Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-22
CITY COUNCIL.
Semi Monthly Meeting of the Board
of Mayor and Aldermen.
Message of the MayOr---Iransac-
ton Of Business, ETC., ETC.

n1aaE- Hoist. ~ BOAAnNAF
pc MoIcott, Vincent, Ellis and Williams
answered to their names.
me secretary proceeded 10 READ the
rninntes of the previous meeting, Whlch
We're found correct and duly approved.
The Secretary read the following
MAYORS MESSAGE.
of the Board:
/ have repeatedly urged you TO take
prompt action to preserve n Nicholson
and endeavored TO get you to-
in special meeting for the purpose,
In order that this valuable anu
The thousands that il has cost the city ana
the citizens may not be lost. The pstter
l foar the only properl time for thls
,york hiss now passed. This office must
not be held responsible for the nllschiei
Our financial affairs for want
of uresent means are owl
worse. The months are multiplying Tor
which we owe our employees and credl-
tors for labor aud current supplies. As
payment is delayed their necessltles IN
crease. their balances are sacrlhced IN the
and our credit correspondingly
decreased. At this rate il may not be
long until the desire be realized OF those
would have our credit fall as low az
when we found il, when their taxes may
he Maid the CITY at thirty-three cents on
the dollar. and our expenditures CORES
Dondinplv augmented from W. to three
hundred per cent. Already parties
are declining to sell TO the clty
cash prices, and some demand twenty
per cent. additional. All this is the le-
effects of the difficulties thrown
in u way, whilst at the same time, Tor
reasons of law, and because of the delay
in getting our revenue books for the cur
rent wear NE are unable to realize from
the large assets Of the city, among Whlch
are 800. 900 past due taxes. The subject Is
painful to contemplate. What are we 10
do9 We are unwilling to sell b stock 81
the Memphis and Little Rock Railroad,
and Mississippi and Tennessee, at all; not
on account of its value, for that Is ineon-
siderable, but for the purpose of control.
The necessity resting upon us 10 sell
against our wishes is, however, too sadly
eVideut. Besides the constant harrass-
ment OF the leyv.of executions upon 1t,
the CITY. as any honest man would 90,
part with any or all of her DISPOSE
bic property TO pay her just debts to her
creditors, in many cases suffering erediI-
ors. the brawny labOrer on streets ana
the tOiling fireman who is maintaining
organization, under the efficient
Chief confessedly equal to the best in the
States, and at a cost to the city OF
less than half the sum she paid before this
administration. And so, compelled tc
sell. if we have a choice of vendees, We
select those who would purchase
most faVOrablS for the city, price and
other things of not less Importance con-
sidered, Under no circumstances what
ever. not for ten times the face value Ut
the stock. should il be allowed to go di-
reetly or indirectly into the hands or con-
troll of persons or corporations adverse to
the interest Of those roads or of this city.
The great and powerful roads going out Of
Cairo amidst. Louis, and those cities hem
selves, could well afford to pay a million
or more to buy up the stock OF, and con-
troll and destroy the Little Rock road in
order to divert the western n north
western trade and travel from Memphis
turn il to Cairo and st. Louis over the
cairo and Fulton road. The Of
passing us in the east could as well
affordto buy up the controlling stock in
The Mississippi and Tennessee road
for the same diVerting purpose.
must be exceedingly watchful of
these designs and objects, even in thevery
midst of the pressing necessities upon us.
I am advised that a number of wealthy
residents of New York, not
Spectators but holders of SL,2C9,0OO of the
of the Little Rock road, in view Of
the necessity OF completing the road for
the purpose of giving value TO these bonds
purchase our S5T2, 900 cash with tbs
for the prosecution of b work, and
besides, forfeit the stock ii the road be not
completed in six months. These parties,
therefore, being bondholders, are, from
necessity and interest, if not from choice,
Of the road, and bound not only to
complete, but operate II. Their interest
and ours, therefore, are the same. Also, a
proposition to buy, made through our
Col. A. J. Keilar, in writing
accompanies this message, to which l beg
to invite yOur attention. 1t is to be re-
marked that prompt action in the preml-
ses is necessary, because the season for
the work Is rapidly passing,
and the proceeds of the transaction are
crvingly demanded 10 relieve our employ
ees, TO stay the sacrifices we are daily sutf-
ering in our finances and credit, and 10
redeem the valuable e-nginehouse proper
ty sold this day at a t~rifling price, with
the privilege of redemption in ten days,
as agreed upon. lam advised that accom-
modating terms may be had with F. 5.
Davis, Esq.
On the 18th proX. we are likely TO lose
our valuable Mississippi and Tennessee
Railroad stock given as security for $4,000
borrowed in April last unless relieved.
Col. White. President of that road, and a
fast friend of the city, on the part Of his
directors. in order to prevent this stock
into antagonistic control, had Of
fered for 1t $4,000, a sum exceeding its
present value. He, however, has with
drawn his proposition.
In the meantime, we are subject to the
same harrassments by levy of executions
this as on u Little Rock road stock,
and both are liable under execution sales
at any time to pass n other and mimi
hands.
The proposition from Mr.. Brinkley is
before you gentlemen, as are also u
necessitous circumstances. Ii is for You
determine what the interests of the
city require. Under the difficulties
brought upon us, as in ali Of our affairs,
/ still invite the counsel, wisdom, expert
and sound judgment of our citizens,
and 10 them every facility is offered 10
know fully and understand our condition
and the reasons and cause of it.
l beg to remind yOu TO provide for voting
the stock Of the city in the Memphis and
ohio RAILROAD at the election Of Directors
the 4th of next month.
Ihave the pleasure to say 10 you that a
letter from our distinguished Chief
Magistrate Informs us that his health and
strength having gaeatly improved, he ex-
poets to be at his post of duty on b I'd
prox. J. 4. SWANNE,
Mayor pro tempOre.
The following is the text Of Col. Kel-
proposal:
MRNPHIs, TESS.. September q, 1862.
To the Hon. Board of Mayor and Alder
men:
/ submit to your honorable Board the
ollOwing proposition 10 purchase the
Memphis and Little Rock Railroad stock,
,wned by the city, viz: 500 shares.
/ offer one hundred thousand dollars for
he stock, as follows:
'ash.......... &c. ......... -........S $4,000 90
"a thirty lays. .--........ .......- SO,OOO W
sixty 5O,OO1 "
" ninety " ...... --.-....-. .......... 5000 90
The stock TO remain in the hands of a
to be forfeited and reconveyed to
he city if all the payments are not made
promptly and the road IS not completed
IN six months.
This proposition is made with reference
% the payment of S6I 900 interest due in
october and November which the stock
holders must provide for, and with refer
TO providing for six hundred thou
n Of floating debt. The appointment
a trustee is suggested by me, and de-
handed as a necessary part of the con-
tract 70 protect the city and secure the
of the road.
] represent in this proposition the own
ers OF the Little Roc and Fort Smith
Railroad, who, by the speedy completion
Df the Memphis and Little Rock Railroad,
will give TO Memphis a continuous line Of
railroad under management from
Memphis TO Fort Smith. The parties 1
represent are not Interested in railroads
10 Memphis, and before making
my proposition TO yOurvHOnorable Board
| satisfied myself of the capacity and
ability OF the gentlemen / represent, TO
complete the road and OF managing it
built I'm the interest of the Mem
phis line from Fort Smith TO our city. IL
Is not the purpose of these parties to dis
turb existing contracts Oh organization,
but in good faith to go TO work to finish
The road.
ANDREW J. KELLAR, Agent.