Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-12

AZ PuoliC m6ebiuB uelu III Ouu re :
lows Hall, on the 9th day Of JauU.
airy, 1865, the following resolution was
adopted:
Resolved, That a ommittee be ap.
pointed whose duty it shall be to report
to a future meeting
/. The liabilities Of the city.
q. Their suggestions as to the best
means Of paying or funding this debt.
3. That the committee suggest the besI
means TO raise money to defray current
monthly expenses.
4. That said committee report whether
any legislation is necessary, and If so,
what.
Under this resolution We were APP.
pointed to act. Whilst we did not solicit
such a distinction, we did not feel at lib.
erty to decline, as we were identified
with the interests of the city, and deeply
desired its welfare.
In the discharge Of our duties, We were
forced TO the conclusion that efforts alone
to remove the immediate liabilities Of
the city would be temporary, and tina.
nothing short OF q thorough and radical
change in our financial system could and
would bring relief, and that to effect this
change, amendments to the city charter
were required.
These amendments were specified, and
handed over to the City Attorney 10 draw
up in form-which he did, with the ex-
ception of one or two sections not very
material. When their adoption was IN
der Discussion, the attorney for the city
uafA 4lnf shn nwncnnf Ia M unfuhf nrCEfda
for the ~fuuding OF the due debt; but
that, as a system wIs contemplated, IL
would be best to have the same passed
as adopted.
These amendments to the city charter,
with the REASONS for asking for the same,
in language of kindness and courtesy,
were laid before a meeting Of the citizens
and unanimously adopted, and by COM
mittee laid tefore the Mayor aud Alder
men for their concurrence. II never
occurred to the committee to reflsct on
the Acting Mayor and Aldermen, much
less hat anything recommended by Us
would be cause OF OffeDse.
We knew that they were but recently
elected, and were in 20 sense responsible
for anything that had been done. IN
stead of treating what we had recon-
mended with courtesy, you have only to
look at the discussion which ensued 10
form a proper conclusion. Comment is
uuDece sary.
1t is true we proposed that they should
take an additional oath that they would
not violate the special iujunctions Of the
city charter. An oath looking alone to
the requirements Of duty should have no
terrors for honest men. If the City
Council will force as 10 make public why,
in our opinions an oath was required, 1t
will be seen in their disregard of asolemG
Injunction OF the law.
Section &c of the City Charter is as
follows:
"The Board OF Mayor aEd Aldermen
shall have power TO lay and collect q
special tax, for the sole and special pur-
pose OF paying the interest, as the same
may become due, on the bonds author
lied to be issued for the purpose of fund
ing aud paying of The due debt OF the
city. The said tax shell not be greater
than may be necessary for the purpose F;
a separate account thereof shall be kept,
and the money received under IL shall
not be applied to anyother purpose what.
ever. And il is hereby made the duty OF
each and every Board OF Mayor and
| Aldermen, Immediately after ~orgRniza-
ton as such, to adopt n ordinances in
| posing said special tax and until such
ordinance shall be passed and approved,
no other ordinance or legislative act
| which they may transact, shall be law
full, or binding, or have any legal force
or effect ~whateYer.n
There is a law requiring the specific
action of the Board at the commence.
ment Of the corporate year, which make;
! null ami void every subsequent actifthey
fail. Without stopping to inquire Of the
Illegal effect of said act, from its rendering
made by the law masking power of tbs
land-everythirg that the Board of las
year-everything that the present Board
may do, is null ard void.
Can it be wondered at that a specia
oath would seem to be necessary to guarC
sgsipst the possibility Of terrible and dis
astrous consequences?
The committee believe that by thu
adoption of the course recommended, Ia,
real estate Of the city will be exempt from
ruinous taxes, by having the taxing
power lILlited to One and Z bali per sent
on the ccsn ~vaiustion that the take
will be reduced one-third, il not QUE
half; that by q special tax to pay tn
interest on the time bonds, and a sinkiD,
fund to Psy the principal when due, Gu
city credit will tie RAISED high in the mar
kets of the world. That 10y selling a por
ton OF the city property to pay a part o
the dae debt and funding the balance, ",
shall avoid the evils now upon us, of
corporation without means and withou
credit.
The committee believe thstby pursuini
the course recommended, we-shail avOi'
the reckless issuance of bonds and cit,
scrip, that in five years the present du
debt will be paid off-the bonded debt o
the city reduced from 5000. 600 to 81,
$50 900, and that by q moderate slnkiuI
fluid the time bonds Of the city will b
paid SIS they mature.
The committee having, as they believe
discharged their duty, again refer Ties
questions to the citizens Of the city 70
their action.
II the citizens sre willing to trust
the reckless action OF this or any iutur
Board-and ruin and disaster come upoI
us-we will try with patience to bear GU
share of the burdens.
If, on the other hand, they would hav
the Mayor and Aldermen sustained, tie
city affairs prosper, we invite their &C
operation in the plan proposed.
Robertson TOpp, l NJ. Hill,
NJ. Mageveuey, Henry G.. Smith,
w. B. Greenlaw, James B Bingham
w. NJ. Harrington, James Elder.