The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-14
would take chances at the new Issue OF /
sos, Coo, soon to be on the market

would take chances ut the new issue OF
sos, coo, soon to be on the market
Under tho law, our reflinding bonds
cannot be sold at less than par. II this
condition should confront us 1t would
mean that our bonds would have to
be Issued att higher rate of Interest.
Second. II the reporter Understood me
I to say, that Richmond has the lowest
tax rate of any city OF the Same class,
he misunderstood me, for knew this
was not true; but l did say, and !
stick TO 1t, that our tax rate Is, one
I OF the cheapest In the country. You
cannot take the fiat tax rate, as laid
down Iii the Worlds Almanac, and con-
Glide that these citlas have no special
taxes, for such Is Not the case. Many
( Of them, am sure, have all kinds Of
special taxes, for schools, pipes. etc.
AS far as I can learn a lantn's mode
of taxation is almost Identical With ours.
Her present tax rate Is s1.25; her debt
lis about $500. 600; ard ours little over ,ti
S, 0OO, 900. Her sinking fund IS $780,
600; ours about 81, IN, 900. Ss
Tho FINANCE Committee Of Atlanta, in
their annual report, submitted the latter
part Of 1906, recommended that the tax
rate be Increased to $780, and stated
that II the improvements, for which there
was such demand, were to be made,
1t was necessary 10 increase the taxes,
or pile up a floating debt. Atlanta's tax
able values are just about the same as
ours.
In regard to Atlantas property being
assessed on % GO per cent. basis, do
not know anything about that, except
that the Atlanta people claim every thing
In sight. Ny business Is such that
very often have to refer to our al sess-
,at,tt ~ EoSt ar Io TINT of
tall the property we have sold this year,
the assessment will not average GO per
cent. of the selling prices. | know Of
recent sales In one locality amounting
TOT $4,000, where the assessment Will
not average 45 per cent. of the price ut
which the property was sold.
4 Il It is true that our receipts on the
new assessment that went into effect
In 1905. gave the cit yam additional In
come OF about $4,000 per annum; but
the additional income for the next five
years will only be on new buildings
erected and additional personal taxes re-
turned for taxation.
Tho city OF Richmond has rlghtAto
Issue bonds to the extent OF IS per cent.
OF the assessed value Of her real cs-'
tate, which means that my zeal estate
and your real estate is mortgaged to that
extent as security for the city debt
Even on the IS per cent. basis, the city
can only issue s1,14s,2ol more bonds.
Below I list q few Of the things. which
are claimed BY some to be necessary:
Purchase or Dock 4. &. 4. 7. 125. 900
Electric Light Plant .............. 300, COO
Water Works mentioned above).. 163, 800
Additional cost OF Hign School. ~. 2oO.OO
Rehabilitation Gas Works ......... ,00yi
Auditorium I. Z. I. 200, 900
Blues Armory 80. ;. 10000
General Improvement OF Streets. 10000!
Half cost OF Mayo's Bridge. 80. $50, 600
Street sprinkling (annually) $3.50. $1,000
Total \. I. 4. !. !. s. 57s.5OO
All \ OF the above matters are before
the Finance Committee at this time
DO you not think that 1t is time that
we should have some little discussion
OF the matter? "a
H. r. POLLARD. il.
Richmond. Va. June 10.