Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-04-08
The city Fathers' Financial Policy

The city fntuerp EhnSncA"s
1t is in the highest degree creditabls to
the present city government that Its
members, from Mayor to Mayors mes
senser, are heartily In favor Of retrench-
ment and Of the appreciation Of the city's
credit to at least the deprecated standard
Of national currency. Whether right
fully or wrougfally we are not prepared
to discuss, the city's promises.to-pay, up
to January last, so fast increased in vol
ume, and that, too, under the increasing
demands of increasing public servants,
that no measures that could be instituted,
other than those now in vogue, could be
found adequate to the salvation OF the
city short Of the course prescribed for all
corporations by the honorable Court OF
Bankruptcy, in the fact that our credit in
three months has advanced from 33(937c
to 63@66c, as scrip was quoted yesterday.
Suits in all stages of progress, from
the magistrates courts to the highest Of
our State, were being prosecuted against
the city, and in order to save her from
the disgrace Of distraint and numerous
sheriff's sales, the assistance OF Mr..
Greenlaw, and other energetic citizens,
was obtained, who as bondsmen released
us from present embarrassment in the
hone of such day as we now have 1T in
our power to congratulate our readers
upon.
We at last begin to see glimmer of
sunlight. Hope dawns upon us, and we
believe that perseverance, of orr city
authorities in the course so far pursued
By them will eventuate in the solvency
of Memphis, and the re inauguration OF
an era of public improvement that Will
give us pavement extension and water to
the remotest confines of the city. A few
more efforts of Mayor Leftwich and his
able coadjutor, Acting Mayor McDavitt,
and speculation in city promises'to -psy
will cease to be % Q non-available means
of profit to those whose possession of an
active capital gives them opportunities TO
make money from the misfortunes OF In
diyidusls and corporations alike. A
step to be taken that Will be promotive OF
this desirable end we beg to suggest, end
that is that the metropolitan police be
brought under the subsection of the city
government to the full extent eontem.
plated by the act of the Legislature CALI
ing that body into existence. Sach
relationship established would enable the
Mayor and the proper Police Committee
to confer With the Metropolitan Commits
sioners on all questions Of police manage
ment, and restore to the city authorities
complete control Of the collection oftaxes
and the disbursement Of the city's income.
We hope that steps to q coalescing OF
the powers Of the commissioners and the
city government will at once be taken,
and that steadily and persistently the
present financial policy of the city
fathers will be pursued until the end
sought for by it has been obtained.
There ia no reason Why this city cannot
be advanced to the hight Of solvent
condition and be SO maintained, at the
same time that public improvements are
made to keep pace with private enter.
prise, the growth of the population, and
the recent vide extension Of the city
limits. We watch With interest and will
note with pleasure the future progress OF
the scheme that has accomplished SO
much and promises so much more.