Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-06-22

Mayor and Aldermen met yesterday a.
ternoon at four o'clock to receive the re
port of the Special Committee, to whom
was referred the financial proposition
made in the Mayors message at the las
meeting.
The following members were present
Hon. John W. Leftwich, Mayor; Alder
men Clancy, Foley, Joyce, Marshall
Black, Duff, Dyer, Cartwright, Hoist,
Gallagher, Cicalls, Renner, Ogden
Moffet, Vincent, Ellis, Williams ant
O'Donnell.
Alderman Moffet was called to the
Chair, and the Secretary proceeded tt
read the following:
MESSAGE FROM THE MAYOR.
MAJORS OFFICE. June q, 1869.
| To the Honorable the Board o Aldermen
From a thorough canvass of the ques-
ton, we find ourselves unable, with any
securities at our disposal, to pay our July
interest.
was fully prepared for this result,
knowing that capitalists are slow to lend
their money without tangible security,
either to individuals or corporations who,
| to meet pressing Indebtedness, are not
willing to sell property for which its full
value is offered, and which can, without
inconvenience, be dispensed with.
The two alternatives of levying a spe-
cial tax or selling the stocks are alone
left, and if the special tax is resortsd to,
which, in my opinion, ought not to be
done in any event, it cannot be done in
time to save our credit; hence a sale Of
the stock is as imperatively demanded as
ever.
The importance of paying this interest
is so urgent, and the ease and propriety
with which il can be paid by the sale of
this stock, is so apparent to my mind,
that, contrary to my purpose of saying
no more on the subject, cannot, in jus
tice to the responsible position which l
hold, refrain from repeating and adding
few reasons why, in my opinion, it
ought to be done.
At our last meeting il was confidently
stated, and believe generally accepted
as true, that the public sentiment of the
taxpayers of the city was opposed to the
sale of these stocks for this or any
other purpose. Since that time have, to
the extent of my ability, canvass0d the
subject, and am clearly satisfied that
such is not the case. lam also convinced
that those who have most zealously OPP
posed it have done so without giving the
subject the careful thought that its i'm.
portance demands. 10 proof of this last
proposition give one prominent illus
tration: One of the most able, influential
and persistent opponents of the measure
now says be would have favored the orig
insl proposition to sell to Mr. Greenlaw if
he had known that the Greenlaw PROPOSE
ton embraced a guarantee to complete
the road within year. 1t will astonish
you to be informed that this concession is
made by one of the editors of the official
journal of the city, in which the Greenlaw
proposition was officially published and
argued pro and con at great length and
some warmth. This is only mentioned to
illustrate how little serious attention has
been given the subject by its opponents,
and how little is really known of its
merits by those who assume to control
and represent public opinion. The boast
is now thoughtlessly made that the stock
can be sold now for three and half cents
more than then; but the twelve and a
half cents then offered, with the guarsn-
tee, was infinitely better for the city than
sixteen cents now; and 50 is sixteen
cents now better for the city, with the
road completed in q reasonable time,
than double or lhribbe that amount here
after and the completion Of the road still
deferred.
Memphis did not subscribe for this
stock because OF its promised value, but
simply to secure the completion of the
road. Now, the opponents Of this meas
ure, in the same careless and thoughtless
manner, place high estimate on the
value to the city of its control of the rail-
roads through the stock it owns. Now,
in plain business talk, what does this con.
troll amount to2
The city has owned q controlling To-
huence in the stock Of the Memphis and
Little Rock railroad for about thifteen
years, aHd the road is still unfinished,
and in my opinion, and the opinion Of
wiser heads than mine, it will SO remain
till individual enterprise is allowed to
take hold Of and complete it. The city's
control OF railroads in which il owns
stock simply consists in an annual par
ticipation in the election Of Directors, at
which election whoever is designated by
the city to cast its vote consults with the
managers of the road-those who do and
ought to know-snd vote as they advise.
! believe at the last election for the Di-
rectors for the Mississippi and Tennes-
soc railroad, the city did not think it Of
enough Importance to claim represen.
tation; and am sure if the city owned
the Memphis aud Charleston railroad
stock that has been so often aud without
proper information mentioned, the said
stock would have been voted for the
present managers Of the road.
Now which is the most likely to con.
troll railroad for the interest of Men,
phis, Board Of Mayor and Aldermen
who are periodically elected, mainly on
political grounds, or an enterprising i'm
dividual, such as Mr.. Greenlaw, for ex-
ample, who owns a larger interest in
Memphis than all Of rs combined, and
who enjoys the still greater advantage of
being allowed TO act promptly on emer-
gencies, without days aad weeks Of con-
sultstion. and reading the papers and
feeling the public pulse as yen and /, in
our official capacity, have TO de.
w1otr h,,ntraoa faof II