Year: 1870

Under resolution OF the Council
adopted January 10, 1870, authorizing the
issue Of new bonds for the redemption of
the past due bonds, with the addition of
twenty per centum to the par value Of the
old bonds, it is believed all the past due
bonds will be converted during this wear
into new bonds payable in thirty-four
years To cover this twenty per centum
ss1, ,453.42 must be added to the bonded
debt. Add also 1000 of James river i'm
provement eight per cent. bonds which may
be sold this year, and the whole bonded
debt on the 1st of January, 1871, will be
50, ,275, ,519.36.


The greater portion of this debt is held
by our own people, who cheerfully consent
to make new loan to the city of the
amount of their past due bonds. There are
no better six per cent. bonds than the six
per cent. bonds Of the city Of Richmond.
They represent debt very small in proper
tion to the ability to pay. Amidst all the
calamities which have befallen us-a long
and desolating war closing upon us with the
loss of many millions of property in one
night, dark clouds shrouding the political
horizon of the State for four dreary years,
and failure of our staple crops during al
this time-yet, in the face of such terribly
adverse influences, the city has always
promptly paid the interest on its debt. If
we have preserved our credit untarnished
under such circumstances, can anything
occur to shake the confidence of capitalists
in our ability and purpose to meet all our
obligations? The real estate owned by the
city in its corporate capacity, which is all
subject to the payment Of its debt, would
to-day sell for a sum nearly equal to its en-
tire debt.


The assessed value of the taxable real es-
tate in the corporate limits is now $24, 1885,
40, and will be increased to thirty millions
by the new assessment recently ordered by
YOU. To this add the taxable personal pro-
perty, and also the capital heretofore eX-
cmpted because its owners were assessed
with license tax, and next year we shall
have nearly forty millions as q basis for tax
alton. Without increasing the rate of taxa
ton, which is lower than most cities Of the
population of ours, there will be ample
revenue to pay the interest on our debt,
provide the sum required for the sinking
fund, pay all the current expenses of the
city government, meet all the demands
llpon YOU for the education of the youth OF
the city, and leave large surplus for gene
raj city improvements.


Nothing tends more to promote the pros
perity of q city than jealous regard for its
financial credit. Capital and population
will not be attracted to communities in
which the public honor is lightly esteemed.
Our people, always prompt in discharglnS
their private obligations, are no less con,
cerned that their public engagements shall
be as promptly met; and while willing to
bear such an amount Of taxation as shall be
adequate for that purpose, they will not pa
tiently submit to wasteful expenditures OF
the public money. ltis, therefore, gratify-
ing to witness the evidences you have shown
of determination to administer our NUM-
cipal affairs on the most economical scale
consistent with proper respect for the
general welfare. This policy persistently
carried out will enhance the market value
of city bonds and enable us whenever the
necessity arises to negotiate loans On the
most favorable terms.


The contemplated appropriation of $780,
900 of city bonds for public-school build
ings was not included in the preceding
estimates, because if the bonds are sold the
rent now paid for school-rooms and for tit
ting them for school purposes being equal
to The annual interest on the bonds, it will
be simply reduction by that amount Of the
appropriation to the Board of Education,
and q transfer of it to the interest account
on the auditors books. ........


It's relation to the city finances makes it
appropriate to state here that at very
early day the Council must build new gas
auu pIOFluc pClAF
capacity for the gas works. More than four
years ago the superintendent Of the works
urged the Council to erect o new holder,
both on account Of the increasing demands |
upon the works and the necessity for repairs
to the old holders. Recent investigations, |
showing the insecurity Of the holders and
the danger of longer delay, warn you that |
to insure even the present supply OF gas a
new holder must be built as soon as it is
possible to do the work. But if perfectly |
reliable, the old holders are barely adequate !
to the demands now made upon them,
while the daily increasing consumption |
alone requires that more storage room for !
gas shall be furnished. It is believed that !
the cost of new holder may bespared from |
the revenues of next year, and the Council
would be warranted by the urgency OF the |
case in so far anticipating the receipts of
1871 as to contract at once for the Work.
Some months must elapse before its COM |
pletion, when the money will be IN the trea- |
sury to pay the contractor.


II the Council concur in the recommenda-
tions herein made, it is respectfully sug-
gested that the Committee on Finance ne |
authorized to sell so much of the real estate
owned by the city, not used for municipal
purposes, as will yield the sum of Sl20, ,0OO
that an ordinance be passed changing the
time for the payment Of license taxes to the
month of February that you enforce the
collection of the amounts due from pro-
perty.holders for culyerts; and that au-
thority be given for the erection OF a ne"
oas-hoIder. II. Il. LELLYsoN. /