A Sinking Fund Established for Bond Debts
From "Selma; Her Institutions, and Her Men" by John Hardy, pub. 1879:
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A contract was made to build a fire engine house in East Selma, which was located where it was subsequently built for Mechanic fire company on Alabama street. Central City fire company was organized November 4, 1871. J. M. Purviance, the turnkey resigned and E. M. Batt was elected to fill the place. Each member of the Council was furnished with a bird's eye view of the city. The Legislature, in 1872, passed an act allowing the city to create a sinking fund, to protect the bonded debt of the city. A commission, composed of H. A. Haralson and W. P. Armstrong, were sent to New York to arrange financial matters with Amy & Co., if possible, which they did to some extent. A judgment was obtained in the United States Court, at Montgomery, against the city, for about $1,500, in favor of James J. Stewart, and the United States Marshal commenced pressing the city for payment, which was finally arranged. The ordinance creating the sinking fund was passed, and E. Gillman, Robert Hall and Jonathan Haralson were appointed commissioners. Wm. M. Wallace was continued city surveyor. The R. E. Lee hose company was organized and asked to be admitted into the Fire Department. The following officers were elected for the Fire Department, on the 6th day of May 1872: Robert J. Fowler, Chief; D. M. R. Vickers, First Assistant; C. W. Hooper, Second Assistant. H. Rosser, Warden for first ward; John Weedon, Warden for second ward; Geo. Peacock Warden for third ward; Wm. M. Wallace, Warden for fourth ward; W. R. Floyd, Warden for fifth ward. Thomas M. Williams resigned as Marshal, and Col. J. P. Jones was directed to discharge the duties of that office, and finally, the office of captain of the guard was abolished and Col. Jones elected marshal for the term. Two horses were purchased for Phenix fire company. The Mayor was directed to borrow $16,000. An ordinance regulating the street railroad was passed. The Central City Oil Mills property was exempted form city taxes, John B. Stone resigned the city clerkship and A. J. Goodwin was elected to fill the vacancy. The Mayor was authorized to borrow $2,400. An ordinance was adopted authorizing the issuance of $160,000 of bonds of the city to be used in construction of a railroad, wagon and foot bridge across the Alabama river just above the ferry crossing; these bonds, however, were never issued, nor was there ever a vote of the real estate owners taken upon the question of issuing them. At a meeting on the 4th of September 1872, appropriate resolutions were adopted and spread upon a separate page of the minutes in honor of Madison J. Williams, who had died, and was member of the Council. A. E. Baker was elected to fill the vacancy in the council caused by the death of M. J. Williams. McConnico & Etheridge rented the wharf for one year at sixty-seven dollars per month. An excellent ordinance regulating the public schools of the city was adopted. The boundaries of the first ward were changed by taking from the second and adding to the first ward. This Council done much wholesome legislation for the city, and every thing went on harmoniously until a meeting held on the 16th of December 1872. An election for city officers had been ordered as required by law, and the election was to take place the next day, (the 17th of December 1872,) when a resolution was introduced and, with a strict party vote, adopted, authorizing the Mayor to issue a proclamation setting aside the election. This action on the part of the Council caused treat excitement among the people of the city.
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