Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-24

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EDITORS APfEALs In your issue Of the 22d inst. we
have seen a report Of the savings and d0ings" Of the
City Council on the preceding evening. It appears that
Alderman Tighe, chairman Of a special committee, OF
fsred a proposal from S. T. Casfim and John Gum to
build a new City Hail on the corner OF Adams and Sec
ond streets for Sl3 700; accompanied with "a resolution By
him to accept the bid and authorize the Mayor to close a
contract with said parties for the erection Of the hall and
other necessary city Offices. This resolution was vehe-
mently opposedby Alderman Robinson and among other
things said by hhn in opposition TO it. no stated " that
though the floating delA had been reduced, no actual re-
duction hal been made interests payments were grow
ing and Increasing and the city was financially as badly
off as before"
We heard this statement as it fen from the lips Of the
distinguished member from tue seventh ward, bat as it
was entirely unsupported save by lis mere assertion, and
not having the figures by us TO prove its truth o. false
hood, we said nothing in reply to it, Since then, how
ever, we have called on w. O. Lohand, Esq, City Con
troller, and obtained f ON BIN the following statement of
the reduction Of the city debt for the six months ending
on the LIST inst and the accumulation Of interest on the city
debt during the same period. The floating debt on the
Both Of June hast was:
On bills payable S3S6,404l33
On ledger balances due sundry individuals. 5635L5I
Making a total Of. S42, 1883
On the 3Ist Of December last the above
items Of indebtedness were reduced as fol-
lows:
Ledger balances i3.23I.3S
s3n,5a346
Showing in The six months a reduction on the floating
debt OF the city Of SOL, 2623L The accumulation of in
terest during the above period was on s~L,o3G,000 of
bonds .S3l,0eQ.00
On s3o64o432 bills payable-------- u,535l2
Making a total .s42672l2
Computing interest on the entire debt for the whole
term of SIX months. But as the debt was taken up, the
interest ceased ON so much of # as was paid and therefore
we have to deduct from the amount of interest the sam
Of S5.g5L42, which leaves S36, 1910 as the not interest.
which has accrued on our floating debt during he last
sixmoutba Deducting the S~3G,7G7.70 Of accumulated
interest from the 5IOl,262.3z Of the floating debt re-
tired. we have the sum Of Sj4,494.67 as the net amount
Of the floating debt Of the city, which has been retired du-
ring the six months ending on the 3lst December last
We cannot state with certainty the amount of our debt
which viii be taken up by the end Of the present month,
but we are assured by MI. Loaand that it viii reach at
least $4,000.
We do not present the above figures from any i'll VIII
10 Alderman Robinson but simply TO show the people Of
the city that theie is just a difference of S64,9L67 be-
tween his statement above quoted aud the truth that the
floating debt OF the city is being rapidly reduced, and
that our Mayor and Aldermen have only to continue to
practice the economy which the present board has prae-
tced to retire our whole floating debt in a very few
years.
II will be noticed that our statement Of the bonded
indebtedness Of the city does not include the $500 600 of
bonds issued to the Memphis and Charleston railroad
company, as the interest due semianuuaIly on said bonds
is paid by Sam. Tate and Others, purchasers Of the city's
stock in said road, and who by the terms of their CON
tract with the city in the purchase of said stock, have to
pay the interest on the $4,000 Of bonds promptly as it
falls due, nd also TO retire the whole Of the bonds, or an
equal amount OF the city's bonded indebtedness, before
they fall due. SAMUEL F. MORGAN.