The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-09-09
ITO SETTLE I
The ClTY'S
TOTAL. !. DEBT
Plan Explained. { \ |. b BY the the.
City Accountant.
SEVENTEEN YEARS
TO LIQUID, ATE: ! IT.. 1 /
Sinking Puna Mistake IS Again /
in Evidence.
FoRClBLE ADDRESS
BY MR.. MCCARTHY !.
ThsB Bond,lssus Proposed 10 Rsessssd {
to the Flrance oon,m,ttss anA
Blinking Fund oonmtsdon,
The Council ls oaped
tom Get again This
Evening.
Sinking Pund Mistake IS Again
in Evidence. .I
FORClBLE ADDRESS
S. BY Mr.. MCCARTHY

Ths,e wss : protraotsd mssttng OF ne z
Common Council last nigh, and 9 great
deal Of business OF more os less impor-
tancs was disposed Of ThA oalsndarEwas$
not finished. and there VIII be q special
meeting tonight at 8 dock
There was one feature OF the meeting
which partook Of great interest, Il hAvsn0 &
been q warm discussion Of resolution
reported from the Ftnanos Committee
for the issuance OF $eol, 900 OF four per \
cent bonds to retire certain othSr bonds
now about to fall duo Tho proposition
embraced a feature which was designed
70 change the financial policy Of the sclty I,
SC as to keep up the sinking fund TO q &
point where all bonds can be retired e II
they fall due. s85y 3ftSr 55I INA
The resolution was defended by Messrs.3
flargrove, Anderson and Crenshaw, and I
opposed by Aiessrs. Bloomberg. Hicks ana
others. and was finally, recommitted atog
the Finance Committee and the Board OF \
Sinking Fund Commissioners,$sw n with stn-8
struoeons to report in detail upon the
financial condi uonN OF the city: M
But the greatest feature Of the Discus
sion was the very fiery spec ch ( OF CITY
Accountant Carlton Mccarthy ~ who, ,was$
called upon to explain the new plan and |
{ he did not mince words as he urged the 4
adoption Of the resolution. s3
$ Captain Mccarthy spoke with his usual 4
ivigor,' and declared that through either
/ ignorance or neglect OF duty tho sinking
fund had been depleted from year to year
i,,f$ -, 20 - ha aho -to.~
the subject 4 (! 534 &, 4
After the transaction Of q great deal q
Of routine business the body adjourned
to meet in special session tonight at I
o clock. i. iffisS5 "a si3
.a95a5 CALLED TO ORDER
The meeting was called TO ortsr By
President Sol. L. Bloomberg at 8 clock.
and more than q / quorum Of members
answered to their names.
The chair, In his usual d1plomatio man
ner. urged the members to give attention
to business In order that the calendar Y
might be disposed OF with expediuor.,
and tho effect OF the Injunction was good. y
\ Ia resolution from the Street Com
mittee was adopted transferring certain
funds for that department from ono so.
count to another. ard the ordinance con.Y
forming the law as to street tmprpvess
ments to the constitutional provisions on
the subject was on motion OF Nj. Cren.
shaw, laid on the table until tho nszt
meeting. III 4. N
Mr.. Peters, subchainnan Of the Street,
Committee deplored this action. aud said
that no street or alley hnprovsmsats
could be made pertdtns the adoption of
the ordinance,
a. large number Of privileges for the oon-
struction OF sewers and other inprovs-'
berg, In disposing Of these matters, 1.
showed great facility Tor the rapid dis
patch OF business, n "a !
A resolution from the Committss on,
finance. recommending the hsuanos Of
$601, 900 OF I per cent bonds. was read
and caused some discussion. 5i3 35;
It was defended by Messrs. Ht;rsrovo
and Anderson and oppoaed b1j Msssrs. /
Bloomberg (Mr. Pollock IN the cha4r)
and Hicks. sas III .i
The proposition was to issue tho bonds
demption Of certain other bonds, nov
about to fall due, Mr.. Crenshnw de-
Tended the resolution, and he and Mr.
Bloomberg engaged in q brief colloquy
on the subject, after which Mr., Pollock
spoke briefly, for the resolution,
HOT AFTER THEM. 55
Captain Carlton Mccarthy. the city ac.
countnnt. was called upon ana explained
the reasons for the resolution. whose
failure of adoption, ne said, would BE- :
fatal to the eity's interests,
rIe declared that for tho past twsnty,
fiyo years the city had had no financial Z
policy, and said the sinking fund was
not only short. but It was short because
the ofIicers OF the city had not only r.
nored the charter. but had ignored the
plainest and simplest methods Of bdsl-
| ness. !. -. .., -
the city, the sinking fund had been looted
from time to time, whenever 1t suited the \
nlea sure OF tho city aut thorlties, and now
+ was proposed simply to relieye the
community from an enormous, ana un-
necessary debt now hanging over the
''''' TO IArPRoyE CHANEL.
The accountant spoke in his accustomed
spIritad vein, and declared that 4 hs
could not demonstrate every proposition
he laid down ha would resign his posi-
ton within twenty-four hours q
IIe said It did not require 50 mueh M
telligence to accomplish what WAS pre-
posed but 1t did require lnteErlty ana
a proper regard for the n1andates OF the
charter and for the oath OF once, ~
1877, IL the plan now proposed WAS PVT
Into operation and properly carried ont,
the CITY could hand check to every
bondholder when the bonds we're due. ana
by 1910 tho entire city debt could be for-
ever snnnihilated.