Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-03
OFFICIAL.
CITY COUNCIL PROCEEDINGS.
crv Hall. MEMrHIs, March ?, 1870.

CRY HALL, MEMPHIS, March 2, 1870.
AT a regular meeting of the City Coun-
Gil Of the city of Memphis on Wednesday,
March :, $50, present; Hon. John John
son. Mayor, Messrs. President Dixon,
clancy. Kelly, Chase, Graves, o. +. Pres
colt, Birmingham, Duncan, Pepper,
smith, Cohen. Parker, James, Signaigo,
TNOhig, Hewitt, Hallum, Miller, Doyle
and B0on-COuncilmen.
a quorum being announced, the Presi-
dent took his seat, called the Council 70
order, and had the roll Of COuncilnen
called.
The minutes OF the proceedings Of the
five preceding meetings were read and
adopted.
MAJORS MESSAGE.
Read to General Council In joint ses-
10 the General Council of the City of
Memphis:
Gentfsmep-It is made my duty by the
charter 10 give you from time 70 time
such information as may be in my posses
sion as 10 the affairs OF the city.
Your attention is invited TO the accom-
psnVing statements of the assets and liza
blities Of the city, carefully prepared by
The COMPTROLLER. The first tabular state
meut no. - shows the assets and their
nominal or par value, as they appear on
the books OF the city, and 10 the reports
OF the COmptrollar Of january !, 1869,
mounting 10 S2.469, $50 40. These assets
are divided into fou classes, as may be
seen by reference to tabular statement
No. ?
FTrst-Tbose considered as available for
the payment Of the past due or floating
debi-lhe property embraced in which !
would recommend the sale Of and the
application Of the proceeds for that pur-
-asa-awnnunr1n in EaAup as estimated
10 the snm OF S45S,96l 50.
The second class embraces, as viii be
seen by examining the statement, such
items as cannot be dispensed with, being
absolutely necessary 10 carry on the bust
ness oDeratious of the city. The esti-
mated value of this class is S200,O00.
Third-The nGvy-yard, the value Of
which il is difficult to estimate, as il is
now being rapidly cut away by the Mis-
sissippi river; il is also mOrtgRged for the
pnvnneut. principal and interest, of $780,
OO0 SIX per cent. bonds, issued by the
Memphis and Little Rock Railroad Com
panv. and viii, in all probability, be ab-
sor6ed in the payment of thas debt.
In these estimates are not included the
$4,000 of paving bonds loaned to 7. E..
Brown d Co. and the sos, 595 u Of paving
bonds loaned TO Forrest, Mitchell q Co.,
rs they cannot in any sense be considered
as secured or available for the payment OF
our debts; they are Tor this reason put
down in the statement as Of unknown
value.
statement No. 8, showing the bonded
Indebtedness amounting 20 S,6ll, 600, and
8 floating or past due debt amounting TO
Ssll4s2 SO. making q total Indebtedness
of - a. 4s2 80. How best to provide for
this debt is to Us the first and most i'm
p0rlaut question. l Sm satisfied that arc
ctuggt. under am consideration, or for
H. gaF-aTFr.ae ia a-qn~euqa II
TO decrease il. and at the same time carry
on the government Of the city, l am OF the
opinion that a prompt and Immediate re
flr1 % a cash basis IS the OnlV true policy;
and 10 do this we should require all taxes
hereafter lsyied 70 be paid in cash, making
our valuation and assessments upon that
basis. and receiving in payment thereof
only cash. thereby enabling US TO nave all
work done for or supplies furnished 10 the
city az the lowest cash prices. To provide
for the floating debt ROW past due, and the
$4,000 OF bends passed due and maturing
during tho present year, and amounting
together 10 the sum Of SS50,462 90, would
recommend that the bonds Of the city to
the amount Of sos, 600 be issued, having
thirty wears 10 run. and bearing interest
al the rate OF six per cent. per annum, TO
be USED n FUNDING a LIKE AMOUNT OF
THIs DEBT AT PAR. The balance Of S422,-
153 80 ought readily TO be taken up out of
the s45S q6l p Of assets estimated as avail
able for that purpose. This, after taking
I'D the $1,000 OF bonds as above, and issu-
ing the Sos GOO as recommended, would
make the bonded debt for which the city
would be required to provide, $4,000, OOO,
recurring an annual interest, at six per
cent. OF $4,000, 10 provide for which for
the current year would require a tax of
one per cent. OF 81 on the 500, upont the
estimated value Of the real and personal
property in the old city limits
s.. Or0CO0, which rate of tax
il continued through a period Of thirty
vsars. estimating the increased valuation
OF the property az what IS considered a
and very safe estimate, snd also Al
lowing a TuII value for a SIX per cent.
bond-as viii be seen by the accompany
ing LimGr No. would be sunclent 10
pay Oh this debt of s. 600, 900, principal
and interest, within the time named,
leaving a surplus Of $3.50. 900. But l am
sa.isiedit would in fact pay II of in a
shorter time, AS II VIII be seen that 1 have
only estimated the increased valuation at
sL.UO1.GlO per anuum for the first fifteen
wears, OF until il reaches the amount OF
S40. 0OO COO. / found thai this would be
sufficient 10 carry out my views. There
Is certainly no good reason for suppOsing
that a0er reaching that point Of wealth,
and it j. TO be hoped prosperity, that this
CITY should stop its growth or increased
bus inasmueh as we are still
10 have lsrge public Improvements, 10
make which IL viii no doubt be necessary
Ioissueother bonds, il is absolutely neces-
sarv 20 give our own bonds the highest
possible value in the market; and If we
were paving cur interest promptly, and
retiring our bonds AT say 50 cents and up
our new bonds would most hkely1
he OF the same value, particularly II the
same provision was made for paying
promptly the interest as il comes due,
and providing for the principal al ma
turty. As To the payment of "a inter
est iu the future, II this or some such
polcv were adopted, we might safely
promise our bondbolders that on and
AMER January next our interest could be
promptly as il falls due, semi-annu-
aIlv. The interest falling due In July Of
the present year we cannot promise TO
meet. Us the tax out Of whichit would be
paid cannot be collected until AFTER that
time. or between that time and January
], ls7l. For the purpose Of meeting the
interest due July next, it might be ad-
visabls 10 increase the funding n 10
an amount not exceeding j n all the sum
OF $4,000.
The current expenses for carrying onthe
CITY government for the year 1870, are es-
timated as follows: