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

diCtat0r18l spirit IN "uicns ~ SOME,
has been discussed; and now, in behalf o
myself, / must be allowed to say, believ'
| ing this to be the most delicate and i'm
portant measure that would be presented
| for my consideration during my admin
istration, have from morn till night, for
weeks and months, given it the most
careful thought and investigation, aud
availed myself of the advice Of others Of
more experience and maturer judgment
than my own.
After examining il in all its bearings,
estimating its value now and its pros.
pective value after it's completion, l am
prepared to say, so fully am l satisfied
of the propriety of the measure, that if /
had the power, and knew that every citi-
zen of Memphis opposed it, | would
assume the responsibility of making the
sale, and trust 10 the future for my vim
dication. ! would do this, too, in the be.
lief that the purchaser in the fluctuations
of the next year will make handsome
profit in some way on his purchase, and
| would expect about that time to re-
ceive much censure for having been
swindled out of the city stock" Know
ing, however, that we, in our corporate
capacity, could not If we would, reap the
advantages of this nature that an indi-
yidual might, / would be satisfied to see
him pocket his profit, while we would
have paid our debt and secured the COM
pletion of the road. We would know at
the same time, that whenever the final
settlement was made. and oil the claims
liquidated that have priority over our
stock, that nothing would be left for Mem
phis. Then those who had said sell it
while you can, and pay your debt end
stop the interest. will be thanked and ap-
preciated for having said so.
The city now owns $672,720 in the
stock of the Little Rock railroad, and in
three years hence will be forced by pay
ment Of bonds then due to own $685., 280 |
more, which will be quite enough to sup.
ply any little demand upon us fer that
list.
The annual interest on the amount
that this stock could now be sold for even |
at the low rates we are paying is about
$4,000, and our failure to pay the July
interest would SO damage our credit that
the interest required of as on transient
loans would be quadrupled if we negoti-
ate on any terms, which / deem extreme
" doubtful.
/ have only to ask patient and
thoughtful Investigation of this question
and final action thereon.
Yours. very respectfully,
]. w. LEFTwICH, Mayor.
On motion of Alderman Renner the
message was received and filed.
Another message was read vetoing the
ordinance putting parcel express compa.
,ies under ten thousand dollar bond, and
he ordinance was referred back to the
Ordinance Committee.
A resolution was passed to put q picket
,ence around Bickford Park in Chelsea.
Alderman Renner offered the follow
ng:
Be ii ordained, ETC., That special
ak of thirtyfve cents be laid on every
me hundred dollars worth Of taxable
property to meet the interest becoming
me during the forty-second corporate
ear on the bonds issued for railroad
by this city.
Rejected.
By Alderman Vincent, as an amend
nent to the foregoing:
Propided, That said tax shall not be
ppled in the payment of the July in.
crest
Tabled. |,
By Alderman Black:
Be ii ordained, ETC., That the Mayor
nd Finance Committee of the Board of
Aldermen of the city of Memphis be and
re hereby authorized to dispose of the
took owned by the city in the Memphis
nd Little Rock railroad, and to appro-
riate the proceeds thereof to the pay
tent of the July interest.
Tabled.
His Honor the Mayor asked and was
rsnted leave of absence.
The Mayor named Alderman Black as
layor pro tenn during bis absence, when
alderman Dyer moved that the Board go
ito an election for Mayor pro tenn.
Alderman O'Donnell moved that the
layers nomination be confirmed, and
ia motion was lost, when the motion of !
alderman Dyer prevailed and an election Q
AS had with the following result on first !
allot: Marshall, 10; Black, 6; blank, l.
Mayor Leftwich then came forward,
boxing feeble but somewhat excited, and
aid very deliberately;
Gentlemen, you voted me leave OF O
bsence for such period as / might wish.
am thankful for the leave, and announce
D you that it terminates tomorrow.
hey will bear me to EImwood before
ill leave the city to bel was about to
ay robbed and piundered by you during
~ absence. Caucuses have been held
y some among you, Of which | am cogni-
ant, for the purpose of putting yourselves
D q position of stealing from my con-
tituents, caucuses for the consummation Z
bad and deep purpose. But know, q
entlemen, that henceforth it will take q
vo-thirds vote to carry these designs
ut"
The speech produced intense sensa-
on, and several members arose at once ,
} say something. as usual Alderman
yer said he belonged to no caucus and
ad made the proposition in good faith,
nd his only intention was to carry out
he law and do his duty. The Board
hortly sfterward adjourned.
EDITORS LEDGER: The material inte. i