Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-08
NJ CIrY rMANCEs.

The Mayors Special Committee Of
Citizen Property Holders" have nov
been in consultation for about three
weeks. and no definite result has yet
been attained. We cannot say who Is
to blame Iar this fasco, because o. The
extreme -eticence which has been OBJ
served in the matter. Meanwhile, We 90
know that tie wheels Of the city gov
eminent have been stopped. No hos
ritsI nurse, no labOrer has been able to
realize the wages OF hard labor in the
service Of the city. Even the paurer
account. which is q material estimate ia
such times as are now upon Us, and in
such weather as we have had for the
past month, has been suspended. The
salaries Of the fremen have bsen cut
down with no money in the Treas-
NV. 70 pay them even the diminished
amount 10 which they have been re-
duced. These are stubborn facts, and it
IS pertinent to inquire whether some
remedy cannot be found, outside Of the
dispensatory OF the Committee, called
together By the Acting Mayor. Oar
people have waited long and patiently
for q proper solution Of this perplexing
problem. The " property holders" have
failed to meet the demands Of the crisis.
The city Treasury is bankrupt-there is
nothing with which to pay the liabilities
Of the city. Whats 70 be done? There
are but three ways by which a party,
either individual or corporate, can inn
medlaIely meet its liabilities and avoid
bankruptcy. These are
let. To dispose Of its assets, at any sac
rlhce.
%. To borrow the money with which
10 meet its indebtedness.
81. To negotiate an extension Of lie
liabilities.
In the case Of the city Of Memphis,
we think it viii be agreed by every one
that tbe first remedy is out Of the ques-
ton. The property Of the city Of Mem
phis ould now scarcely realize 20 cents
the d5llsr, and would, II sold, be
totally inadequate 70 meet lis indebted
ness. The second remedy is quite as una
vailable as the first. Neither local nor
capitalists have any money 10
in an enterprise which promises
10 reimburse them 80 poorly as the secu'
Of our city, whose government has
heretofore been so badly managed.
What then are we TO do? Manifestly,
and a. q dernier resort, 10 fall back upon
The last remedy mentioned, and man
fully and honestly to ask the creditors o.
the city for an extension Of its credit AZ
a measure alike and mutually to the in
teregt Of the creditor and the debtor.
The floating debt must be disposed Of
frat. This consists principally Of City
Treasury WarrORts, payable on demand,
and which are not worth, on the market,
more than, say, As cents. II is evident
the payment Of these warrants
must be postponed in some way. The
astute lawyer can not devise q way
BY which a compulsory p-ostpOnement
,an be made.
How, then, can this desirable result he
cached, by arrangement between the
We answer only by consulting
he reciprocal interest Of each. II must
be made manifest that the interest Of both
.redaoy and debtor must be SUBSCRIBED Jy
{ postDone-atlL. We submit the follow
ng suggest "a as meetisg the case. Let
be city authorities propose to the holders
4 warrants that they consent to surren-
Ter them upon the Mayor giving the
totes Of the city for the amount thus
aneeIled, payable in six, twelve and
ighteen months. This would give the /
ity the taxable receipts of two corporate {
ears, from which To meet her outstand- {
1g due debt. Her receipts each year 1
re. In round numbers, about one million ]
Z dollars. Her expenditures might be {
aslly reduced to one half OF this amount !
paid in currency. The employees Of .
be city would be only too happy 10
1ake this exchange. This would leave
All a million each year by which 10 I
out the floating liabilities Of the
~. and in two years, or eighteen
the notes given for the warrants c
1uId all be met and the city government $
on without mourning any addi- 7
mai indebtedness. 1t may be objected J.
this plan that all the holders OF city
would not surrender their war !
mis-. but would bold on to them, sntiei- \
ting the Inevitable advance in their I
suppose they did, who would be
BY the arrangement? b
her warrants were enhanced in il
Tue the city would certainly gain by it. Il
be holder woald gain by il, because he v
,uld b~ypOthecste his notes to better Z
vantage than he could his warrants Z
nd the party, who had surrendered bis 4
arrants, would gain, because he would II
rtalnly realize the amount Of the face 1"
his warrant within six, twelve ana "
months whereas II be wers % y