Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-12-06

the appointment of joint committee O
hive to consider the propriety of reducing
the salaries Of city officers to be elected al
the next regular meeting. Adopted. and
Messrs. Knowles and Nelson appointed for
the Board of Aldermen.
Mr.. Allen offered a resolution. which
was adopted, providing for the appointment
of special joint committee to petition the
Legislature for power TO issue $500. 900
worth of city bonds, to be used in hquida.
ting the floating debt of the city, and for
no other purpose. Messrs. Allen and Thorn
berg were appointed for the Board of
Aldermen. Adjourned.
COMMON COUNCIL.
Board convened at p. NJ, pursuant 10
call, Chairman Shankland presiding.
Present-Councilmen Burchett, Cochran,
Corners, Coyle, Grant, Griffin, Hammer,
Kercheval, Mitchell, Pratt, Thayer, Wood
mansee.
The following, transmitted from the other
Board, was read as a
MESSAGE FROM THE MAYOR.
MAYORS OFFICE, NASHVILLE. TENN
Dec. 3, lS67.-GENTLEMEN OF THE Cry
COUNCIL: Ihave deemed il necessary to
call you together to-day for the purpose of
considering the following questions in adj
dition to any other business which NAV
regularly come before you, viz:
Below please find statement of debts
claiming our immediate attention:
Interest on coupons. past due, to Oct
ISL SD 200
Interest on coupons, past due, January
lst, loOl
Notes and interest on same now due... 42'000
Floating city $4,000
Total to be paid.on or prior to January
ISL, 1905 ''.'''.-'...--.......-.-. Sl95, $50
l include the floating debt" above from
deeming II our best policy to liquidate it
as soon as possible. OF course its payment
lie not imperative on or before The date
given.
Our current expenses amount to about
$4,000 per month, while our revenue,
in actual receipts, reaches nearly 25.-
600 dollars, and but for the ruinons
rates OF discount on our checks twenty
i've per cent. the city finances would be
in a very hourishing condition, notwith-
standing the present tax and ineffective
laws regulating our revenue On this
point l need only remark that through this
inefectiveness over $3.50 600 are due the
corporation from Taxpayers. | trust a
speedy solution of that difficulty will be
accomplished, however, by the Committee
of Attorneys recently appointed in ac-
cordance with your joint resolution, and
whose names | have the honor to announce
below, viz: Amos Lowering, +. A. Otis,
d. W. Peabody.
From the eminent legal ability of these
gentlemen, feel assured that no effort
will be spared in accomplishing the pur-
pose for which they were appointed.
In view Of the position of our pecnniary
affairs, our present course can only be to
create funded debt. To more clearly set
this forth, permit me to quote from an act
of the Legislature passed May "a, 1866
"Sec. 4. The Mayor and City Council of
Nashville shall have power, and are here.
by authorized to Issue and sell the coupon
bonds of the city of Nashville, as provided
for in the second section Of this act. TO the
amount OF 100000 in addition to the
amount of bonds therein provided for:
Provided, That the said Mayor and City
Council shall take proper steps to ascer-
tain the will of the qualified voters after
public notice of at least ten days before the
taking Of such vote, and if at such election
a majority of the qualified voters cast their
votes in favor of the issuance Of the addi-
tional amount of bonds herein provided
for, then the Mayor and City Council afore-
said may issue said bonds, but not other
wise; and provided further" etc.
The section goes on to recite that the
funds thus acquired shall be applied to inn
provements on the streets and ALLEYS of
sundry wards. The proviso referred to as
being embodied in section two of the same
act reads as follows:
THAT the Mayor and City Council of
Nashville shall be and are hereby author
lied to Issue, in their corporate capacity,
the coupon bonds of the city of Nashville,
to the amount of 100000, bearing interest
at the rate of six per cent. The said bonds
shall be of such denomination, each not
less than 500 nor more than $1,000, as
may be fixed by act of the Mayor and CITY
Council of Nashville; and shall mature at
such time or times, and be made payable
at such place or places, as the said Mayor
and Council may designate, not less than
fifteen nor more than thirty years after the
date or dates of the issuance thereof; and
these interests on said bonds shall be made
payable semi-monthly, at such place or
places az may be fixed by authority Of said
Mayor aud City Council"
From the foregoing il will be observed
the provisions of this law are not appli
cable to our present financial condition
the amount designated in section hav-
ing been already issued and expended
hence, / have the honor 10 recommend that
the Finance Committee be instructed to
petition the Legislature to amend the pro-
wise of section of said act, SO that the
same shall authorize the issuance and sale
OF bonds to the amount of $500, 900, un~
conditionaliy as far as touches the applica-
ton of the funds, to mature and be made
payable in not less than FIVE nor more than
thirty years from the date Of the issuance
thereof 1t is desirable 10 thus change the
limitation OF time to secure better rates
and reader sales, predicsted of course
upon the solTency of the corporation. l
doubt whether sales Of thirty-years bonds
could be effected at anything like advan-
tageous rates at this time.
The unequivocal necessity of raising
funds at the earliest practicable period to
maintain the integrity and credit of the
corporation leads me to urge, gentlemen,
the adoption at once Of prompt and vigOr-
Gus measures.
I'd. To consider the propriety of chang
ing the salaries Of the various Offices to be
filled under the provisions of existing law
at your hrst regular meeting in the next
month.
sd. beg also to invite your attention
TO the proposed erection Of a United
States customhouse and postoffce within
the city limits. This movement, as q
measure Of public enterprise, comnends