Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-08-19
n. S. PATTERSON, Secretary.
TO the TaA-Payers Of Mem

% tIc dA~H Al OAS VI AASHAPHAS'
L hope you will not regard it az pre-
sumptuous in me, as chairman of the
Finance Committee, to make you few
plain statements concerning our present
condition and prospects financially.
L feel it to be the duty of ali good eiti-
zens to aid, by all means in their power,
in building up and sustaining the credit
Of their city government, and certainly
they ought TO do this, when we have Off
cials las we now have who are doing all
they can to enconomIze and save them
from bankruptcy and ruin. But the tax
payers of the city have not co-operated
with US as they should have done ; If they
had, our credit would to-day be far in
advance Of what 1t is. Just look st the
facts: The entire floating debt of the city
amounts to 81, ll0,l77 80. or this amount,
aportion is for bills payable, which will not
mature for long lime to come, say eight
IN tan months. But the worst part Of it all
IA the larger sum of 1896, 1913 that is owing
rs by you, for taxes, and which, II you
will come up and promptly pay (you can
row do 1t cheaper than you will be able
to do few weeks hence, when scrip will
have advanced, as 1t certainly will, will
help us out more readily than anything
we could do. You will notice also that
$500. 900 of our scrip is being rapidly abb
sorbed by the funding into bonds, which
will leave but about S200, 900 in the mar
ket to be used by you in paying taxes.
1 know you ali very justly too) COM
plain of hard times, but let big specu-
Iation present itself and most of you will
manage some way to raise money to 90
into it. Let me here say, that in my
opinion, no better speculation can be
shown that will pay you SO well as to
come I'D honestly and pay your taxes,
thereby eIevating our credit, which you
ought any way to feel pride in doing,
and enabling us to redeem the amount of
your tax next year. This is great ad-
vantage you will have, and these are
matters that deeply interest the smallest
taxpayer in the city. Let me here as
sure YOU that it is the duty of the author
tiles to enforce, by all the legal means in
their power, the collection of this large
balance of unpaid taxes, and know
| sneak the sentiments of the whole
Board of Mayor and Aldermen,
when tell you they will do SO promptly,
and without fear or Iavor. II this large
debt was paid by you, then the city
would be relieved Of her entire floating
debt. and the expense of carrying on the
CITY government could be reduced from
twenty to thirty per cent. Your city
bonds would advance, and you would all
soon see q very different state of pros
perity, on the subject Of city bonds. 1t
is most astonishing to me, that you will
all lay stin and see one Of the best pay
ing stocks that can now be got hold of,
taken from you by Northern capitalists,
lust as you did the scrip. The bonds, at
the present market rates, are a twelve
per cent, investment, and to you, tax
navers, what ON earth Is safer TO put
vour money in? You have the interest
provided for in your own taxes, and the
bonds, at maturity, will bring double
what they now cost you; besides, these
bonds are first mortgage on every foot
Of your property. In every other city
but Memphis, the property owners try
and get hold Of their own bonds, and
thereby keep them at home. just so
sure as the sun rises, gentlemen, If YOU
do not appreciate our bonds, you will re-
gret IL, for have every confidence that
in short time you will see them sought
after at from seventy-tive to eighty cents
on the dollar. Very respectfully,
L. McDAVIrT,
Chairman Finance Committee.
Memphis, August 10, 1883.