The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-26

mayor carton Mccarthy, an expert
statistician and flnancier, last night de-
Hvered an epoch-making address to the
two branches OF the Council, by invita- :
ton of that body. For an hour and
forty minutes he reviewed the financial
status Of the city. and especially its
bonded debt and certain prospective bond
issues. incidentally discussing some live
problems now pressing for solution. At
times he was applauded warmly and
throughout he was given the closest at
tention.
The Mayor made powerful appeal to
the Council to refrain from increasing
the bonded debt during the next eighteen
months, and providing for meeting thu
bonds maturing in that time, in which
event the work of bond redemption would
be comparatively light for the ensuing
five years.
Thereafter, for a period of six years.
no bonds would mature thus placing the
city In such position that by 1920 the
Council would have the choice between
absolutely annlhiating the bonded debt or
OF issuing refunding bonds, which could
be expended for public improvements. II
the Ave cents reduction in taxes were
applied to bond redemption, this annual
$4,000 would permit the beginning of the
redemption OF all outstanding bonds by
January. 1908.
Inpassioned Plea.
The feature OF the speech, that In which
the statistical portion was applied prac-
ttcally, was the argument that by issuing
bonds only for non-productive expendi-
lures, and making use Of the special act
for Issuing bonds by special elections
the city could provide for it's water, gas
and electric light departments wthou,
in any way impalring Its credit or having
the issue counted against its ordinary
| bond limit,
In this connection the Mayor made
a powerful and impassioned plea 70,
| the preservation by the city OF Its pub
| lie utilities and the operation of Its
own water, gas and electric lighting
and power plants. He declared him.
self in favor OF Issuing bonds In any
amount necessary to provide an elec.
trio light and power plant, and Will
| all the force and fervor and emphasis
! he could command urged tho impor.
1 tanco or doing this. His own enthu.
sinsm aroused that of his audience
I In this connection he advocated tht
i construction of a series of stand-pipe.
| in the heart of the city's business dis
! trict, operated by electricity, whereby
/ far better fire protection could be as
sured, and the necessity of buying
moro fire engines hereafter removed.
Proceeding, the speaker vigorously
resented any ATTEMPT of any corpora
tionito undertake to limit the suppl,
OF water tho city might derive from
James River, stating that lle would
advocate ignoring injunctions and {
resort to force, if necessary, to defcn,
tho clty's inhorent rights from eithc
alienation or usnrpation.
Tho question. he said, was not wha
Richmond will allow corporations 1
whom 1T has granted franchises to dc
but whether those franchises VIII permi
tho city to provide ample water an
other public necessities and utllitlcs
Just as the army and the navy of Il,
government are maintained TO insur
peace, so It was the solemn duty q
the Council to protect the public againH
oripgant monopoly,
In concluding his very striking nd
!. dress, Mayor Mccarthy discussed tn
z !(contlnued on Twelfth Page.l. 8