Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-10-09
Thu Exchangs Building.

MsssRs. EpIroRs The modest petition
az b. b. Waddell for the removal OF the
Exchange Building, no doubt, did create
some surprise, but il was doubtless o. =
ike character with tho surprise which
any rational man would feel or entertain
upon hearing OF a petition being pre-
senied to Congress, praying TO have the
channel Of the Mississippi closed up near
New Madrid, aud diverted into one oil the
branches Of the 81. Francis river
Over the signature Of lone OF the
Public" SOMEBODY comments hearty
about the matter. I'wish / could say he
had written Knowingly. Perhaps he
wrote all he knew, but one who evidently
knows so little Ought to speak or write
less.
The writer Of this communication be-
lieyes he knows somewhat about the sub
iect. and, in the absence OF the gentle
man who is lessee Of fhe Square, and who
was most instrumental IN the erection oil
the Exchange Building, | feel 1t my duty,
az his friend, to give the history OF 1t as
nearly accurate as my memory Will serve
me. :, ~
About twenty years ago, Mr.. W.. A.
Bickford obtained from the city author
tiles a lease of Exchange Square for
NINETY nine years. upon condition OF his
erecting upon il just such building as
now stands there. The consideration to
the city was the perpetual use, possession
and control of the central part .of the
building, which has ever since its CON-
pletion been used by its authorities for
the purposes of Council room and rooms
for the various city officers. To the en-
terprise of Mr.. Bickford the city Is, there
fore. indebted for all these accom- moda-
lions, without costing the city, originally,
one dollar. Having authority to sub'let
any portion of his lease, Mr.. B. let out
sundry lots on the same conditions-one
to Frazer Titus; another to Amos Wood
ruff; others / do not remember at pres
ent.
Again, at the request Of Mr.. Bickford.
the writer of this article wrote off several
COPIES of the original lease (six, If re-
member rightly, one Of which, he told
me. would be recorded in the Registers
Office Of this county; the others he wsuld
have recorded in the several adjoining
States-at their respective capitals, |
think, he said. As / have not the slight
est doubt this was done, should suppose
that his title to the possession OF the
buildings on Exchange Square (less that
portion he voluntarily gave to the city, as
a consideration, as we'll as the ground
they stand on, is tolerably well re
corded" the I'VE learn" of "One OF
the Public" to the contrary notwith-
standing
When Mr.. Bickford constructed the
Exchange Building, there was nothing on
.he site of the present 0verton Hotel
out the ghost or remnants Of the old Ex-
change Hotel. And now for the Over
ton Hotel, in connection with its pres
ent owners, who seem to have torn down
the cupola of the Overton 10 order that
they might have an excuse for the demoli-
ton of the Exchange Building, SO they
can regale their eyes with view OF the
Father Of Waters from their back win
dows. But to the Overton Hotel again,
and its origin. With his characteristic
enterprise, Mr.. Bickford was one of the
originators of the company, which
bought the lot and constructed the hotel
that would be an ornament to any city in
the Union. As the stock subscribed and
paid in was not sufficient to complete the
hotel. by authority of the Legislature the |
bonds of the hotel company (about |
500 0O0) were negotiated, with the pro-
ceeds of which the building reached that
stage Of completion it was in at the
breaking out of the war. We all remem-
her how it was used during the war;
frat BY the Confederates, and next by |
the Federals, as hospital. The war |
stopped the progress of the hotel, but |
did not stop the maturing of the bonds.
When due, the bondholders wanted their
money. the hotel company had none,
broke fat, like thousands Of others; bat
the cormoranis, nevertheless, foreclosed
the mortgage, on which the bonds we're
predicated, which necessarily forced the,
sale of the hotel at about half its value. |
Some of the present owners, | think,
we're purchasers under that sale, and IT
not, they are DERIVING all the benefits Of
it. Among the original stockholders of
the "0verton Hotel Company were
Mr.. Bickford, having $4,000 stock; John
Oyertor, sr., $1,000; Frazer Titus and
Amos Woodruff, 9 large amount each.
The whole amount OF stock paid IN vas
about $3.50, 900, all of which is dead
loss, and is now inuring to the benefit OF
8 d. Waddell and his partners.
Now, Mr.. Editor, Sonsidering all these
circumstances, do not you ana all right
minded men think that Mr.. WaddelPs
petition is, as | first remarked, a very
modest one, very becoming, and very
magnanimous to the very men vho were
the main pillars in erecting his hotel.
After be gets the Exchange Building lev
eled, presume he will next petition the
Board to have those big coal hills on Cen
trail Landing scattered, because, forsooth,
they are also located on the public"
property Of the city, and would there
obptrpot bis fall view of the river from bis /
back windows besides, sp everyday
look at Happy Holloy" might have a
refining influence upon him.
OLD CITIZEN.
?. ST. forgot to notice the most mod
est part OF Waddell's petition, and that
was for the present Council to hsYe the
ExchangeBuilding pHlled down over their
heads (blow it up with gunpowder would
be the quickest model while voting an
appropriation for their successors to have
the square converted into a flower gar
den, As the new Board would be without
a shelter for their official heads, they
could, with Wsddelrs permission, meet
in the midst of the flowers, and appropri-
ate $50. 900 or more to build a City Hall |