Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-29
The Cirr FInnnre..

and the city vas financially a. bad OF o. befor This
was taken from arepori Of ue q Sayings and Doinq Of
the City Council published I'm the APPEsL. Of the 22d inst,
and was merely a synopsis Of what was said and done on
that evening by the different mesnbers. The Language
quoted Is correct, as far as 1t goes. The report does not
give all that was said which the member FROM the See
ond ward ought 20 know. What 1 sald IN connection
with the city finances was that the interat which had
naturcd on the bonded and other Indebtedness Of the city
during the present corp0rate year had been equal to TIE
reduction on the h0adIg debt, and though the floating
debt had been reduced, yea no actual reduction had been
made that the interest on the indebtedness Of the city
was growing and Increasing daily, and the city was dnan-
The member from the Second ward. after quoting nom
the report, proceeds T. give what b. assumes was the
financial condition Of the city, on the DJlh Of June, 1861,
AID on the 3lst Of December, 1861, buf 10 doing So he
vaefly fails 70 give one eaieuiated 70 reflect much 70 his
credit 81 a searcher after financial truths. aud deeis with
the subject as be does with what I said, by only using a
part and not the whole. Now for the figures.
The Controllers report 10 the Board Of Aldermen a
tpeh first regular meeting IN this month. shows the re-
eeipts from revenue for the55th corporate yoar. from June
% to December 81, to be as follows:
Jl-3iG24
g55lO4
City Taxes------. lo747sg6
gjnas 80 Fo9s5.-
Elnes ana Z oietuFea- l4.3S5
Total receipts from observation-disclosures
Appropriations by the Board----------.---- s5,s3235
Excess Of revenue over appropriations from
June 80 to December U..-----------.-S U,g9G40
Showing a balance Of revenue, after dedueilng the ap-
prOprati0ns, Of S1,99640 Now the member from the
second ward ought TO have explained how Sl0l2j23l Of
The floating debt Of the city was paid with an excess Of
revenue over appropriations OF only sT7,99640. The
Truth f. this: On the 3Oth Of June the bills payable debt
Of the city was reported to be Ss6,40432 Two items
NJ IN fPffi2e1 81 ms4s HR nat amount wil give.
hoEized thr IRE committee 10 contract for and 6a7e
built tive steam Gre engines for the city. The engines were
built in Cincinnati. the city issued Ter notes 70 paw for
them the nnmEANarnrmfad fha mofaa Tffa naau-nu aHnma
the time the blockade was established and after find ug
il impossible 70 get The engines the fire COMMITTEES re-
turned TIE money to the banks and had the notes Of the
city cancelled The amount get from the books Of the
Controller and credited 70 the ire department. Is sl3953.-
% The other item is the notes Of the city for s5900G00
loaned 20 the military board y be expended Tor defense
before the state had Dissolved her connection with the old
government Now take those two items, neitherofyThich
forms any part OF the revenue Of the city and put them
together and deduct them from the amount Of the float
ing debt which the members from the S~econd-Sard
claims that the city has paid and see how the matter
Amount Of aoaliLg debt paid by
the city TO Dec 3lst, as per 5.
T. MOrgan's tat-ment....... S6i,lJL67
Money refunded by fire eammit
ei393g2
Money refunded by military board 5o.ooooO s63a19a
Balance Of revenue to pay floating debit s 4075
Here you have the magnificent sum Of sj40.75 Of the
Heating debt, paid of. from the actual revenue Of the city
tend 70 say that either Of the items shove given forms any
part Of the revenue Of the city Of Memphis Both, how
eser, were reported in the bills payab g account on the
JJth Of Juns lest Tbs money On account Of the fire de
partment q SPEAK from reeOliecti0n) was never taken ont
OF the banks, and the notes loaned the military board
were paid of BY the chairman Of the board. nr. Merrill.
soon after the State had assumed eOutroI Of all military
affairs. What the people desire 10 know is, whether the
actual revenue collected leaves anything 10 pay of our
floating debt after paying the current expenses OF the
city, and providing for our interest Liabilities as they
mature. The position I took at she Board on the evening
Of the 2lst was that i did not Isay now, ii orr interest
liabilities were met and paid promptly as maturity, not a
dollar would be left to pay any part Of the floating liabi-
tiles of the city.
