Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-06-22
Adjourned esting of the Board of
Aldermen.
Another Message from Mayor Left
witch Urging the Sale OF the
Little Rock Stock.
The Board Can't Seei t, and the Mo-
ton TO Sell Tabled.
An Ordinance Levying a Special Tax
Voted Down.
MayOr LeftWiCh Asks for Leave OF
Absence, and Gets it, but Don't
Accept the Conditions.
He PrOnOunCes the Board, with rev
Executions, a Parcel of Thieves
and S%cOundrels.
Breezy Times Ahead !

Tho Secretary then read the following
MESSAGE FROM MAYOR.
Mayors OFFICE, June p, 1868.
Honorable the Board of Aldermen:
From a thorough canvas of the ques-
ton, we find ourselves unable with any
securities at our disposal, to pay our July
interest.
7 was fully prepared for this result,
knowing that capitalists are slow TO lend
monev without tangible security
either to individuals or corporations VINO,
TO meet a pressing Indebtedness, are no.
willing TO sell property for which its fuH
vaIue + offered. and which can, without
inconvenience. be dispensed with.
The two alternatives Oflevying aspeclal
or selling the stocks are aIonel eLt,
and If the special tax Is resOrted 10, Which'
in nv opinion, ought not TO be done IN any
event. Il cannot be done in lime 10 save
our credit, hence a sale Of the STOCK Is as
imperativeIy demanded as ever.
The Importance Of paying this interest
Is so urgent, and the ease and proprlety
with which it can be paid by the sale of
this stock, is so apparent to my nllnd,
that contrary TO my purpose OF saying no
mora on the subject, l cannot, IN JusIlce
70 the RESPONSIBLE position which l hold,
refrain from repeating and adding a ieW
reasons why, in my opinion, u ought 70
be done.
Al our last meeting il wa confidently
stated and. I believe. generally accepted
as true. that the public sentiment OF tne
tax pavers Of the city was opposed 10 the
sale Of these stocks for this or any
other purpose. Since that time l have, to
The extent OF my ability, -canyassed
the subiect, and am clearly saflsned Inat
such Is not the case. | am also convinced
that those who have most Zealously op-
49, L. 90 vrs4hnTrf GIVING the
subject the careful thought that its M
portance demands. In proof OF TINS last
proposition 1 give one prominent llustra-
lion. One Of the most able, influential
and Dersistent opponents OF the measure
now saws he would have favored the orig
inal proposition to sell 20 Mr.. GreenlaN II
he had known that the GreenlaW PROPOSE
ton embraced a guarantee TO complete
the road within a year. It VIII
vnu TO be informed that this concession IS
made bv II Of the editors of the official
iourualofthe city, in which the GrecnlsW
proposition was officially published ana
arp1ed prO and con at great length and
so1le warmth. This is only mentioned to
illustrate how little serious attention mas
been given the subject by its opponents,
and how little i really known OF us
merits by those who assumed 10 eonirol anu
repreScnt public opinion. Inc boast i
now as thoughtIessly made that the stock
: can be sold now for three and a half cenIS
more than then. but the l2}z cents then
4 offered. with the guarantee, was lnhnlteiy
better Tor the civ than Ice now, and so Is
l6c now better for the city, with the road
completed in 8 reasonable Tlule man
double or thribbl2 that amount hereafter
and the completion Of the road stllt de-
ferred. I'D,
Neurbis did not subscribe Tor this stock
{ because of its promised value, but sim
NV TO secure the completion OF the road
Now the opponents of this measure IN th'
/ sama careless and thOughtless manner
place a high estimate on the value TO Uht
/ citv of its control Of the railroads through
the stock il owns. Now IN PLAN Dusl'
ness talk, what does this control aihouh
Z TOT
The city has owned q controlling mhu,
ance in the stock Of the Memphis and Lit
I tie Rock Railroad for about thirteen years
and the road is still unfinished, ana II
nv opinion aud the opinion Of wise
heads than mine, it viii SO remain til
individual enterprise l. allowed 70 TAX
hold Of and complete it. The city con
troll of railroads in which It owns stool
simDly consists in an annual participa
Hcr in b election of Directors, AT which
election. whoever Is designated by tn
citv 10 cast its vote, cOnsults with tn
managers OF the rUad-JhOSe Who do am
ought to know, and vote as they advise
i believe at the last election for the ID
rectors for the Mississippi and Tennessee
Railroad, the city did not think II o
enough importance to claim q representa-
ton. and / am sureif the city owned th
Memphis and Charleston Railroad stoel
that has been 50 often and without prope
information mentioned, the said stocI
would have been voted for the presen
managers Of the road.
Now which Is the most likely 70 contrc
q railroad for the interest OF Memphis,
Board OF Mayor and Aldermen who ar
periodically elected. mainly on politics
grounds, or an enterprisIng individual
such as Mr.. Greenlaw, for example, Th
owns 0 larger interest in memphis Una
I all OF rs combined, and who enjoys III
stUl greater advantage Of being Above
to act promptly on emergencies, wlthou
DAYS and weeks ofcOnsultatiOn, and read
ing the papers and feeling the publ
pulse as Won and |, in our Official capacity
have 10 do.
One plain business fact answers all th
!, buncombe arguments that have been ;
Fulsomely made in favor of the value q
= the city control in railroads through IN
=, ownin0 OF stock. The railroads concer
trating al Memphis. no matter who W
them.cannot be operated in their " N
? terest, without at the same time being :
conducted as to benefit the city.
Ihave alluded kindly but plainly 10 Oh
4, careless manner in which this subject li
l been treated by its opponents. | haV
forborne to mention the presumlng an
d~iclatorial spirit in which, by some,
, las been discussed. and now, in behalf
l myself. ! must be allowed 10 say, belleN
ing this 10 De the most delicate and IN
portant measure that would be presente
Z Tor nv consideration during my admlnl
! trstion. IhaYe from morn till night, +
weeks and months, given il the most car
fnl thought and investigation and aFaile
l. myself OF the advice ~ofothers OF more e.
perience and maturer judgment than M
own.
After examining il IN all its bearing
estimating it's value now and its prOspe
tive value after its completion, l am pr
pared to say, so fully am / satisfied Of 4
proDrietv ofthe measure, that II l had II
e bower. and knew that every clJizen
E Memphis opposed Il, 1 would assurt
I the responsibility Of making II
sale. and trust to the future iC
my vindication. would do this too,
3 the belief that the purchase in the flu
ltuations of the next year viii make
4 handsome profit IN sonie way on hispu
4 chase. and ] would expect about that tin
- 70 receive much censuTe for having bee
? swipdled out OF the city STOCK" hnos
ing. however, that We, IN our corpora
p capacity, could not ifw would, reap u
= advantages Of this nature that an ind
e vidual might. would be satisfied 10 81
: him pocket his preht, while we Wou
have paid our debt and secured the cor
= pletion of the road, we would know
+ the same time, that whenever the IN
: settlement was made, and all tho claim
' Iiquidated hat have priority over Of
] stock, that nothing would be left for Mel
a phis. Then those who had said sell
while you can, and pay your debt al
stop the interest, viii be thanked and a
preeiated forbaving said So
a The CITY now OWLS s572,T 20 in the stos
= of the Little Rock Railroad, and in thr
Z wears hence viii be forced BY payment
d bonds then due 10 own S9Z,2S0 MOI
4 which will be quite enough 70 supply az
a little demand upon Us for that list.
e The annual interest on the alnount IN
V this stock could now be sold for even
the low rates We ae paying Is about FL.
G 900. and our failure TO pay the July !
4 fara,r Uould SO damage orr credit III