The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-27
CRENSHAW
PLAN IS
ADOPTED
Bond Issue Settled by
the Committee.
MINORITY REPORT
TO THE COUNCIL
There May BE Oae in Favor
Of Mccarthy Plan.
MATTER DISCUSSED
AT GREAT LENGTH
Captain Mccar.hs Asks Twenty Minis
utes, but Taxes ovsr. an Hour. TO
Assa Theories Of Mr.. cren-
shaw-Mayor Taylor Asks .tt
10 Be Excused from II.
Discussing Matter.
There May BE Ole In Favor
Of Mccarthy Plan.
MATTER DISCUSSED
AT GREAT LENGTH

S'SSNsS'''So #s's'S1AtSts
The Committee on Finance and thu
Sinking Fund Commissioners yeterday af-
ternoon adopted the .Crenshaw bond is-
sue plan, and 1t now goes to. the Council
for action by that body. 4 a yt!si I
The vote was eleven to four in favor
OF the plan offered by Mr.. Crenshaw over
that of City Accountant Mccarthy, those
voting for the latter having been Messrs-
Cottrell. Turpin. Anderson and Rennolds.
The latter gentlemen gave notice that
they would probably present q minority
report In favor Of the Mccarthy plan.
\ One of the first incidents Of the meeting
was an invitation to His Honor, Mayor
Taylor, through MI, spence, 10 give his
views on the question, but he expressed
the hope that the committee would 'ex-R;
cuse MIN. and kept his seat. II 38s ss !, n, Y
The plan otlered by Mr. CrenshaW and
adopted provides for the ISSUANCE OF 500.
Ooo Of lour per cent bonds maturing In
tcirty-tour year &. 8 Il ~ tsiE All
The auditor is instructed to sell as many
OF these bonds as Will, together with B
profits arising from such SAFE, aggregate
s.oS,2S5, heing the face 5yal lue OF lhef six
per cent bonds falling due on January
y. 1904, less quota OF. sinking fund app!i-. 4
cable thereto: 3 y Z r. gi "a 4 Is23 a5S s
1;lle sinking fund 4 Is to COMMENCE On /
January i. 1904, and shnll be paid serii-s !
annually at the rate OF faones and a half 4
per cent for thirty-tour yeals. This
sinking fund shall be kept up until octo-
ber /, 1886 or until all the bonds shall +
have been paid.
SESSION IN DETAIL.
The joint body was called to order at \
AIS o. clock p. a., and the city account
ant was gwen thirty minutes In which.
to speak. -
Captain Mccarthy took the floor and
began to riddle the Crenshaw plan from
his standpoint with characteristics earnest
ness. Mr. Crenshaw sought to put some
Kicking straps" on the city accountant
In the outset, but the. latter proved a. IT.
tel foxy and proceeded to discuss the
subject in his own way. lie made some
mathematical demonstrations on the
blackboard, and the situation reminded
one of a school-roonl, with Captain Me-
Cartly as teacher and the committee his
class
He contended that the total gain in T
eleven years. according to Mr.. Crenshaw's
cwn figures. would be only sI,S1T. He
asked II any one desired to challenge his
conclusions, and Mr., Crenshaw said he
would do so at the proper tlme. II want
you to do it now" said Captain McCarthy,5
but the committee urged him to proceed
In another calculation he demonstrate
that tho Crenshaw plan would leave the
sinking fund s464,459 short In elsvsn
years. In contrasting this with his 9yyI,
plan, the speaker claimed that the latter
would produce at the end OF eleven years
s.. .403,540.
These figures cannot be contradlcted.'
he declared, "and the question Is. which
will you take?" III
Twenty minutes he said. rs a very
short time to discuss a S7.0oo.oO0 debt,
which has been neglected for twenty-five
years. am willing on my part to de-
vote years OF my time to IT.
The scheme Of Mr.. crenshaw, he said.
could not be adopted If the mandates Of
assumed this that and the other, which
deny, II there IS reason In these as.
sumpuons, the man who wrote the city
charter was stupid and arrosant fool Z
AFTER CITY ATTORNEY.
He dwelt at some length upon the city
attorney's opinion, and said he had made
a mistake and had not said what he In &
tended to say In his opinions. 'stlll, !
take him at his word he went on. and
I,agan assert that YOU cannot adopt this
plan without running booted and spurred
over your exclusive legal adviser"
Instead of twenty minutes, the city ac-
countant had spoken for over an hour.
and his remarks We're Of highly inter-
estlng nature, The speaker declared that
1t would pay the city to spend sl0o.ooo
to defeat the Crenshaw plan. and Y he
heH the morev TO spare he would gladly
put 1t un himself before the plan should
be adopted,
He went again after the city attorneys
onirion. and declared thrt tho Council
should go to the Legislature on Bonded
knee and with fearful ewes and beg that
the charter be so amended as not to be
cnpahla ~ heinz twisted so rs 10 NJ such
an absurdty as was here pronosed, Tho
s,aoro- eoid he was no "1eyman" on
this subject, and the man who Jared to
meet him on the bond issue question was
himself an "uustaltM and ''layman,
for he had made diligent studv nf tho
subject, and claimed to have some sense.
Captain Mccarthy had spoken nearly
two hours. and he now concluded. and
Mr.. Crenshaw took the floor and spoke
at some length for the plan offered By
himself.
He charged the City Accountant with
.jugglng'' the figures and admitted that
he, himself, was an "npstart" and "lar-
man. when considered by Captain MaT
Carthy
QUITE A STRONG SPEECH,
Mir. Crenshaw made very strong pre-
sentation of his plan, and he charaeteyv
ICED some of Capta!n Mccarthy's state-
- AS.vrr