Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-01-08
ore rINANCEAL coNnEEEoN.

OUR FINANCIAL CONDITION.
The desth Of the Ring" affords %
some leisure to examine into Che condi-
ton Of the city treasury to see what we
owe, and what We have to pay it with.
The ComptroIer's report assures US thst
our liabilities, including estimates fer
current expenses and the July coupon
interest. amount to 1913, G55 SO; to pay
which We have taxes psst due, due and
falling due, wharfage and ma~Tket-house
rents, amounting to s94O, 982 So, which,
if properly handled by the bonded ican-
cial officers who are paid for that work,
and not, IS il the past year, by the
First National or any other bank, We
may reasonably expect that, iDstesd Of
being in debt, bounded by creditors, rab-
id after cur railroad stocks, we VIII te
able to show q balance on the credit side
Of the ledger amounting to just S27. sos So
This Is at least comforting, when we
consider what we have passed through
Of financial horrors, and what pitfalls
we have been rescued from BY the most
ordinary Use Of the " stale f" columns Ct
the press. Indeed, when We look at il
closely, il proves how baseless were
the arguments advanced by those Who
urged for tie sale OF the city's stoCkiu the
Little Rock Railroad. II j: is true, snd
we have 20 reason to doubt Mr.. BAUGH's
figures, that such a surplus is possible,
then indeed Is the press aud the people
more than Justified 10 al tie objections
offered TO so absurd 2 measure. As the
APPEAL all along oontenGed, Mr.BACGH
shows taat it is only necessary, even
now, to collect closely, lat the end Of tho
law if necessary ell that Is due the city
to free her entirely from the clutches Of
the money sharks, and plsce her in q
condition to negotiats loans when needed
for the great enterprises yet to be com
pleted, before she can take her place
among the principal cities Of The
Union. We remember, with regret
how nearly she cams TO = r~esliza-
ton OF this condition lest summer, when
1t was fret spoken Of 10 put the million
bondP, then just issuing, upon the New
York market. Then at least sixty-fve
cents on the dollar an almost ruinous
dise0unD could have been received, and
with the sum thus realized (f65O,OO0)
properly disbursed through competent
agents, at q small commission, all the
then outstanding evidences OF Indebted
ness by the city could have been taken
up at an average Of fifty cents on
the dollar, relieving Us of a large and
manageable floating debt, ct the same
time reviviDg cur credit t. 81 almost par
basis. But this chance was lost. Instead
Of the prohtthus to be gained Tor TO tsx-
ridden people, but about $500, 900 in cash
received for the million dolIars OF
bonds, leaving us to csrry the difference
between that and the 81, 800, OJO thatmight
have been wholly liqGidA,ed in the Tay
We have set forth. This Is a melancholy
retrospect for 1865, and one that should
be foil of warnings for the new Board Of
1859.
But besides what we have already said
"a to OUT financial troubles, VIC have to
offer the gloomy reflection that the
ComptrOlleF's books do not tally with the
books Of the other officers. We learn
from n Of these that a settlement hiss
not been had with the First National
Bank since the year 1865, ard tbst that
institution stands on his books Indebted
to Memphis il the sum Of $50. O6S 81 At
the beginning Of a new year the
most ordinary prudence would have
dictated that e settlement should
have been made with the Bank,
especially in view OF the claims Il
sets up for moneys due il by the city.
And, again, the law demands and usage
prescribss that the books Of all the city
officers should agree, and that at lesst
the Register be spprised OF payments and
settlements 50 that the public, who look
TO him as the finale in all the business
affairs Of the city, may b. Es thoroughly
intelligent of such matters from his
books IS he or any other oficisl can be.
Until We get back 90 the practice OF a
prudence and the most thorough
plan OF keeping cur public accounts, we
may expect just such discrepancies to
exist between officers. We say this IN
unkind spirit, es we have never in-
= word iu relation to city or other
matters with any other than the motive
fairly and candidly subserving the
public interest. But at the risk OF being
Misunderstood, We VIII insist that nei- {
Their the objections Of penny-wiss and !
pound foolish persons, fail OF their own :
conceit as flnanciers, nor the fact :
Of an equally foolish precedent.
should any longer leave US at the /
mercy OF 3 system Of keeping z
city accounts proven 50 faulty ut the
close OF MIR. hollands term as that
the present administration vas com.
PEELED to employ.a public accountant and
B lawyer, for some months, in an effort
vt extricaiinR our affairs from a mazs ORA
figures inexplicable TO ordinary financial !
intelligence. We submit this matter ia Q
the new Board, who, whatever and 4
whoever they may be, will receive the
thanks of this people, aud inn a
themselves, by reducing our 9
financial exhibits and accounts 10 an a
ineligible and comprehensive basis. IL