Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-02-10
CITIZENS MEETING.
Amendments Suggested 10 the
City Charter.

4
the Chamber Of Commerce Saturday
night. A report from the committee
appointed was read and adopted, and
Messrs. W. B. Greenlaw, VIM. X. Moore
and l. M. Hill appointed committee to
submit the amendments proposed to the
city charter to the Board Of Aldermen,
and also to the Legislature.
In their report the committee appoint
ed Messrs. W. B. Greenlaw, l. NJ Hill
and VIM. NJ. Harrington to cooperate
with the Mayor to devise means for car
rying on the city government. The city
has issued time bonds for $4,000, 900,
on which are coupons not paid, includ-
ing interest, amounting to $500, 900 more
The committee find that the city au-
thorities have issued what is termed
Scrip" for six hundred thousand dol
lars (S600, 0OO), and that the due debt Of
the city, consisting of unpaid coupons,
ledger balances, and scrip, amounts to
one million dollars (sl, 900, 000). The
million of dollars of due debt, particu-
larly the scrip, is hawked about on the
market, and sold at prices varying from
thirty-three and a third cents to fifty
cents on the dollar. 1t is purchased up
by Taxpayers, and paid to tax.collectors
as taxes.
Relative TO city scrip the committee
say:
Whilst the tax payers can pay their
taxes for one-third or one.half by par
chasing scrip" it is not to be wondered
at that not one dollar of money goes in to
the treasury of the city. As long as there
is a law in force authorizing the issuance
of scrip" to pay debts, il is to be feared
that scrip" will be issued, until the city
aud citizens are overwhelmed with debt,
and consequent ruin and bankruptcy.
As long as this due debt is allowed to
monopolize the debt due the city for
taxes, SO long will the corporate au-
.horities be calling for help to drive the
wolf from their doors.
With the view of relieving the financial
embarrassment of the city the committee
recommend the adoption Of the follow ing
amendments to the city charter:
AMENDMENTS OF CHATTER.
SECTION = Be ii enacted by the Gen.
eral Assembly Of the State Of Tennessee,
That the Mayor and Aldermen OF the
city of Memphis, for the purpose of pay.
ing off their debts or part thereof,
shall have full power and authority to
sell any of their town lots and other
property, whether within or beyond the
| city limits; and for this purpose,
through their Mayor, they shall have
power to make all necessary deeds and
conveyances, using their common seal.
Sec. = For any part of the due debt
remaining unpaid, they may, by agree
ment with their creditors, issue to the
holders Of their scrip, or other evidenc es
| of debt, the time bonds of the city, not
exceeding five hundred thousand dollars,
payable in one, two, three, four and five
years, in equal instruments, with cou-
| pons for interest at the rate OF six per
cent. per annum, payable semi-annually
at such places as they may designate;
but they shall have power to issue time
bonds only for the purpose of funding the
present due debt of the city, and for all
other purposes whatever said power to
issue bonds is hereby repealed.
Sec. -. Said Board of Mayor and AL
dermen shall, at the beginning of each
| corporate year, assess and levy special
| tax, to pay the interest on all the bonds
which they have issued; said tax shall
not be more than sufficient to pay said
interest, which shall be assessed and
lcyied separate and distinct from all
| other taxes, and, when collected, shall be
| deposited as a separate fund for the dis
charge of said interest, and not be used
under any circumstances for any other
purpose.
Sec. =. The Board of Mayor and AL
dermen shall levy and assess, for this
and the four ensuing corporate years
thereafter, an annual additional special
tax of twenty-five thousand dollars, as
sinking fund, which sinking fund shall
only be used in taking up and paying the
bonded debt of the city, giving prefer
ence to the payment of bonds first ma
turing. And after five years have ex-
pired, they shall thereafter, at the begin.
ming of each corporate year, assess and
levy a special tax of fifty thousand dol
lars, which shall be kept as separate
fsnd, and sinking fund TO pay the
bonded debt of the city, and shall be
used for no other purpose.
| Sec = 1t shall be the duty Of the May
or, at the first regular meeting OF the
Board of Mayor and Aldermen, for each
corporate year, to procure from the
proper officers an accurate statement OF
the Indebtedness of the city of every de-
4 scription whatever, together with an es-
i innate of the current and contingent ex-
i penses of the city for said corporate year,
and present the same to said Board.
Said Board at its next regular session
shall pass general appropriation bill,
embracing all items hereinbefore enume.
rated, for paying interest on the bonded
| debt, the special tax for paying off said
| debt, called the sinking fund, and in the
event the present due debt is funded,
payable in one, two, three, four and five
wears. a special tax for that purpose,
which shall be faithfully applied to the
purpose intended and none other and
! they shall assess and levy tax to meet
| and pay said general appropriation.
1 Co. The Mavor and Aldermen