The Montgomery advertiser., 1902-12-10
. SS<efNSssseesSes<~~sN=e.s
Advertiser Bureau.

.sNs~ Selma, Dec. 9. The income of Selma is not sufficient
 10 pay the running expenses of the city, the way the affairs of the city are now
 administered and 1t has been proposed to reduce the amount set aside as a sinking
 fpnd from sl5.00o to $l00O0. in order to give the additional $aO0O to the city for current expenses. The following com municatfon. read at last nights meeting or the City Council is sef-explanatory: V i, Selma. Ala, Dec. $, 1902. TO the Honorable Mayor, and Members of the City Council of Selma:
 Gentlemen-We the undersigned, Sink ing Fund Commissioners, having met
 with the committee appointed by your honorable body for the consideration of
 the resolution looking to a reduction in
 the amount of bonds to be redeemed each | year. the same covering a debt of the city
 of Selma prior to December 9th, 1875, beg | leave to report that as individuals we heartily approve of your efforts to relieve 1 the present financial condition of our municipal affairs. ts- z
 We have, however, after careful con- sideration concluded that by acting in full faith with the holders of Selma bonds, 1t would be unwise to reduce the amount
 to be redeemed of these bonds below the
 minimum of $15.0O0 even though we had legislative permission, except we have first secured the full consent of each and every bondholder.
 We beg to refer you to that part of the city code. Section 4, page 46 entitled Funding Act which reads: And in ad- dition the sum of not less than s15O0O per annum to be used by said commissioners in the redemption of the said bonded debt and for no other purpose whatsoever ' The amount of $15.0O0 it appears to us is to be the minimum redeemed each year. as is further evidenced by Section of City Code, page 5. entitled Sinking Fund Commission which says: And shall also receive from the State Treasurer what ever surplus there may be in the treasury from time to time. and shall use the same
 in the purchase and redemption of Selma bonds, also Section S1, page s5. from act entitled Sinking Fund Commissioners and their Duties:' They shall forthwith in vest the whole. of said money in Selma bonds at the market price, and continue from time to time to invest Any and All Surplus, from their hands in Selma bonds Section II of Sinking Fund Commits sion prescribes the following: The com missioners shall enter into bond condition for the faithful performance of his office In such sums and with such sureties as the council shall require Each of us are uHuer DOHu O1 $o,uVD 10 cKTry out the con- ditions set forth above, and in justice not only to ourselves, but also to the indi- vidual bondholder we could not favor any legislation which would tend to violate
 these obligations, except having obtained full consent of each and every bondholder As bondholders are scattered throughout this country and Europe 1t will be impos- sible in a limited time, if at all. to To-
 cate every holder of Selma bonds. but
 should your honorable body propose to
 have passed legislative action conditioned upon the unanimous consent of all bond holders. reducing the amount to be re-
 deemed annually from $15.OOO to s10 GOO we should be pleased to render you every as- sistance in our power.
 'Very respectfully
 "A. W. Cawthon,
 Benjamin J. Schuster, Lloyd M. Hooper" The above was the most important mat
 ter that came up before the City Council for action. The most sensational feature l of the evening of the session was Coun- cilman Peacock's attack on the Washing