Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-06-04
THE PAVING INDEBTEDNESS.
The Other Side of Ressrs. T. {. Brown &
Co.'S Indebtedness.
What a Member of the Board thinks of It.
TcoMMUNICATED.l
Editors Memphis Appeal:

/ ~ lit ELSECEeNA'H vi "a " AAAl
were for the benefit of every person hui
T. E, Brown e. Co., of course. So gener.
Gus are they, and possessed of such al
amount of Christian charity, that they
can " forgive if they cannot forget " the
high crimes and misdemeanors commit.
ted upon those unfortunate individuals
by this heartless corporation. But they
might as well do the charitable dodge
completely and forget also; more espe-
cially as forgetfulness is, with them, G
leading characteristic. Like all en- paTtt
statements, those of theirs would be mucI
more easily swallowed by the addition OF
a few grains of salt. Had it any bearing
at all upon the adoption or rejection OF
their present proposition an indictment
could be easily framed that would set of
their charges of breach of contracts,
and be a gentle reminder of the
fact that the city had, probably, as much
to forget as they have. The members OF
the Paving Committee well remember the
continual wrangling of the city's Paving
Inspectors about {" sappy" lumber, insult
fciently screened gravel, scarcity of coal
tar, and sighted work. The Mayor and
Finance Committee we'll remember the
sacrifices made to meet the city's obliga-
tions tot. Z. Brown & Co., and the Comp
troller remembers hen these extremely
i'll used men, that could get the city
to do right, had actually overdrawn to a
large amount. The fact is, that just pre-
cisely the same complaints obtained for
them the Dan of bonds, and, as that card
had won before, they think il viii do so
again; and when they assert that the
city has no heart, p" they must believe she
has an unusually strong tomach to
swallow such a proposition as theirs.
They liken themselves to .:Crockett's
COON" that came down ~leisurely to pre-
vent a quicker tumble; but even this is
! -A# L.,sga $40 e., $500 - - 49,,
willing TO take the loan of bonds they
petiti0ned for andS fought hard to get
them. Had they compared themselves to
the 'pOssum instead of the coon, there
are whole families who would declare the
comparison perfect. So much to show
these contractors that however faulty the
city may have been, they are not Of such
an angelic nature as to be infallible them
selves.
Now, to their proposition: They will
! give the city for the 1850 0 90 in bonds,
which they borrowed for a specified time,
! ljl,2 90, or 50 cents on the dollar. This,
! you perceive, is a liberal offer, the market
| price, and you know, for a corporation to
get market value fOrtbeir bonds is a great
| loss to contractors who seem to look upon
cities as the geese which lay their golden
eggs. But these bonds are not for sale;
they are to be returned to the city with
the interest which may have accrued, and
which the city has had to pay for T. e.
| Brown & Co. Now the city's credit has
steadily advanced, and by the time these
bonds should be returned it is but reason
able to suppose they will be'much higher
than % cents. Then into whose pocket
does the advance in price go, T. E. Brown
d Co.'S or the city's? Again, the city has
paid. and of course will have to pay, the
interest for T. f. Brown & Co. Now, re-
lieve them of the obligation of returning
the bonds, and you lose the difference in
price and the interest paid for that which
benefited 7. L. Brown Il Co. alone. That
is not all, they mOdestly propose to save
you the trouble of receiving the advance
IN principal and interest paid, and, in re-
turn. give you-what? Why paving bills,
TO be sure; they will hold on to the bonds,
which will bring cash, and hand you
paving bills that may be useful years
hence. VIII the Board, then, the sworn
guardians of the city's interest, commit
such folly? But suppose we are such
consummate simpletOns as to do so, wis
follows? There is a balance of S3S2,610.
which L. f. Brown IL Co., good, generous
souls, viii divide with you. Let us see
how this division benefits the city. In
this, also, their mOdesty is commendable,
as they only require ll5 cents on the dol
lar for the privilege of handing them the
clty's obligation, due in n year., with in
terest, too; that is, you receive sI9l, 900 in
paving bills again, and for that benefit
You maket them a present of some S27, 900
more than that amount, payable in twelve
months. In each case the advantage is
with them and against the city. It is
pretty sharp tinanciering, but all on the
side of T. +. Brown & Co. 1t would not
be unfair to estimate the advance in
price and interest of bonds, and the
fifteen per cent. discount they require, at
$50. 600, which will be thrown into the
pockets Of the paving contractors without
a dollars worth of benefit to the city.
Such Is their proposition, and / do not
wonder that they dislike the APPEAL call
ing it u i" nice 6ttte scheme" for we now
see that they do not deal in little things.
Yet, withal, they seem confident of put
ting their proposition through, they ap-
pear to ave counted noses, and know
their men, for there is only a "small mi
nority who have not fully and candidly
examined the subject in all its bearings"
Now, gentlemen, you of the large major
itv; You who nave studied the matter
+" fully and candidly," give us the benefit
Of your profound study, your deep re-
search, and how you like the operation of
being " crammed," by telling us how the
city's credit will be effected by throwing
upon the market $500, 900 worth of scrip.
You must give Us something better than
that of the prOpositionists, who, While
LntN DEdLLlt OF the lEUlSEl LldI TO UOtIDle
the demand will increase the price, en-
deavOr to make you commit the ridiculous
act of trying to increase the demand by
doubling the supply, which you surely do
by issuing 500, 900, either now or a year
hence. Any simpleton knows this,
and the empty flourish of offering TO buy
all the scrip on the market does not alter
the case a particle. They can do that with
perfect safety, as those who NAV hold the
oft 20 Ccrin do nnf 1Oplr on navfnn hfl1u 40 |
q sufficient consideration, and are wise
enough to refuse to trade on such terms;
80 that their practical WaV of removing |
our fears is no way at all; and their
q mathematical demonstration" of the
city TediiStHg on h is out N what
they want given to them as a transparent
And their error lies in this, that
they look uponthe city as a broker, buy
ing and selling bonds and scrip; that if
she issues scrip to-day and it advances in
price tomorrow she profits by the adj
vance, Or as they say, r~ealises a " figure
above its present value" But, unfOrtu- |
for the city, the reverse is the real
state of the ease. The city, like individu-
ais who are fond of flying kites, loses by
the issue of every piece Of paper she sells, |
because no person will buy without re-
discount, be it much or little, and
when the paper natures the issuer must
meet it at par, so that it is certain loss to
put paper on the market, whatever way
you fix it. Now, where is the
realising so cody set forth by Z.
+. Brown & Co.? If YOU of the large
majority can see it., 'twere well to OBJ
tain a clean plate and exhibit it for the
benefit of the Obtuse minority; and if you
can succeed in making the advantage Wis
IDLE You viii have performed a miracle
equal to finding a psalm-bible in the low
er regions.
But, not satisfied with playing the chris
tian, they appear in another character, and
in real softness of heart, and piOus zeal
for the widow and orphan, far outrival
Pecksnid when in his greatest glory. Like
him, too, they would benefit the poor and
at the expense of others. The con-
tractors, themselves, must be memorable
and drive all; but the city has only to ac-
their proposition, and she will have
the privilege of RENTING the widows and
orphans paving tax. Again, their short
ness of memory serves them well, for
there is not a word, not a thought of the
large class who have already paid their
bills, and who must again be taxed
order that 7. +. Browne Co. may have
scrip at their call. It suits their purpose
TO remember the widow and orphan who
have not paid, but forget those who have.
Such charity Is in keeping with theirl
whole proceedings in this matter-hollow
- .-s4I1,.4 o...lotsaa. IL -. 49,