Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-06-16
CITY COUNCIL.
Significantly Meeting-The May or
ON Finances, Etc.

The Board of Mayor aad Alderme
met yesterday afternoon at the City Hal
Chairman Swayne presiding. The fol
lowing message was read from the Mayor
II fyt .2 MAYoR's 0FFIoE.-
MHMPHIs, June 10. 1859.
To the Honorable Board of Aldermen:
We meet to-day under circumstance
peculiarly interesting to every unselfisl
friend of Memphis, and history will re
cord whether or not, as the guardians o
her interests, we are equal to the emer
gency.
We have noted with commendabl,
pride the gradual advance of our bond,
during this administration from twenty
eight to fifty eight cents, and of oul
scrip from thirty-three to eighty-eighI
cents, and now, unless prompt measures
are adopted, we are doomed to the humil
iatien Of seeing it as surely decline to
probably lower standard.
1t matters not what motives may have
actuated those who conspired to run
down the city's credit, nor is it impor-
tant whether they are largely delinquent
debtors to the city or snly the prospective
heirs of such, the stubborn fact stares us
in the face that they are now seemingly
triu mphant, and it depends on your firm.
ness in the discharge of duty to deter
mine whether their triumph shall be per-
mauent or transient.
1t will be remembered that / did not
favor but accepted as dernier resort the
policy of an additional issue of city
bonds, but in simple justice to the
friends Of the measure must say it was
under the plan of bypotbecation, so sue
cessfully adopted, working out greatly
to the benefit Of the financial condition of
the city, and that, too, without materially
increasing the bonded Indebtedness.
/ know it has been said that the issu-
ance Of bonds and nismanagement of
the city's finances have driven business
and population from us daily" but claim
ing superior facilities for acquiring cor
rect information, broadly deny the
charge, and venture the assertion that the
unexplained conduct and hidden pur.
poses of the so-called Citizens Union "
have done more to degrade Memphis in
the estimation of capitalists and intelli-
| gent and reputable business men than the
| issuance of ten millions of bonds. with q
jadicious appropriation of their pro-
ceeds either to the liquidation of existing
debts or the promotion of new and legiti.
mate enterprises. | have personal knowl-
edge of the fact that at no period in the
| history of this most attractive city has
enterprise and capital turned SO inquir-
ingly in this direction az at the present,
and the disgracefully low standard of our
credit, made 30 by the intrigues of those
who ought to take pride ia sustaining
it, is the only contradiction to the gener-
ally received opinion that brilliant and
prosperous future awaits US. The prac-
teal question now recurs, can we pay the
July interest on our bonds, and must we
do it7 Ny answer is, we can, and to
protect the city from financial disgrace,
| it should By all means be done. Pending
your determination to authorigs the issu-
ance of city bonds, | gave it as my opin
ion that by continued system Of rigid
economy, and the sale OF our railroad
stocks, We could, till we reached cash
basis, meet our pressing liabilities. 10
more than one message, to which l now
refer with strengthened conviction of the
correctness of the principles therein ad-
vocated, gave my reasons, both of a
financial and moral nature, why these
stocks opght TO be sold and our debts
paid to that extent.
This sale, am advised, can still be
made at an advance to cover the price
then offered. And II we're better thai all
the RAILROAD stocks belonging TO the city
were blotted out of existence than that
this interest should remain unpaid. In
deed, there is DO calamity that could
overtake us. that would prove 80 ruinous
to our best interests.
Capitalists and literally ineluea BUSH
ness minds can end often 10 excuse cor
porations for not paying their debts, but
they never excuse the non-payment Of
the simple Interest thereon, aud ne city
can now retain a position of respecia-
bility that does not pay its interest when
due. From this view of our condition
would be false to the high trust commit
ted to my keeping did ! fail to urge in
earnest terms your approval Of the sale
Of these stocks and the appropriation Of
their proceeds TO the payment Of our July
interest.
DIS WOuiu buOW buCu ucttTuludtlOu
to sustain our credit as would place it on
an enduring basis, and negotiations
could then bs more easily effected With
out collaterals, than at present with them.
But on the other, if we fail to pay this
interest, and hold on to property for which
VS. are offered its full value, and which
we can, vithoHt ineonYeniencp, dispense
with, we ruin our credit and dishonor our
city.
| confess my language is strong, but
my convictions of duty are much more
so, and while ! thus plainly express these
convictions, sm not forgetfsl Of, nor do
| disregard the former expression of
public sentiment and your own action
adverse to the sale Of these stocks; but
I BELIEVING that the threatened calamity,
and the manner in which it has been
brought upon US has thoroughly changed
public opinion as well rs your own on
this important subject, | again assume
the responsibility Of urging ths sale.
/ herewith present an interesting and
important communication from citizens
Of Mississippi, on the line of the contem-
plated Yszoo Valley railroad, for such
response IS in your Judgment may seem
appropriate,
1 also present an ordinance creating
the office of Meat Inspector and defining
the duties of the same, which, If in your
opinion it meets the requirements of the
case, would recommend that it be