Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-04-28
Vote against the New Bonds.

MsssRs. EpIToRs; In obedience to the
proclamation ofActing Mayor McDavitt,
Thursday next the qualified voters OF
this city will have the right to vote Tor
or against the proposition to authorize
the Mayor and Aldermen to issue one
million of dollars in time bonds, with
which part Of the present due debt OF
the city is to be settled. In round
figures, the present due debt of the city
is twelve hundred thousand dollars.
The auestion,for every citizen to con-
slider is, will the bonds be sufficient
answer, no. The value of the bonds is
only fifty cents oa the dollar, then only
~ hundred thousand dollars of the
Mating debt of the city will be Cancelled,
and the city will have one million dol
lars in bonds out on which an annual
interest Of sixty thousand dollars in
cash must be wrung from the pockets OF
the already overburdened taxpayers, as
the result of this unwise financial policy.
Would any sensible business man act
thus in his own case-to relieve himself
of present debt give out his paper two
dollars for every dollar he received in re
turn. How many operations of this kind
would it take to com plete his ruiE-and
how many, l ask every taxpayer, can
the city stand
Ibeg every citizen to reflect on this
subject, and consider we'll the conse-
quences of his vote. Let the present
city authorities continue wise economy
in the administration Of the business OF
the city, make no new liabilities, apply
themselves to the collection of what is
due the city, and the floating debt will
soon disappear. Why, take part OF
your non-interest bearing floating debt,
and issue bonds bearing interest, and for
which you can only realize fifty cents on
the dollar ? Is the taxpayer benefited
Certainly not. In the exchange you give
ffty cents on every dollar to the specu-
lator, and the taxpayer must come up
with one hundred cents on every dollar,
and that, too, to pay sixty thousand dol
lars interest annually on these very
bonds.
The argument is, that when all this pro.
ject is perfected city bonds will be at par
in New York. Admit it, but is the tax
payer or the city bene6ted2 Not one
iots of it. The bonds will have been
disposed Of at fifty cents on the dollar,
the Spectator puts the other fifty cents
in his pocket, and the people will be the
victims of higher assessments, and more
taxes to foot the bill that this illadvised
and injudicious measure will impose on
them.
How much longer will the people be
Indifferent to every vital interest, and
suffer burdens to be imposed which they
are too poor to bear2 Then ] appeal to
you to come out on Thursday, and give
an emphatic no to this boRd question.
Give hungry spectators this chance at
your pocket, aud how long, ask you,
will it be before the same Shylocks,
dressed in a new coat, will ask you
to assist them to another slice Of youS
substance and hard earuings1
Vote yourself, have your friends TO
vote against this unjsst measure.
This proposition to issue a million
dollars in bonds comes up as suddenly
and may operate as unpleasantly, as a
snap judgment We have had no sufh-
Gent time TO examine it II sufficient
reasons FOR The measure exist in the
minds Of is trainers, or the Board Of
Mayor and Council, they have not
deigned to make them known. Ger
taissy 10 incur q debt Of Z mill
lion dollars is not q matter Of
90 little consequence as 10 be passed
in hot haste. five succeed By running