Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-06-14
FHE OBJECTION TO.NORROW.
EVERY TAX PAYER MUST
VOTE.
Results of Our Action.

The election OF Saturday should not be
forgotten. Each Taxpayer, property
holder, each holder of license, drayman
and capitalist is directly interested in re-
lieving the city treasury Of its present
Indebtedness. It is well for spectators
in city scrip to maintain the present con-
dition Of things. They may combine to-
day and reduce the price of scrip 70 fifty
cents, and then, when they have bought
in large quantities, they advance the
price. Within the past month this pro-
cess has been effected and city scrip, that
was bought up at fifty cents, is now
held at sixty or siXty-6ve cents. The
poor and taxpayers are the great suffer.
ers, while spectators are made rich. It
is also true that the city government,
because of the existence Of this floating
debt, is charged two prices for
every article It buys and on every
contract that it makes. The people
must foot the bills and Taxpayers
are crushed beneath burdens imposed by
our unfortunate condition. These bur
dens, imposed upon tradesmeu. are added
to the cost Of goods. Purchasers dis
cover the fact aud are thus driven to
/ other markets. The whole city suffers
/ since its growth is thus retarded, and its
wealth sacrificed in the interest Of spec
ulators. Few will oppose the proposition
to fund the floating Indebtedness Of the
corporation, aud only those whose gains
are great in exact ratio with absolute
losses sustained by the great body of the
people. The city debt due amounts to
about 500 600. If an individual, hav-
ing the income of the city, owed such a
| sum, he would soon consolidate the in
debtedness and have but a single cred
itor. He would hardly suffer every man
that owed him to hold offsets in the
shape Of overdue and unpaid notes and
accounts. Such is the condition, and
has been the conductO Of municipal hnan-
eiers. Mayor Lotiand and his associates
propose to change this condition Of facts.
Thew would Obliterate all traces of this
floating Indebtedness in current trans
4 actions. While the city charter
does not authorize the issuance of bonds
Chat a corporate debt may be funded,
this may be done, that streets may be
paved. Hence the proposition to issue
bonds with the proceeds OF which streets
are to be paved and property holders,
on such streets, may pay their assess
ments in city scrip. Whenever the
people, as they will, tomorrow, if wise,
authorize this to be done, outstanding
scrip will advance rapidly in value and
soon cease to have existence. Under the
present financial system taxes are twice
as high as they should be. The city
pays two prices in scrip on every contract
il makes : rents are enormous the poor
suffer; the rich are profted in nothing
unless il is their business to speculate in
city scrip. Do not therefore forget the
election tomorrow. We have a discreet
board of aldermen and an excellent local
chief magistrate. Never again, while
universal suffrage and franchise acts
have existence, will there be as capable
and honest men in office as those to
whom we would intrust the task Of
making city scrip worth its face value in
greenbaeks.