Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-02
THE 0TaER SIDE OF THE
QUESTION.
The Mississippi and Tennessee
Railroad

To the Mayor and Aldermen OF The C1ty Of
Memphis:
The undersigned, who is q citizen Of
Memphis, and who, though 3 small tax
payer, fesis as much interested IN her
prosperity IS any one OF the ten gentle
men whose anne are signed to the me-
mortal addressed TO you through the city
papers Of yesterday, desires, on behalf of
himself aud several thousand other citi-
zsDs Of Memphis, to earnestly protest
| against any such action IS that indicated
Ia the memorial TO you, the sale or GiU-
iPq oUag OF the ci5y's interest In the
| Miss ssipui and Tennessee Railroad, and
tie granting of additional aid to the
amount Of $500, 600 20 Inc same road, and
the E-aBtiDg Of sOme very important
franchises 70 this Company.
II was to be hoped that after the ex-
psDs6 Of this city in the sale of Its stock
ia the Memphis and Charleston Railroad
ONE years ago hat no other applicants
would have any hope of success in a like
enterprise. Now what is it these gentle
men ash?
They ask you to sell or give away
s250,0 GO worth Of stock belonging to the
citizens Of this heavily taxed city to
Some parties not named, and hen TO
grant them the use of 5000, 600 more
IN city bonds, which you will, of
c0urse, be called OF TO sell or give away
TO the company, or some philosophical
parties ct SOME time hereafter. And why
are you to dc this? Simply because the
road Is heavily in debt aud is not now
paying; but, ifgrantedt this gift of 1860. 600
by the city, viii be taken by some gentle-
men who viii make il pay them, run 1t
straight through your city, and make
some important connections for the trade
Of Memphis.
Now let US put a similar case We
have here in Memphis a Street Railway.
Every Z will admit that it is badly
managed, and that it does o pay, and
is probably in debt, but if placed in other
hands, with capital to improve it, would
no doubt pay and be OF great benefit to
the public. Now will the gentlemen
stockholders in this road sell very cheap,
or give their stock away, and lend my
energetic friend Mr.. Smith 800, 600 of
time bonds ard let him run this road ?
This is q pertinent question, as some of
the sinners OF this memorial who ask you /
TO dispose Of the cityis interest in the
Mississippi and Tennessee Railroad are
large stockholders il the Memphis Street
railway. IF they will do this they will
simply be doing for themselves what they
ask you to do for the people of Memphis. |
Another case. We know OF a line of
steamboats, on the Mississippi river,
which have been well managed, man
aged with economy and prudence by
practical men. IL does not pay. Iftheir
debts were paid, and the city would loan
them $3.50, OO0, they would succeed in
business, add largely to the traue and
prosperity Of the city, and make the
stockholders rich, and they would be able
r. onr1nafa nth Gr T-ria VI a. |
Board OF Aldermen is not likely to give
this aid.
Another. We know of a splendid hotel
building in Memphis now vacant, va
cant because it did not pay. II one Of
the owners will give Mr.. Smith his in
the house, and loan him $3.50, 600
with an implied understanding that Il is
never to be paid, Mr. Smith will take the
house, run a fine hotel, do a good busi-
ness, and add greatly to the prosperity Of
Memphis.
Are these not cases In point? The
citizens Of Memphis own $3.50, 600 of this
True, il does not now pay.
True, it is in debt. Granted,
If out Of debt, and run
with new and other connections it would
psy, and would add to the material pros
perity of Memphis. But as the tax pay
eTS OF memphis nave the money 70 pay,
and somebody else gets the benefit of it,
and gets rich, why not let some party
who is more able to lend the money do
it, and let the city retain herSnterest in
road? Why give it away and then
incur further debt?
Besides, We would like to have the
names Of the parties to whom it IL de-
sired this stock shall be given. Why do
want it? Simply 10 benefit Mem
phis? Is It not 20 make money for them
II this be So, and they can make
money with this aid, and add so much to
she prosperity Of Memphis, why not let
the city keep her stock, and loan the
sSO0, 600 ana 90 partner in The operation,
and in this way perhaps we may lessen
taxes.
The whole matter, as presented In this
memorial, smacks of speculation, and
heaven knows we have suffered enough
. this way. We certainly have a right
o q vote on the question of whether or
lot We are to give away half a million
If dollars, ana stiil bear our present bur-
lens Of taxation. Let not this important
be settled by memorials, but give
he people a chance to speak at the polls,
,nd they will so overwhelmingly defeat
he proposition that it will not be likely
% be heard Of again.
?