Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-09-07
CITY FINANCES.
A Communication from Alder
r man RenRer. T

CITY FINANCES.
A Communication from Alder
rr Enan RenRer.
Messrs. Editors: The discussion in re-
gard TO the late Issue OF city bonds in the
last meeting Of the Board Of Aldermen
having led, unnecessarily, to the disa'
greeable result Of personal ill-feeling be-
tween some of the Aldermen, and tbs
probable resignation of one OF the most
efficient members Of that Board, / fee
induced, having taken an active part In
that discussion, to state the motives
which prompted me TO support the reso-
luton Of the Alderman from the Eighth
Ward, Mr.. Passmore, and if your space
will allow it, 1 ask, respectfully, the
use of your columns.
As I had been informed that the mil
lion dollars Of bonds allowed by the
voters of the city, last spring, were we'll
nigh absorbed, I had, on last Tuesdays
meeting, q resolution passed requesting
Che Chairman of the Finance COMMITTEES
to report: LIST, the uses to which
these bondshad been issued. "a, the rates
at which they had been negotiated. Sd,
the effect this operation had had upon the
financial condition of the city and 4th,
whether 1t Bss desirable to have more
bonds issued. On Wednesday morning
it was freely talked about among official
| circles. HAT only $50 bonds were left in
the hands of the Mayor-and that these
were retained for certain purposes, and
! thatsome $50 bonds more could prohtabiy
be employed the same way-but that no
casn was as yet flowing into the City
Treasury and was mo- likely TO do so for
some lime to come and hence there
would be no money to defrsy the cur
rentexpenses Of the city, nor any means
TO raise funds for that purpose. On
canning to the Exchange Hall 1 saw
the resolution of the Alderman of the
Eighth Ward, calling fox the inhibition
of the further issuance of bonds,
with a preamble averring that 6
norfiop of the bonds had been d.
Yerted into channels contrary to the
ordinance which provided for their use.
Though the preamble seemed to me- at
the time 3 little too severe IL It's wording,
vet, en- reflection, l could net say that its
statements were entirely uniousded, as
lhe ordinances provided that the bonds
shouId he used to fund the debt of the
CITY whilst 7 was aware that some Of the
fn6ds had been used to take up former
bonds and thus renew the debt that was
already funded, others to raise money to
pov the July interest, instead OF funding
Them. Others TO raise money for the cur
rent expenses Of the city government.
All objects, which though either desirable
or necessary, were not contemplated by
the letter OF the ordinance, as L under
stand it; and therefore If the mover OF
mat resolution insisted on the preamble,
the only thing that might be said against
II was, that by implication, aud By i'm
nIjcgtion alone, it was rejecting either
on the character OF the policy
of he Chairman OF the Finance
Committee. This implication as to
character never entered my mind,
nor aid 1 think iv could possibly enter the
minds OF the other Aldermen.
The policy of the Financial Commit
tee seemed TO me, however, to come
clearly within the proper scope OF alder,
manic discussion, and l never expected
anv bitter feelings on that score. The
resolution praper, calling for the reser-
vstion OF the residue of the bonds for the
current expenses of the city, attracted,
therefore, chiefly my attention, and this
met my unqualified approval, and has 1t
nov, for the following reasons: As sta
led before, and as is publicly known, the
bonds were issued to take up the floating
dent. consisting Of scrip, ledger balances,
mast due coupons-in short all such
certificates Of indebtedness which
we we're obliged to receive In
pavreut of taxes, In order that
we might, as speedily as possible,
resume a cash basis for the financial OPP
erations Of the city, and have funds for
the city expenses.
Attic time Of the passing Of the Ordi-
nance. that kind OF Indebtedness amount
ed 10 nearly one and a hall millions OF
As often spoken about among
the Aldermen, we thought IL Wculo q
considerable time before a million
would be absorbed, and the taxes
which would meanwhile DO paid IN, TO-
gether with the funding operation, were
considered at least, or nearly sGIncieht 10
remove papers OF Indebtedness, and com
pel cash payment Of taxes, the more So
IS no new scrip CT whatever klnd was IS
sned. However, thisreeult, now that the
b1nds have beeu almost entirely Issued,
bas net baen obtsined-cash is not COM
IN vet. and 3 large amount OF paper
il vet standing out against US; and SOLE
Iv' 7 believe, because the bonds have not
baeu consistently used for one purpose
alone. tbat is to remove the floating debt.
fund the debt, and at the same time
~ furnish ~collaterals for nearly S15,OOO
CITY notes, at the rate OF forty
and fftv cents on the dollar, the amount
at one million was certainly too small
md n UiSht have been known before-
So fsr, l take the liberty to criti-
eisa the poIicv of the Finance Commit
ana no farther and, if that COM
should say: "Well, you can tax
verv wisely, now that the soup Is split"
7 shall saw again, you might have known
for these two purposes the bonds
we're neither intended, nor could they
reach. Finding ourselves in.this situa-
lion. and seeing no other way to keep up
expenditures of the city, l thought 1t
vas wise to hold on 10 the balance OF the
bonds for e0llaterals 10 raise the money
w%herewith to pay the employees OF the
CITY, as we'll as other expenses, through
the coming winter, until the axe Lave
entirely reduced the paper against Us,
has been lessened by S4OO,UOO
by the bonds.
,r wrong, I think I had 8 right
10 advocate. My soul thought OF no in
1 may differ with these
gentlemen of the Board, as far as the
policy Of our finances is concerned
with regard to the confidence which
ought to DO placed in the Finance Com
mittee, there can be no possible differ
snce.
All l wanted, and ali l think MIR. Pass
more wanted, YVES to provide means for
the winters expenses. If the Commit
Zee does that without TOO heavy sacri-
ices, they will have, In that manner,
best reiuted our argument.
Z. 4. RENNER.
POLICE ITEMS.