Now, Messrs. Editors, I win pursue this matter a little
further, and give figures which VIII be pain 20 the I'M
derstanding Of every man;
Bills payable as per Controllers
report. jane 30-----------S39640L32
Bi Is payable az per Controllers
report December 3l--------- &s,212Oe
Reduction from June Doth to De
.eember 81, on Blk Payable $sll22i
Received from Fire De
-sl3,95a92
Received from Military
Board----.------. 100000
se395ass
Actual reduction of Bills Payable, from
revenue, December l---..------------S 2LIS,S2
Ledger balances due June l---.z56,3el-5
Ledger balances dre 81, &f2l-as
Eaa-
revenue, December Jt--------=@=---.- 3 l3,t50tS
Potal reduction Of Bills Payable and Ledger
balances, December 3I----------.----- 8 JI,3Oc.4J
/ Amount of interest liabilities
maturedfr from June 80, to Deeem-
Der
Amount Of interest paid from June
soto December 3l.----- 390442
Total amount of interest Habil ties matursd
from June 80 to December 81, and not paid s 3575LIl
Total amount to discharge floating debt
with, fromreyenue. on December 3l------ Jo.45
Again YOU have the sum Of s540D as the actual
amount OF revenue collected by the city, over and above
the appropriation made by this Board, to pay its float
ing debt with, as astounding and harsh as the statement
may have fallen on the ears OF the member from the
Second Ward, and unsupported as it was save by his
(my) mere assertion, yet il Is nevertheless true.
You VIII perceive. Messrs Editors, that in the figures
have given / have confned myself to the limits OF al
dermm vorgans statement, that is from the Both Of
June to the 3lst Of December, and also TO the interest
account which be made out in his card
In my remarks on the evening refer ed to, / had refer
enee to al the interest which had matured, and for which
the city was liable. IRerT mentioned he 3lst y Daaa
bar, nor the particular character Of interest which had
ms ured, nor does the member from the Second ward
find any data OF the Kind IN the report published IN the
| APPEAL, which he quotes from, and makes the basis for
his publication, and by assuming a data and culing over
the interest liabilities OF the.city, the wTocghe does himself
is greater than he injustice he does me. Twill now make
the hguresFhich viii tes' the statement I made, without
reference to the figures which the member fro n the See
ond ward makes in his publication on the morning Of the
24th inst.
Bills payable june 30 per Control
lers report...... .....-----"SS64oL&
Ledger ba auces June - per Con-
trolers epOrt-----..".--... 5635L5l
Total bills payable ani ledger b L
June 80 per Controllers report-Si42 $3.50
Deduct notes Of the city given TO
Fire Dep, and 10 Military board
and cancelled
Fire Com. or Dep-~----Sl3G5392
Military bOard......-... 5j,OyOCOS0J93392
Total indehteduess on jane 80. to be pro
vided forOut Of city revenue. ..... ........S31S,s3i9
Bills payable Dec. 81, as per Con
trOliers
Ledger balance Dee. 81. as per Con
trOllers port.....-..-...- 43,2JL3S
Interest on ~Sl,g3670O city bonds
matured July I--.....-------.. 3l0S0OD
Interest on S~l,O36000 city bombs
matured January l......-...-.. 3l0S0O0
Int. on 5000 N. & l. r X, r.
bonds matured July l.......... 100000
Int. on S30OOc0 & l. r K r. -
bonds matured January l..,s"i050oOJ
Int on hoat3rE dyuT -....SiI.IsJI2
Less interest paid by the
city on city bonds l..
1 r. r. r. bonds and
floating debt.......--- 9,s5942 lE5FO
Total amt Of bills payable, ledger balances
and interest. which had matured during
the present corporate year at the time 1
made tbs Siz14iA.lt
slzss7a=
Showing a deficit in the transactions Of the present cor
porate wear of S47,557.25 less whatever amount Of reve
nue. NAV have been collected from the 3lst December q
the DIST inst, being the time the statement was made
The member from the second ward may object to the IN
terest on the city bonds which tel due on the LIST day