Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-06-18
sSlg sppeal,


CIFE FINANCES AND DEFEEsEs,
EprroRs APPEAL; In my reflections upor
the sxigsneiss &c thetinrs, IN connection viii
the e~ventFul circumstances which at p-esen.
surround our city, I some asys ago addressed
tarough the nsyor, a communication 90 To,
board Of aldermen upon the topic Of th'
finances 2 Memphis, suggesting the expedi
Asncy Of adopting a system OF finance which
shonid eaahls the corporate authorities to pui
he city 10 a stat. Of defense that would pro.
.tet the iahabltsuts from The aggression oil
ths enemy during the pending war with th'
United States government. As the measure
proposed embraces q subject in which toe com.
munity a. large has a deep and abiding infsr.
est a respect FOR public opinion rendered q
proper tlat it should appear before the people
through tbe minutes ofths city council, and up
on these orsiieraiions I addressed &C. commu-
nicstou 20 TIE board Of mayor and aldermen.
BUt as s. has not been presented % the public
eve through shat channel. viii you, Msssrs.
Editors, Ed ow me 10 sabmit to toe citzsns
OF Memrhis through the medium o. your
iurnsl, my views upon the subject, illustrative
Of The aiuisT advantages the proposed sys-
ten Is calculated TO impartto our city.
The scheme suggests that tie beard Of
mayor and sliermen nass an ordinance author
ling The issuinE Of S450. 900 ia city scrip. In
bills o. S5and SO; the faith Of The city pledged
for their redemption, ~ the discretion Of the
corporate authorities, and make a tender 10
payment Of az dues 20 IT from The city, and
not to bear interest, as that wiz prevent them
from hei-E deprecated By money brokers FOR
snecuiatilE purposes. Indeed. this scrip viii
Be far more reliable than The notes Of any
hnk. because they are based u7on a sized
e~pitaEn-the taxable property az The commu-
ljtv-ani win be a debt created by the people
hatvirt1ailv becomes 2 debt ire 20 themselves,
Tedeema5le through the revenue, and az the
same tine subs=rves As a Josh TO the city TO-
lie amount or $50 009, exempted from inter-
est. and being a tender in payment of taxes, Il
will be received bv he salary officers, mer-
chants, mechanics, house keepers, daF labor
e1s and mrket men. It would seem, there
fore, irrational 20 sapposs, under these circun-
stances. ttat the scrip would ever dePreciate-
e is suggested bF some that the city is not
authorized tT its charter to create such a
scrin ualess sanctioned BY an act OF The State
legislature. Be that As % may, an not DIS
posed % discuss thar question, and, therefore,
cheerfuliv submit its discussion 10 the hstter
ir3cmeut Of the board II mayor and alder
nsn. Yet, 7 must confess I sm unable 10 dis
cover ANYTHING fn the ch1f1er tldt eA-iAde7
the corporate Authorities from issuing sHcb s
SCRIP. The system Is not original with ne.
As TIE close Of The revolutionary war in 1888,
uv native State, North Carolina. owed a debt
OF nearly a million Of dollars. The l~egisia-
lure. ta ala the STATE 10 pay It, passed
an oct authorizing the issuing OF 100000
dollars Of Ststs scrip, in bills OF forty, twenty,
ten and five uhiliiEgs, p~iedgiug the faith Of the
s ats for their redempi Jon at The discretion of
tie general assembly, and making them a ten
der in payment or all dues 70 or from the
State.
The bills bore 10 interest aad were put 10
circulation Immediately, and were received by
the salary officers Of the State and citizens at
par, and continued = circulating me.ium for
thev wers taken up BIZ the banks o. the STATE
b. the permission Of The legislature, against
he wishes Of the people.
Thus the state eEtinEuisbed debt Of a mil
luH0f doliar7 nv issuing a STATE script 60 the
amount Of sl,209 600, which snbssrved IS a
loan, exempt fr0n interest, FOR nearly forty
Fesrs.
And 80 nav Memphis extiTEuish her ioa+-
b debt By adopting the proposed system I1e
hfm OF the bills was "a follows:
STATE CT NORTH cAE7LTNA.
This bHi Of forty sbiiiings Cor a denomina-
A0a rrcrrei) shall be a tender ia psTmentofall
dues b. OK from Ire State agreeable 10 act Of
assembly passed at Hlisoor0ugh, Ion Dec,
1883.
(sienei) yoHv HUHT.
A. TAT7rI.
Efr. Hcrt vas cirsk o. The House, and Nr.
Tat7n d member thereof.
MIS- AL a A AH j.