855 was being paid now. If
however, Mr.. Smith could secure loar
at $50 all the financial officers of thu
city would support him. He asked i
Mr.. Smith knew that If the debt be mol
pail in 1909 the government would &c
into the bands OF commissioners. Con-
tinuing, Mr.. Snowden said that Mr.
Smith had 0ever served on the finance
committee, or been q commissioners Of
the sinking fund, and consequently was
not familiar with the subject. The
paper, he said. looked like piece Of
demagogery. Bonds increasing IN value
and real estate declining, he said, was
now the rule. In Washington and
larger cities real estate had so depre'
ciated that rich building associations
had been swamped.
Mr.. Smith replied that it took no
great ability to prepare the paper which
be had read and which he hoped would
be published as part of the proceedings
of Council. He wished, however, te
take no advantage of any one and
would wait till Mr. Snowden secured
his data before pressing the matter. he
was convinced, however, that bond
Of $50 per cent. could be floated.
Mr.. Snowden-If you can get 1t all
of us will support you.
The resolution was referred to the f.
nance committee and the commissioners
OF the sinking fund.