Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-09
CITIZENS MEETING LAST NIGHT
COMMITTEE ADOPTED
A Committee Appointed TO Pr@ent
the Memorial TO the Legls-
lature, Etc.

the Memorial TO The Legls-
lature, Etc.
The adjourned citizens meeting Il
take into consideration the best meant
. of relieving our city from her present
financial difficulty, was convened at Ode
Fellows Hall last night. At o'clock.
Judge Swayne called the meeting to or,
. der, and on motion, Mr. J. B. Bingham
: was appointed Secretary.
! Col. Robertson Topp presented the re-
port of the Committee, which was read.
We have only space for IN abstract,
which is as follows:
The committee of citizens to whom
was referred the financial affairs" of
. the city. IN connection with the Mayor,
~ nave appointed w. B. Greeniaw,
l. NJ. Hi land w. NJ. Harrington, three
well known citizens, and charged them
with that delicate and labOriOns task.
The consideration of this part of the
subject, forced upon US the conclusion,
tbst any course which might be adopted,
would be temporary IN its character /;
and that again and again, We should De
driven to expedients TO supply the ever
recurring, never falling wants of the
citv. For REMEDY whereof, We beg leave
TO make the following report:
We find upon inquiry thst the time
bonds OF the city, for the construction Of
railroads and other purposes, have been
issued to the amount of two million dol
lars (s2, Geo 900
We find IA the coupons on these
tine bonds, amounting 20 more than
l-Tna.. - 4
the interest on these coupons, is outstand-
ing, unpaid, and that no sinking fund
has been created, either to pay the inter-
Sest or principal as it natures.
We find that the city authorities have
issued what is termed "scrip," for six
[ hundred thousand dollars, 1905, 000) and
! that the due debt of the city, consisting
/ Of unpaid coupons, ledger balances, and
ssrip, amounts 81 q million dollars,
| Isl UgO,GJJI. It IS purchased up by tax
pgyer-. st 2 large discount, and paid to
The tax collector as tdres.
As long as there is a law in force au-
therizing the Issuance Of scrip to pay
debts. it's to be feared that " scrip" will
be ~issued-until the city and citizens are
/ overwhelmed with debt, and consequent
ruin and bankruptcy.
Tue corporate authorities must protect
the GilSLGAAH iAOGA AaNET AOhbNAACSf hui
ders and violence. To do so, they must
have fire cOmpsnies-without whose aid
the city might oe desO'ated with confia-
Erations. They must have gas end light
up the city that rapss, rObberies, murders
and viOlences may not beS sway.
Without undertaking rev improve
Eeuis, they must mend up broken and
falling down bridges impossible ruts ia
the streets; they mast employ the chain
gang aud supply them and their teams
with food.
They must guard against cholera, yell
IoW fever, and other infectious diseases
and ep;1emics. Ts do that, the city must
be cleaosed, disease-bresding causes re-
moved, aud a due regard paid to its sani-
tary condition.
20 defFsy the unavoidable expenditures
severa! hundred thogsspd dollars are re-
0uired. How is the money TO be OBJ
tanned il the tax collector can collect
nothing u due debts against the corpo=
ration and " scrip ?"
20. remedy of ali their egiis and in
eonvenienees we think there Is but one
course EFF open. Tae city authorities, It
Is said. can retire some three or four hum
dysS thousand dollars OF this due debt,
which hangs Ike g mill stone around
their necks. by selling a portion. OF their
real estate, toEH and country lots.
The remainder OF the Que eeut unpaid
we would fund by issuing tC fhe holders
bonds payable in one, two, three, four
aad-fve years, with coupons for interest,
nsYabje seu9i-aSBually. For the psy-
Neutrality-suspicious. and the interest, we
must ,sassecsf sBd. levy q specific tax,
which cannot beE5ed for any other pur-
pCse, q 81,
Bsjisying thAtths nalders OF scrip wiz
see tksiF interest," ~iHsSen1p4ying with the
PROPOSITION tCEas.sl1a nokpersist in rais-
ing QRestions which .SQuH>not beneht
than, We DO not hesitate t9recOmmeud
this course. ~
IlEwe weuld present for Sne future 8
dus ffebt 0uthee city, we nrrst amend the
charter, aud lake a8Sy~from Them the
Esver to issue scrip % WARRANTS for
moaey not inAthe Treasury or paper 10
circulate IS money. -
III wey0uld Terpgye theNincuaus that
is, bsfAasgs we must e IS. InclVIdIals
would GQ-sell Our=PropeTry Pss Oh As
much a possible; and on the ps5&noe get
time {. 6y proper energyAna econ
III is believed, With. these necessary 4
smeudmepts 10 0=Fzen@ttsF,Y With this
due debt paid of inpSTt and
bonded inpsft, we can hencefQrth .eolleet
mouey for tsKes, pay 81 necessary and
charges and obligations ct mstu-
ritz. and by paying interest promptly
and 3 sinking fund promptly, We shall
due rfue, Is we shall deserve, have
1ign character and credit IS every stock
trgoTghout the country.
All OF Ebiep j. respectfully submitted.
ROBINSON TOPP, Chairman.
Nj. 1. n. Hill HOysd the adoption Of
Inc report o. the Committee, and also
he memorial aud amendEepts to the
which are as followsi
MEMOaIAL TO THE LEGISLATURE.