Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-12-18
OUR CITY FINANCES THE PRO
POSED LOAN.

POSED LOAN.
The city of Nashville has not escaped
the general pecuniary difficulties that
have come upon the people whose con
tributions to our commerce are the source
of our prosperity. We are deeply in
debt, our bonds are rapidly maturing,
portion of the debt already matured, and
interest accrued and past due, remain
unpaid, and the amount Of taxes col
lected is insufficient to meet current ex-
penses In this condition of affairs it lis not
strange that our bonds are alta ruinous dis
count, and the floating corporation checks,
in fact only represent two-thirds of the
sum for which they are drawn, in avail
able currency. The current years in
come is measurably exhausted, aud there
is a period of seve raj months to come
wherein the allowance to creditors and
officers ia ready cash viii be limited 10
almost nothing while checks will be
multiplied and still further deprecated
At the same time, the business inter
ests of the city are undeniably unusually
depressed the rental Of property greatly
reduced, and the entire resources OF the
people circum cribed to bare subs
sistence standard How long this. state
Of things is to continue there are none to
foretell-since the hole country is ems
barassed with all kinds of debt, and the
general financial policy is undetermined.
In this emergency it is proposed to
issue the city's bonds for the stun Of
100000, and authority has been OBJ
tanned from the Legislature for that pnr~
pose; aud, we believe, without a refer
ence of the question to the Taxpayers
This expedient We regard as unwise,
and, SO far as we have heard an ex-
preston, in opposition to the views and
wishes Of those who are to be saddled
with the debt In the first place, the
bonds could net be sold for more than
fifty or sixty per cent on the dollar
| Here are from one hundred and twenty
to one hundred and fifty thousand dollars
thrown away, aud forever lost at the out
set-to be paid at maturity, but never
one cent Of it to be realized by the
people. 1t will add eighteen thousand
dollars per annum to the regular ex-
penses of the city, while the city is
unable to meet the present expenditures
| If the whole truth were known as to the
city's resources, the bonds would not
even bring so much as above estimated,
for we have nothing to pay them with.
The city property is valuable, but con-
sists almost wholly Of public works,
which the people will never consent
to see pass into the hands of mono.
polists.
Besides these facts there is another
consideration which cannot be overlooked
and that is the manner of the election
Of the present city government That
election was held by the force of the
sword, and the present government
got possession of the power it is now
exercising by the sword The solid
people of the city, the large proper
ton Of the tax payers never consented
to it. If these bonds are issued it is not
certain they are lawful The purchaser
will take thers ydt1his risk Their pro-
ceeds viii do the city little or no good,
and will be used to continue unwarrant-
ed extravaganza, by which we will be
still further impoverished and more fear
fully loaded with debt and taxation.
In view of the ruinous consequence of
this movement it is suggested that the
taxpayers of Nashville, irrespective of
party, hold a-meeting and protest against
the issuance of these bonds, urge upon
the acting city government the necessity
Of retrenchment and economy, and notify
capitalists that, if issued, the payment Of
these bonds will be resisted to the utmost
of the law