Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-01-06
sale OF The Fl tie ESGc2 Ball-
read Bonds.
lively d bates -AdjeuFnmegttO
Gh3s Evening.

the Guy u Gl6LAlL4S GoANS-CA 9GltANH.
evening at ? O'clock for the Teguia
monthly meeting.
a quorum being announced, judge
ISWsyne took the chair, and sfler tLt
reading OF the proceedings OF the Drece
ding meeting by the Secretary, the BOarC
proceeded to business.
The following message from his Honor
Mayor Leftwich was then Teed:
MAYORS OFFICE, CRY HALL,
MEMPHIs, Tam, JaEUsry 8, 1869.
To the Hon. Board Of AydermeR:
We stand to-day on the confines o.
Two corporate years, a ct occasion for
such 8 retrospect 8s may guide Us in tAt
performance of duties that are 10 de
voive on Us in the year that Is before US
When We c0ntr2s5 thecGldiiion OF the
| city, with what we desire It 10 be, the
! oicture j. gloomy enough; nut when
compared with what it has been, ana
WHIST it might @ be, the prospect if
not discOurSging, but on the contrary
quite hopeful.
Some Of you will remember when il
| cost more to convey ? bale OF cotton from
| the Memphis and Charleston railroad
/ denot 10 the river than from the river
| OaBk to New O-leans; sEd when 3 car
/ rage cOU3d not pass through the pTtnci-
| pal streets.
Daring thu year seven and q hal!
miles, or III, 403 yards, OF Nicholson and
| stone pavement has been laid az g cost to
/ tue city and property owners Of $751;
400 62. In the same time l27 suits, 10
which the city wEs 3 party, have been
Irrigated, l26 Of which were gained by
he city, aud q lsrge number settled and
r further accumulation OF cost thereby
prevented. Tue navy yard property,
which was held by tne General Govern
ment a. captured and abandoned prop
cry, and for the restoration OF which en-
attorney fee OF $4,000 had been offered,
has been restored To the city 1gttbOut cast,
and on such conditions ~ 10 warrant the
nope that a reasonable rent VIII be pEiG
By the Government for its use while so
occupied. One year ago cur city scrip
gas WCT5h 33c. on the dollar; now il is
worth SOC. City bonds with several due
coupons attached. were then worth
less than 30s. Bow they are
worth more thai soc. Tlen city
employees were compelled 20 re-
ceivc for their services a scrip variable
In vEiue, and often resulting in 2 loss
they were poorly able to bear, while nos
though eXigencies sometimes postpone
their payment Tor q brief period, they are
paid in money with such ITomptless
that no necessity exists for selling their
claims ST a discount. Then we were
paying interest at a rate OF q per cent
per snuum now we are paying cn an
average less than hall that amount.
All this has been accomplished during
g yeEF Of unprecedented hnSncial strin-
gency and consequent depression Of 81
branches Of business, while .he coming
vear promises 10 be Il OF unusual pros
Psrity.
For these good results, being merely
an executive officer, I can claim 70
credit for myself, bat cheeTfuily sc
cord 10 your vigilance and prsc-
teal legislation the honor 90 which
ycu are ciesTiy entitled. It is, however,
With feelings Of g5atitGas ana pride that
1 remember the liberal support my views
nave At all times received 1t yCUT hAuds,
snd that no event has occurred TO dis
Eupt even fOT 2 moment the cordial and
confidential relations that hsve existed
between "a, and while expressing my
thanks for this support, ana for the ccuT-
tasy, prOUE-nCss and efficiency that has
characterised the c8nCLct Of al the city
officers, I must be allowed espeCi Sly TO.
thank the FINANCE Committee " for
the sound Judgment and indomitable
thNAz %1%a AIeo INK ~ I-eAa
Us through seemingly iDsuTmeuntsb!e
Obstasies.
We cannot bs unmiDdful of our re-
spOngiOility to these whose interests We
represent, nor uagrateful for their vslua-
bic counsel but during the performance
OF the p.O2s OneTcus duties, and investi-
cations Of the GIUet intricate questions OF
policy, We have been iay Ore4 with much
gratuitous adVice-Often without 6 nice
Tepsrd FOR taste-snd sometimes igno-
rance hiss bliudiy impugned u mo-
tives. This advice coming mainly from
those gho have net manifested capacity
to successfully conduct their own bust
ness. We have received 81 ats VGitte, and
disregard the illusions u bad motives,
knowing that tue IaOTGi courage which
deres to do right, regardless ct suea in
f~uences, will dispel the clouds Of doubt
thus raised, Is the rising sun diSsolves
the b10Tping vsp5r.
TarninE nom The past, we look to the
future. Much al Hsg +6s2 done, more
remains ID DO. wing 60 an InGof esti.
mste OF the amount Of floating indebt
edners, End an over estimate OF the
amount or Eulg Indebtedness that
would be absorbed b. taxpayers,
The one million OF bonds that we're
authorized 20 be issued, thCuSh
realizing gaOre than was expected nave
been exhausted, lseVing some pressing
obligations still unpaid. Tie TiBi4 econ
omy that was prRcliCed with such oeue-
fetal and encouraging resnlLs uRribg the
first few months Of the past year hss
been too far departed from 4 ought 70
be promptly resumed. RMS departure
was so gradusi and Insignificant IN detail
az to be almost inPereeputle; While IN
the aggregate its Effects on ouF resources
is sss5ly felt.
The accompanying report by the
Mayor, City Attorney, Gn.! Chairman Of
the Finance Committee, will show that
In compliance With the instructions
dlTa0st unanimously gigeB by nearly a
FIJI Board 10 Executive session. We have
sold the citV's stock IN the Little Rock
Railroad. THIS was done lDT two good
and sufficient reasons first, because inc
money 10 will bring is needed TO pay
debts that cannot from q other known
source be provided fer; second, because
ths sale insures the completion of the
road ia a year. a desideratum not 9TH
erwise to be obtained. I a sale OF the
stock in the Mississippi and TanEessee
Railroad would insure or hasten the
building of the Mississippi Valley and
Psduesh Railroad, / would urge its ale
also, in face of and fully comprehending
the SEEKING opposition T. the measure.
Our railroad stocks were BOt taken with
any hope OF receiving direct dividends
therefrOm, but for the sole purpose OF Sc
curing desirable railroad communications
and much ss we hear and read Of I'M
Egenss prospective dividends, no sensible
man expects any; beyond such as enter
prieiDg business talent will gather from
the new felds that will be opened to Us
bv their completion. But beyond, and far
sboge 81 this, corporations, no more
than indiVsdu ais, have the moral or legal
right to hold and ~ stocks and other
uFoDsfty Lbst can be dispensed with
while needy creditors Z deprived o.
their just dues.
No better policy e be adopted ID this
/ -eFosfesnov tnan to cell all We have, ard
! thus. instead OF "extenGingt the debt and
increasing the interest,"" we would, TO
the extent of its proceeds, " pay too aeDts
and save the interest"
It ia easy, and mag be profitable for
/ newspapers, whose columns have become
I atsle for want of items 10 crOak and COM
1 plain, OF even raise the sensational buga-
boo Of "5tsr Chamber proceeding"
when, like prudent mSu, we meet for
! consultation without the presence Of a
1 reporter 10 chronicle all the phases OF IN.