The true Democrat., 1854-10-11
The Governor: True or False.

The Governor: True or False.
 The Memphis Enquirer, contradicting Co., venor CoNwAY's reported remarks on the bonds of Memphis, says: I'has vas talse: the inter- est has been promptly paid on all the outstand- ing city bonds; and they rank as high in the market as the bonds of any other city in the Union."
 Before the Enquirer waste any further bile on the issue opened as to the value of Mem phis bonds in the conversation of Gov. CoN- WAY, we take leave to suggest to that generally dlgnlhed journal the wisdom of settling the question first of all with those at home who have placed a like testimony on record in the columns of the press of Memphis The Mem phis Whig of the 18th June reporting meet ing of the "City Council" states: -'' His Honor, Tn his message, informed the Board that the Finance Committee hos succeeded in a7rangang for sufficient amount of money to meet the bonded interest due July 1st, in the cities of New York and Philadelphia" This is such suspicious manner of announcing the maintain ance of the city credit that savoring strongly of effort and relief we would recommend the Enquirer to work off portion of its surplus spirit in the demolition of the Whig. The Whig deserves handling muck more so than that inotfensive gentleman the Governor, the moreover that in addition to the above "leak- ing out" it has subsequently, alleged that the only choice open to the citizens of Memphis lay between additional taxation and "repudia tion.' But while in such dilemmas as those alluded to in this last instance by the Whig the credit of Memphis
 Hike a wounded snake drags it's slow length along" we invite the Enquirer to inform us whether or not the twenty thousand dollars which the committee referred to by the Whig "had suc- ceedea in arranging for" was not obtained by boyroa0ang; and whether in several like instances yearly occurrences loans have not been the only means, in conjunction with Me anlulqence of the bond-holders (CLARK & Co., of saving the city from protest? Now it is a nice ques- ton in ethics, and we present it for the consi- iteration of the Enquirer, to decide whether the mourning of new debts to pay interest on old debts does or does not justify the alleged remark of the Governor that Memphis could not pay the interest on her bonds already in the market"' Memphis assuredly "could not pay the interest," on these bonds in the regular course of solvent debtor; and the question therefore will turn on whether the remark of the Governor did or did not intend to include some such farce as Goldsmith's "New Way to pay Old Debts"
 Ii after the chastlsement of the Whig for the above lncautlon, a balance of surplus power still remain on hand, the following expression of opinion will furnish the Enquirer with an opportunity of working 1t of to adyantage:-
 From the Eagle and Enquirer.
 City Finances and Corporation
 Management.
 MEssRs EDITORs:-Permit me through vour columns to call t e attention of our fellow-cit- zens to q matter of vital importance to us all, viz: tn financial condition and Management of our city.
 About year since our city council reported the city in dett or liabilities past maturity, about seventy-tve thousand dollars; and in order to cancel said obligations, they issued 75,OOO time bonds, under the principle that they would n- cur cash liabilities thereafter, no more than the income by tax, etc., would meet year by year, thereby bringing our credit at par, and so to keep them. This course was well approved by the property owners generally.
 Now let Us inquire how it has been carried out-whether the council have contracted each liabilities no more than our income. Upon enquiry, l am told the city $ no,o ia deJt tor Ho- Utilities past due SlOO,OOO, with an amount of claims on the tax list of S4O,OOO, leaving a de- ficit of S60,OOO, and our credits are at dis count of 15 to 20 per cent.
 It Is the right of every citizen to enquire why the council will go on contracting debts o1d nohlng to pay, thereby raising our credits. l affirm that the like course persisted in a few years will ruin our city.
 What imperious demand is there to straight en and grade all of South Memphis immedi- ately. That clss of work should be resrved for future ability. A large majority of the city would vote against such works, if they were offered gratis. l ask our Mayor and council to ho0e some regard to payment ao1sen Mey incur hadqht'es, either Ill bonds or open accounts
 CITIZEN
 In the above communication the Enquirer will observe that mention Is made of liabilities past maturity" of certain debt of S1OOOOO z tor haUlatats past due;'' and discount on the credits of Memphis so high as even 20 per cent This "Citizen" is doubtless agood citizen; and while anxious to call public attention to the insane financierng of his corporation has of course been sufficiently prudent to expose as little as possible of the facts; but We submit res- pectfully to the Enquirer that he is notwith- standing equally deserving of a few touches of the lash as either MT. BEBEE or Gov CONWAY. As the "Citizen" talks knowingly of |" Abilities past maturity while the Enquirer alleges in contradiction of the Governor that "the interest has been promptly paid on all the outstanding city -bonds' we hope this reminder may make diversion in favor of our worthy Governor. As this Citizen alledges further--and, we sub- init, speaks very mo1estly-that the credit of Memphis stands so low as 80 cents on the dol lar while the stock exchange list put the like credits of Albany-6 per cents-at lO- cents on the dollar, we would recommend the Enquirer in consideration of its correction of Gov. CoN- WAY: "That the bonds of Memphis rank as high in the market as the bonds of any other city in the Union' to arrange Mdshipman easy kind of "duel"-the Enquirer at one angle of the triangle, its trusty and we'll beloved cor respondent Citizen at another angle; and at the third angle the whole fraternity of the stock exchange. By the time this fight is settled it is to be hoped that the exuberant courage of that journal will have settled down into the Enquirer's usual tone of courtesy and sef-res- pect: by that time it will be able, it is hoped, l.11