Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-02-04
our COMMON COUNCIL AGAIN.
The Proposition 90 Place she City I'm
bondage Agreed To ON its First
Reading.

4
them talked about bensftting the poor
man." bat at the same time failed to do
anything that would put fve-cent piece
in the pocket Of the most abject pauper
on the Bluff. The only part of the pro-
ceedings sprinkled with spic? was the
election of Fire Captain to gil the
place of the late Captain Reid. The
First Ward, as q tribute Of respect
to the memory of the deceased,
was opposed to holding an cleo
ton sooner than twenty days hence,
which seemed quite an absurdity TO the
sage of the Fifth Ward, who very
pointedIy put the question that IF an
Alderman were to die, would the Board
wait twenty days before electing another
in his place p This seemed "clincher,"
and the Sixth Ward suggested the va
cancy should be filled fright now"
The Mayor therefore nominated VIM. f.
Carroll for the position. Ballots were
prepared and cast, when the vote stood !:
Carroll, Z; Rsja, 4; No, q; Noncoucur,
IL; Carroll l. 1t perplexed the by
ISLANDERS to know who NoBconcur, No
and Carroll-No were; but ere they could
find out, the Mayor, finding Carroll not
agreeable to the Beard, nominated W. J..
Rsja, who was elected.
The great feature of the evenings en-
| tertainment was the proposition of Alder
man Woleott to issue 100000 in $1,000
bonds, having thirty years to run, with
coupons attached, at six per cent per
annum, to be used by the city for the
purpose of funding its due indebtedness.
1t was called up by Alderman Renner,
when Alderman Gallagher wished to
know "if the Mayor could hold an cleo
ton p to which the Chairman replied
"he could, in pursuance of the charter"
This knotty point being settled, Alder
man Moffet begged the Chairman of the
| Finance Committee to say how much
money he wanted.
Alderman Wolcott--" About $780,
With the present floating debt against
the city, no money can be raised. There
is the judgment of Simpson for $4,000,
which must be paid within ten days, or
your railroad stocks are gone; there are
mortgages upon your realty, maturing
about the LIST of March, for $50, 900
there are the claims of lsborers, firemen,
and other small creditors, whose sggre-
gate demands amount to $4,000"
Alderman Marshall-"I will take
twenty days before the bonds can be
issued. Can you raise money before that
time 7"
Alderman Wolcott-" Yes, if the
Board and the people approve the ordi-
nance"
Alderman Gallagher" This is an
important question, and would like to
have the views of his honor the Mayor"
Mayor Leftwich-" have very little to
say on the subject. l preferred another
policy, which has been rejected. This
seems to me now the only plan left
Alderman Woleott-" Will you veto
the ordinance if it passes p
Mayor Leftwich-" No."
Alderman Moffet-"i am opposed to
this scheme, as the taxpayers are too
heavily burdened already With the inter-
est due aud accruing on bonds, and be-
cause l think the Finance Committee
has made too much of loud cry about
the lack of assets in order to have an ex-
cuse for the flying of their now favorite
kites;' but no business maH would
dream of relieving himself by issuing his
notes, tvs or three dollars fer one, while
he had other means at hand, which | con.
tend the city has. have shown that the
Finance Committee is able to raise
sufficient means without bonds there is
about 81 10000 railroad stock which, if
hypothecatsd at but eight cents on the
dollar, would bring 100000; there is
real estate worth $4,000, which would
bring at least $4,000; there are paving
accounts amounting to S360,0O worth
easily, as security, $4,000; mortgages
on property for debts due the city,
s45, 900, worth $4,000; all of which
would bring, as security, 100000; more
than the Finance Committee says is
sufficient to carry them to the good time
coming So there is 10 excuse for the
issuance of bonds but that it is the
easiest way for the Committee to or
der the issuance of paper. and with some
folks the easiest way is the best. There
are responsible men indebted to the city
for taxes. Make the city's notes out for
the amount needed. Go to them and de-
mand that if they cannot pay these taxes,
they shall indorse notes to the amount
they owe. These notes, so Endorsed,
would be far better security than bonds,
aud could be used as collateral fer the
money needed. Here you have security
better than bonds, without having to pay
interest on the extra amount not imme-
diately needed. By the issuance Of these
bonds you give money-shavers a lever by
which they can bull and bear the market
at will-chances they will be sure TO take.
There is scarcely meeting Of this Board,
executive or open, that monsy-sharks are