The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-01


shoot a man, II ls high time that the people
who own this city should begin to take
notice, This uttefancc was. III my opInions
foolish tinwisc ana calculated to injurc our
city
D.n1,, - +l,a nH,vo-
ANSPy " w w ~ "
The sinking FUND to-day Us $500, 900;
I,35OOoO OF nus amount is invested IN
Ricfmond city bonds mat the sinking Fund
oso 10 a lTst 'a s oa spi et of 800
900 and learcs the true debt OF the city at
Sc 900 600
This may be dehied, but It ~ ab.olutniy
true that the sinking fiind assets are an on d
got and Judge Nicpl IN the annexation case
80 Acknowledged It. Tho question Will arise,
to whom does the aInlsing fund assets be-
long? They belong to the city Of Hichmond
hut are on deposit with trustees Gall of
whom are city oTIccrpj for the bondholdcra
ms additional security or collateral for their
bonds; but they do belong 10 the city and
cannot be resold
Now as 10 the periods 10 which His
Honor. the Mayor, gave 80 much attention.:
''is,. For the next eighteen months wo
Will have 10 refund and sell at par SIGS,0oo
worth OF bonds We sold In the last six
months sll0s,ooo worth or bonds, about
s 900 Of which were sold in December. SO
500 900 in eighteen months IS mol 40 many.
II have never heard breath OF any sug-
gcstion OF changing the sinking fund quota
OF one and q half per cent Oh per cent?
annually to be set aside for redemptlon
This means that we paying on our debt
In addition thereto We pay interest on
sI.25Q,ooo OF bonds thnt belong to the city.
Figured at four per cent. q per cent. , Is
s5o6po more, which makes a total OF s.oo.ovv
per annutn that we are at present applying
10 liquidation OF o,rt debt. which brings
our true interest account down to 100000
instend or 100000 az stated by the MAJOR;
Az our sinking fund grows this amount VIII
no materially decreased each year.
hl.o1,,+aI, M;eIa,d;no
~ 49, 80.
in the next eighteen months, S65p,ooo are
eight per cent. IS per cent? bonds. II
they are refunded at four per cent q per
cent? which they VIII be, tnis means tnat
the interest account WIN DC sun iur'i i
reduced 10 me extent 9i a-o,'o0, .,,.,,
"a ao 1ns ye a years an Of
so5 900 per nnnurn. they snould be paid
they become due out OF the current revenue
1t would never be missed. anG they would
never be heard OF again TO reiuha oohu
,nuId In fure our credit.
sd. Ia 1920 it is believed that we can
begin TO pay bonds In fuli as they
inature--what liz the result 10 be gained =
No We ca borrow the money back and spend
100000 In new improvements But must
we sit do~n and walt until we can oesih 70
pay debt for thirteen years ana 90 o, ho IN.
ing in tho meantime? Must we let our
Gas Works go to the Dogs Must we fetuse
to build an electric p!antI Mus. we .ei w ?
to equip our water plant as " shouid pc
Il
a mottraEe1: the mortgage Is not due for
thirteen years, bEt you are saving up tue
money to pay II OH wheH ~ p sco!iiea W. w
every good thnge, but IN the faeahliiiis a. :
YOU going To let the porches rot on
tell you, Mr.. President, thai inns cry e.
growing and advancing so faplais 'hs' ~
1890 l believe that, We "a an 80, :,
the bonds maturing AT sia' nm ,rtN,
paid out of the current revenue. ile WI
rent revenue for this year mas peeil cstt.
mated AT s2.2be,cIs- -,
..The MAYOR says IL Is oi.ls ny - tsoe
that We should consul. y 70 Tor
lu,sly misleading II we appronliate 10
running and extending the 1as W. a ~, -,
year s225,ooo and can van. oa. =, n,,r In.
year sS5000o Is that NOT u pm y ~ "
conc? II looks SO ~ ny
PROGRESS, Not Extravaganza
$780, ., $40 suggestion that IL we
want TO puilu ,i11 49,. xynrps we sho,ld
im nae bonds u5 on these plants. He is rlsh,
about TINS uhl'u as,.a,,,, 40 however IL
long ago. t.,,st 4, would enable you &c
be Saineo - 80 anars,te and distlnc,
KEEP KEEP ~ other Departments and could tel
exactly what Soa ~. ,,ores, and could be
won'al sun !, a,as moi !, success, agains,
charged ul' a y the city. But it seem.
the ponueu 49, IL a had time to start
" n ~ ~ 80, would nut these bonds on q
~, iui n,h.r Industrial bonds that canno
baf s Old at TIN this time at any price. .
my platform Is prosress' nu n.a NJ CO.. mir
gance. we cannot aho o.5ed j,,nrova
teen years 70 my ~, . ths,n The city mus
ments. we must h1N =. 49,. nroyraxsiye an,
wide-awake business af ths CIV tha
impress upon my peo os y, Nour nower lies
we propose as Lar 40 ,, -. awake CITY gov
to have an up-t aa ,.,,rnsa also. when tn
eminent; that W. - S,co,res 700 large /,
income OF inc cl.y ,,,at we viii declare
= nm n