Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-12-12

QupstiOn in the mind of any one who ma
given the subject any attention--saye
nerhans the Gentlemen composing tn,
Memnbis Water COMPANY. or theil
friends who would have Won believe thai
lhecause the citv now has debt of 81,
600 600 sbe sbould not be allowed to in
| crease 4. even for the purpose of build
inc water-works which almost invariably
nays we'll nnon the investment, and would
/ moi he undertaken by the Water Com
many unless the parties composing i
believed that il would be profitable Il
them: and the fact is that water-work.
owned by private corporations or cities
have generally in few years paid thei,
whole cost, even upon the old and ex-
pensiye systems. to say. nothing OF
The new and mucn cheaper built, and
greatly more profitable system of Mr..
Holly, recently invented, and so well
adanted 10 our location. In fact, the
issue, if necessary, Of one million OF
dollars of water-works bonds (secured,
as they should be, by mortgage upon
the works to be constructed from the
proceeds of the sales of the bonds), and
the interest to be paid out of the water
rents, would in no wise be an additional
tax upon the property of the city; on the
contrary, the fact that the city was sup
piled with water by public scorks oscned
bv the city would add e her credit and
standing. and would materially increase
the value of the taxable property in the
city, by encouraging and inducing, by a
cheap supply of water, the erection OF
manufactures of all kinds, and thereby
greatly add to the wealth of the city and
to her ability to pay the interest upon
her present debt, and to provide sink
| ing fund to pay the principal at matu-
rity. The city, too, has all the facilities
that any corporation or company has,
and is, in fact, better prepared to begin
the work than any other party, as she
already has the very valuable maps and
surveys made and prepared by able en-
gineers.
The works can and ought to be begun
by the city next spring or summer, or
Just as soon as the General Council can
prepare and pass the necessary ordinan-
ces authorizing the construction of the
works and the issuance of the bonds OF
the city, for such amount as may be
found necessary to meet the cost OF the
works. The probable cost OF the works
with capacity in the machinery to furnish
q supply of water for a population OF say |
sixty thousand people, and about twenty |
miles of distributing mains, with all the
necessary fire plugs stop-cocks, etc., L
estimate at about $5OO,0O0, cash, or, say
about 5000, 900 OF SIX per cent. bonds,
the annual interest on which would be
$4,000, ana if the Holly system
of water-works should be adopted,
as now seems best nearly all
Of this annual interest might be saved to
the city in the reduced cost OF the hre
to say nothing oil the great
saving to the citizens in the cost OF insu-
rance and other Dement'S TO be derived
by the city from owning aud controiiing
the water-works. MY reasons ior nam
ing next spring TOR the city 10 commence
the construction OF the works, are FIRST
the great benefits for the city for an
abundant supply of water IN furthering
the growth and future prosperity Oh tne
city. Second, believe that we nave the
light to do so, viewing, as do, the ex,
elusive privilege attempted TO De granted
~ the Legslaturel 70 tne "ater COM
)any, and also tne rignt Oh the Oom pahy
o occupy the streets, lanes anu aiieys Oh
he city, without the consent OF the clty
n without compensation 10 the city, as
null and VOID. mere
ore, ! would recommend that the city ,
AXE the necessary steps TO 6egln and
AIRY on the construction OF the water
7orks, and leave 1t Tor the wafer Oom-
ANY to stopt the construction oil the works I
? the hands OF the city II tney can. lou !
lso ask, would u De desirapie LOT ihe CITY
issue her oonds ior TINS purpose ana
ould they De USED 10 advantage as inui,
ated J answer tnat II Is 1eslraols' ana
nat think tue bonus couiu oe useu at {
'lr price AS you are propaoiy aware,
re Water Company 40 not propose 10
nlld the WORKS with tneir own capitai,
ut have already mortgaged their ehtire t
anchlses 70 secure ud tneis ponus 70 tne I
mount OF Sioo,oVo. ana now II asked,
DIV are these Donds ana the interest
pom them TO oe paid' i answer, tne
TVS water ponos ana interest w0uiu DC
nd just as the other Donds OF ,ne city ,
Id interest are 10 De PAID Out OF tne pro !
.eds OF the property pledged, VIZ; on,
the water rates ana rents 70 De PAID
citizens Tor water consumed. put WIN !
e Water Company bonds there wouid v
J this difference; Inc city' besides its
tlzens, wouid De taxed without owning =
iythlng at last. Inc result would pc,
the works be punt Dy tne company e
1t OF the proceeds OF tneir Donds ssid, b
I'd these bonds are paid as Is expected,
I'D as they would be out OF the water !.
nts paid by the city and the citizens,
zen upon the expiration OF the
ortgage and the payment oil the BONDS
7 the company, the works would Of
purse belong to the company, 10 be to
lem a source of perpetual profit forever r
'ereaiter. In the one case the city be- h
,mes the perpetual owner and benefi- :,
airy, and the works inure to the advan-
ge of all citizens hereafter-the future /
tizen controlling the future action Of A
e property. In the other, few indi- I
duals rule the destiny Of great com :
unity The difference, then, in favor II
the city s building and owning the 9
alter works is thus easily established. /.
! either case, whether the water works
e bAilt by the city or the company" =
Il a. h. ID md unl1 - ali