The Farmville herald. [volume] (Farmville, Va.) 1890-1934, 1902-03-21
MnnlcInal Matters.

Municipal Matters.
he EARMvHLE,NA., March, Is, 1902
d Editor Her0id,- 1t is right and prop
e er and seems an opporlune time TO cal
.. public attention 10 the present fnan
e. cial condition Of the town Of Farmville
Very many citizens are unaware o
/, our serious situation. The treasurer
t. reports to the council are not generally
. understood These monthly, and
r necessarily brief statements, convey
, even % the initiated but little idea OF
thecondition Of the municipal finances
/ A. with more general knowledge Of
existing conditions the electors
might be aroused 10 demand a reform
ia our town government, or at least
decline the imposition Of further bur
dens as are now proposed A. the next
few months will bring several ques-
tons Of moment 10 the community.
the verdict of the people on all should
be ia the light of the record with the
facts before them. Attention is invited
10 some material facts and conditions.
BONDED DEBT
In the consideration of this subject
the first matter 10 claim attention. the
primary cause of the towns embarrass-
mcut is her bonded debt. This i'm
round figures, is ssOOOOOO, at least one
tenth Of the total property valuation
With one halfof the population blacks
this means a per capita Indebtedness
ofs3O 90.
Sufficient time has elapsed to pass
Judgment on our bonded debt We
have yet to hear that the towns in
yestments have been claimed 10 be
either wise or far sighted. To the con
irary, some declare this indebtedness
quite too large. 1t is very certain that I
the annual interest on bonds is a great /
burden.
YEARLY INTEREST.
The towns yearly Interest is nearly
- 900. Last year it was sl.G5s.39. The
enoumity Of these figures will be real
lied when it is stated that this amount
was about one-third Of the towns total
revenue for the year With the last
fiscal year, the largest in point of reve-
nue. the town has ever had, the interest
is equal TO iive.eighths of the yearly
revenue now realized from the taxes ON
all realty and personal property For
he last decade the yearly revenue Of
he town Will average between $1,000
md $1,000 The annual interest
laid was nearly one-half Of the {
average total revenue of the town for
hi. period
SINKING FUND.
The charter Of the town requires a ]
linking fund forextinguishmeut Of her J
ebt at maturity.
Sec. - "The Council of said town D.
Farmvilic. shall annually invest in
irginia State or United States bonds a. u
sinking fund, such proportions Of j
er annual revenue a. shall be equiva- i
mt in cash value 10 at least one j
sentieth of Che bonded debt Of said il
'wn, out which, TO pay. as they fall I'd
ue, the bonds which are authorized To y
. issued in the next section"
The annual interest aud the provi- III
ON Of the charter for the annual sink q
* fund require some $1,000 yearly II
D impossibility until the towns reve- u
ne is by some means considerably "
creased The charter is a nullity not Ut
ily in letter but in spirit. At least u
me per cent. Of amount Of bonded
-bt should have been held in reserve. II
ut not 50. All the while, under this 10
amendous obligation, our sworn off DE
ais have failed TO provide, to date, az
10 do'iar Of sinking fund, which was ln
cir duty TO do ~
REFUNDING BONDS.
The need Of meeting in some degree OK
is charter requirement, has been and W
now imperative rs has been stated m,
rough the HERALD, Farmville has Fe
id s36, 900, or more, interest, on her so,
d p. railroad bonds alone. Worse fla,
an this, large block Of bonds have /
eady matured and are unpaid. For ION
ese we are Offering, with no takers, d"
me $4,000 Of per cent. refunding "
nds. As Indicative Of the views Of O.
e Council, a motion was voted down
create a sinking fund for payment at
,turity these virtually new bonds. "
A few years more and the whole Of ,oot
. towns bonded Indebtedness will l"
We matured. Well will il be for
rmville if she then has officials who thi
D see it their duty TO refund her the
lds at lowest possible rate of inter urC
, providing az some time a sinking Of
I'd for payment of same at maturity ing
matter how electually this be done INT
p fact remains that the town has on
ever and irreirie, ably lost 20 years
crest at per cent. A wrong begin =
ig worked wrong ending. Had a ma,
per financial policy been in force in fine