Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-04-01
Our Municipal Affairs.
THE PUBLIC DEBT.

Our Municipal Affairs.
THE PUBLIC DEBT.
We propose to say something in regard
TO the funded debt Of the corporation Of
Nashville, in order that its present and f,I-
ture liabilities may be known. 1t is an
important item, and one which the tax
payers of the city should at all times keep
an eye on 1t is from this fruitful source
Of evil that most cities ia this country are
rushing on to financial ruin. A heavy
public debt is the impure fountain from
which issue thousands of little sluggish.
deadly streams, carrying certain destruc-
ton TO the body corporate 1t is the Bo-
han Upas of all cities, and the baleful ef-
fects produced by its deadly shade are more
difficult TO heal than any other malady.
Hence, We assume il 70 be the part of wis
dom TO avoid large funded debt. Our
city is not so deeply in the vortex but that
it can easily get out But two or three
years Of extravagant management, by in
competent aud hazardous rulers, might
easily place US beyond reasonable hope of
rescue. Look at Philadelphia, the CITY
Of BrotheVly Love- and one of the oldest
cities Of the United States, and it will he
seen to what extent the evil can he carried.
That city is hOpesesSiy involved in debt,
and a million of dollars will not relieve its
immediate pressing liabilities She has
heaped up debt upon debt, to such an ex-
tent that it is questionable whether she
will ever escape the whirlpool of destruc-
ton. Her public debt, if we remember
rightly, is in the neighbOrhood of fourteen
millions of dollars Look at New York,
with her coo, 900 Of population. Her pub
lie debt was, on the LIST Of July last, $l4,-
000, $50. But the city held stocks, bonds
and mortgages TO the amount of $5,370.-
473 95, leaving the actual debt unprovided
for $3.50, $500 The debt, payable by
taxation, added to the balance unprovided
for, (SS, $50, 3S205,) makes her total in
debtedReSs equal to 50, 1884, 3s205, or, in
round Numbers, nearly ten millions Of dol
lars New York, owing TO her immense
population, may recover if she can have a
few years proper management. The public
debt of St Louis, We are told, is between
seven and eight millions, three millions be-
ing incurred for sewerage alone New Or
leans, the commercial emporium of the
South, has funded debt of upwards of
seven millions. The public debt of the city
Of Savannah ian old city, comparatively
was, on the LIST of November last, only
81 ,203, 624 80, and the amount of the
Mayors notes running ia the Banks of Sa-
vauuah, from 1854, was $4,000 The to-
tai resources of that city was little over
$4,000 900, iacluding stocks, domain and
water works. SO we think that Savannah
has been well managed, aud is an exception
to the general rule. Another exception is
the old city Of Providence, Rhode Island,
whose public debt was, on the 18th of No
vember last, for notes and bonds, $685.
729OS; besides $4,000 subscription to
the Hartford, Providence and Fishkil rail
road, for which bonds are issued PAYABLE in
1876. Providence, however, is in health;
condition, having assets TO four or FIVE
times the amount Of her liabilities. The
public debt of the city of Louisville was,
on the 9th Of September last, little less
than one million, whilst her assets are put
down at $l,O32, 5ll50. Louisville has
sinking fund provided with view TO the
extinguishment of her funded debt. Frank
fort, the capital Of our sister State of Ken.
lucky, has, financially speaking, gone by
the board" She has made an assignment
in favor of her resident creditors, and the
assignment includes the debts due the city.
her water works, gas works and the Cap
itol Hotel" Itseems that she was keeping
tavern, as one of the objects of public i'm
provement. Frankfort, il is said has been
managed for years by Clique, and gen.
eral blow out is the result. Mobile is
behind hand considerably, on account Of
her heavy railroad subscriptions Memphis
is in debt, if we mistake not, to the tune
of one million three hundred thousand.
But to the public debt of Nashville.
The FIRST debt created in this city. other
than local or home debt, was contracted
in eyear 1880, when the sum of $50 900 |
was borrowed from the Pennsylvania In
surance Company, at Philadelphia, for the |
term of twenty-five years, at six per cent /
per annnm. The Legislature of Tennessee
passed law authorizing the corporation
TO obtain money by loans, This $50 OOO |
was obtained by John Gil, Jr,, Of the
house Of Gill, Ferguson a Co, who cor
with Francis Porterfeld, Robert |
Farquharson and Joseph Litton, the con-
mittee on the part Of the corporation. f. |
II. Foster, ESQ, acted as attorney for the !