Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-06-16

HLA
To the Honorable Board Of Aldermen:
We meet to-day under circumstances
peculiarly interesting to every unselfsh
friend of Memphis, and history will re-
cord whether or not, as the guardians OF
her interests, we are equal TO the elner-
gency.
We have noted with commendable pride
the gradual advance OF u bonds during
this administration from 2 cents TO So
cents, and of our scrip from 50 cents to IS
cents. and now unless prompt measures
are adopted we are doomed TO the humili-
alton of seeing il as surely decline to prob
ably a lower standard.
II matters no what motives may nave
actuated those who cOnspired 10 run
down the city's credit, nOr IS it
important whether they are large
iv d~elinouent debtors to the city or
/ only the prospective heirs of such, the
| stubborn fact stares us in the face that
they are now seemingly Triumphant, and
it depends OF your irmness in the dis
charge of duty to determine whether
their triumph shall lie permanent or tran
silent.
1t will be remembered that / did not IA
vor but accepted as a dernier resort the
! policy of an additional issue of city bonds.
but in simple Justice to the friends of the
measure 1 must say il was under the plan
| of h-ypOthecation, so successfully 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-
anee Of bonds and mismanagement of the
city's finances have driven business and
1 population from us daily" but claiming
superior facilities for acquiring correct in
formation, 1 broadly deny the charge,
and venture the Assertion that the mex
Il .1.snad conduct aud hf1Han nrrnnaaa of
the so-calIed " Citizens Union " have done
more 10 degrade Memphis in the estima-
| ton of capitalists and intelligent
and reputable business men than
| the issuance of ten millions of bonds,
| with a judiciOus appropriation of their
proceeds either to the liquidation Of ex-
| isting debts or the promotion of new and
legitimate enterprises. I ave personal
knowledge of the fact that at nc period in
| the history of this most attractive city,
has enterprise and capital turned so in
| Quiringiy in this direction as at the pres
ent. and the disgracefully low standard of
/ our credit, made so by the intrigues of
those who ought 20 a a pride in us
tanning il, is the only contradiction
TO the generally received opinion that a
brilliant and prosperous future awaits US.
The practical question now reeurs, can we
pay the July interest on Our bonds, and
must we do it? Ny answer is we can,
and TO protect the city from financiaEd dis
grace, il should by all means be done.
Pending your determination to authorize
the issuance of city bonds, / gave it as my
| opinion that by a continued system of
rigid economy, and the sale ofOUT railroad
| stocks, We could, till we reached a cash
basis, meet our pressing liabilities. In
more than one message, TO which l now
refer with strengthened CONVICTION Of the
correctness of the principles therein adYO-
rufal / unlra my raaEnnE hnth DT 4 imam
eial and moral nature, why these stocks
ought 10 he sold and OurdehtS paid TO that
extent.
This sale, 1 am advised, can still be made
at an advance to cover the price then
offered. And it were better that all the
railroad stocks belonging to the city were
bl0tted out of existence than that this in
terest should remain unpaid. Indeed,
there is no calamity that could overtake
US that would proves0 ruiROus TO our best
interests.
Capitalists and literally inclined bust
ness minds can and often do excuse cor
pOratiOns for not paving their debts, but
they never excuse the nOn-payment of
the simple interest thereon, and no civ
can now retain a position of responsibility
thai does not paw its interest When due.
From this view of u condition | would
be false 10 the high trust committed to
my keeping, did 1 fail to nrge in earnest
4 terms YOUR dlDION AID tle S1lt VI lutSC
stocks and the appropriation oftheir pro-
ceeds to the payment Of our July interest.
This would show such a determination
To sustain our credit as would place il on
an enduring basis, and negotiations could
then he more easily effected without col
l~aterals, than at present with them. But
| on the other, if we faiito pay this interest,
and hold on to property for which we are
offered its full value, and which we can
without inconvenience, dispense with, we
ruin our credit and dishOnOr III city,.
Iconfess my language is strong, but my
convictions of duty are much more 50,
and while l thus plainly express
these convictions, / am not forgetfal
of. nor do ! disregard the former
expression OF public sentiment and your
own action adverse to the sale Of these
stocks; but believing that the threatened
| calamity, and the manner in which il has
been brought upen-us has thoroughly
changed public opinion as well rs your
Owno on this important subject, i again as
sumo the responsibility ofurging the sale.
l herewith present an interesting and
important communication froul citizens
OF Mississippi on the line of the contem-
plated Iasoo Valley Railroad fer such re
spOnse as in yOurjudgment may seem APP
propriate.
1 also present an ordinance creating the
sffice of Meat Inspector and defining the
FfakAES VI W NAAalDs " ~ II III y "a Ot1A
ion 10 meets the requirements of the ease
l would recommend that it be adopted.
Other matters of Importance claim our
early attention and would baYe beer pre-
sented at=this meeting, but that The
financial question on which I have dwell
at somR length. is OF such overshadowing
importance that / hope you viii give il
your calm, ~considerate and thoughtful at
tentiOn TO the exclusion of other matters,
till il is disposed of.
Yours, very respectfully, Lea " 4
JNO. W. LEFTWICH, Mayor.
The following is the Communication ae-
~e0mpanying the report, being aletter from
several Of the most prominent citizens of
Holmes county, Miss, on the subject of
railroad communication from that county
to this city. Tt VIII be seen that il is, as
the Mayor expressed it, a very important
communication:
LENNGToN, Mss,
June y, 1859.
To the Honorable Mayor and Aldermen,
Memphis, Tenn.g
Gentlemen. The citizens of this
tHolmesl county are DESTROYS of having q
direct railroad communication with Menu
phis, by a Tine leading IRON the Missfs-
sippi and Tennessee RaifrOad. at Grenada
or some other point above Il, down to the
NazOO valley, through this place to Can
ton or Jackson. Having now but one
market accessible 10 us, we desire 10 reach
Memphis over an uninterrupted line, so
as 10 have the benefit of anactiye market,
where the price or cotton is enhanced TO
the planter by the many competing
lines Of transportation, starting at your
city. EW1T
From our knowledge Ofthe general dir |
reetiOR of the trade of this, NazOo, |
Carroll and T~allehatcbie counties we
are confident that the construction of
this road would carry 10 your city from
5000 10 5000 bales OF cotton NOW annu-
ally seeking the New Orleans market.
As planters generally buy where they
sell, YOU can readily Understand that the
additional trade thus brought to your city
wOnld be very heavy one. We and thef
citizens Of the adjoining counties intend
TO begin an active anvass for this railroad
this fail and winter, and we VIII do our
duty towards raising the means requisite
to construct it. Your townsman, Col.
Trezevant, has assured as that when we
shall lave done that, when we shall have
shown u determination to help our