The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-03-04

which seemed to pervade the atmos-
jhere in certain circles, including the
columns of some Of the daily news
papers. The condition o fthe city and
the prospects for even greater posi-
bflittes were nexer brighter.
I'VE compare with any city in the
country said Captain Mccarthy.
Our financial conditidh is phenomin-
al We have no bonds to take up nm
TIL 1890, and our sinking fund is &C
cordingly being augmented to such an
extent that beginning ut that time the
debt may be annihiiated. And the city
may pay all It's obligations. The sink
ing fund at that time will be able to
take care OF the demands. As the
bonds are redeemed, new ones may
be issued upon which necessary i'm
provements may be made. And thus
as time goes on the city will annihil-
ate its Indebtedness, keep ahead with
its Improvements, and continue along
its prosperous career.
I'm the ten years following 1920 the
city will have the opportunity of
spending s4.2s4.425, without increas-
ing its burden and without, creroach-
ing upon it's annual revenues"
Captain Mccarthy explained that by
taking up the bonds as they become
due, which may be dene through the
sinking fund. there will be in the
ten years after 1920, this amount to
be spent, in addition to the annual
revenues: 1870, $5sI.O00; 1921, $500
1924. $Ss2.000; 1925, 100000; 1926.
$57s,0 600: 1927, s213.000: 1928, $685.
900; 1899, $s46.0oo; 1880, $1,000.
making total OF s4,:94,000.
Outlook IL Brilliant.
These figures were shown by Cap
tain Mccarthy to prove that by the
humiliation of the debt, and the ex-
penditure of the money year by year
the credit of the city would be more
than maintained, and there would be
more money to spend year by year for
permanent and other Improvements. He
said in reply to question that he IA
vored bond Issue for anything which
tended to improve the city, and pro-
mote the comfort and convenience off
the people, and felt that all property
owners should be required to pay for
street improvements In front of their
property.
Captain Mccarthy said: There is
no Justification for the pessimistic
quarters. There was never better
opportunity to seize heartily the chance
of going ahead with improvements.
This IL a glorious opportunity.
"Our interest and redemption de-
mands has decreased during the past
eighteen years from IS 1-3 per cent OF
the revenues to 20 per cent. on third.
This Is most remarkable. During that
time our indebtedness has increased
from 100000 to s14.o0o.oo0 another
wonderful thing. With these facts con-
fronting us, can anyone for moment
say Richmond Is not at the apex OF
prosperity?
Would Have School Tax.
There Is one thing I want to say.
There Is no limit to the demands of
the public schools. The time has
come for a school tax. Let the city
issue q school tax of one-hah cent.
which would amount to 100000 a.
year. Then place the revenue toward
the essentials.
There are two things this COM
mittee should meet boldly school
tax and liberal issue OF bonds for
the necessary things which are abso-
iutely needed now
In speaking to the question, Cap
tain Mccarthy said that the Depart
ments Of Water, Gas and Eiectri,ity
always needed stimulation. There are
constant and insistent demands upon
these departments and 1t is poor
policy to permit either of them to de-
teriorate. Tho demands for sewer ex-
tensions IL imperative. The Water De-
partment Is hainK urged to make alb
solutely necessary extension Of mains
not only for use Of private citizens,
but for fire protection.
Need Money For Water.
The speaker was generous in Ills
remarks toward the committee. but
he insisted that action be taken at
once to supply the stnewa by which
this work In the Water and Sewer De-
partments might be proceeded with.
the necessity Of the fiume, because r
the increased demand for water. He
also showed that tho board haA start