Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-03
the MAYORS MESSAGE.


Ma yor Johnsons Message, read TO the
General Council in joint session yester-
day afternoon, refers in the outset to
statements of the Comptroller which
make the bonded Indebtedness OF the
city 1861 900; floating or past due,
$Sll ,462 CO. Total Indebtedness, "a, 49,
462 So. He then proceeds on the sub
ject
How best to provide for the debt is the
first and most important question. lam
satisfied that zoe cannot, under any con-
sidGdfion, or for any purpose, ditop our
seipes 10 ,iacredse H. To decrease II,
and at the same time carry on the gov
eminent of the city, ! am Of the opinion
that prompt and Immediate return TO
cash basis is the only true policy; and
to do this we should require all taxes
hereafter iecied TO be paid in cash, max
ing our valuation and assessments upon
that basis, and receiving in payment
thereof only cash, thereby enabling us
TO have all work done for or supplies fur
nished to the city at the lowest cash
prices. To provide for the floating debt
now past due, and the $4,000 Of bonds
past due and maturing during the
4 present year, and amounting together TO
the sum of $3.50, 462 so, would recon-
mend that the bonds Of the city to the
amount of $408,O0O be issued, having
thirty years TO run, and bearing interest
at the rate of six per cent. per annum,
to be used an funding like amount Of
this debt at par. The balance Of $422,-
462 so ought readily to be taken up out
of the $458, 1861 % of assets estimated as
available for that purpose. This, after
taking up the $l9, 200 of bonds as above,
and issuing the S4O8, 900 as recommended,
would make the bonded debt for which
the city would be required to provide,
! four million dollars, requiring an annual
interest, at six per cent, OF $240,-
4 900, to provide for which for the
current year would require a tax OF
one per cent, or 81 on the 500, upon the
estimated value of the real and personal
property in the old city limits-say $25,-
000,0 00-whicn rate of tax, if continued
through period of thirty years, estimat-
ing the increased valuation of the prop
erty at what is considered low and very
safe estimate, and also allowing full
value for six per cent. bond-as will be
seen by the accompanying estimate No
4-would be sufficient to pay off this debt
Of S4,000,0 600, principal and interest,
within the time named, leaving surplus
of 1850, 900. But am satisfied it would,
in fact. pay it off in shorter time, as 1t
, will be seen that have only estimated
the increased valuation at 81 600, 900 per
Il g.. A. G,ot Gftao, vaarc or until
, it reaches the amount of $40, 000,0 600. /
found that this would be sufficient to carry
2 out my views. There is certainly no good
/ reason for supposing that after reaching
/, that point Of wealth and, it is to be hoped,
prosperity, that this city should stop its
4 growth or increased valuation; bnt mas
r much as we are still to have large public
improvements, to make which it will, no
doubt. be necessary to issue other
!, bonds, it is absolutely necessary to
s give our bonds the highest posi-
: Bile value in the market; and if W.
I were paying our interest promptly, and
retiring our bonds at say 80 cents and
upward, our new bonds would most likely
: be of the same value, particularly II the
same provision was made for paying
promptly the interest as it comes due,
and providing LOT the principal d! ma
turity. AS to the payment Oh our inter n.I sr
: est IN the future, Il TINS OF s1nic ssIii
pohcy were adop,eu, wy nnsh' sale,1
! after January next our interest could be
: met promptly as it falls due, semi-annu-
l ally. The interest falling due in July of
Z the present year we cannot promise to
meet as tue TAX ou. u NM. -, - s souI ~
paid cannot De coilec,ed un'ii aiTer Una.
time, or between tnat ume anu oahuaL.
1, 1871: FOR the purpose 81 nee.ins .ne
interest due July next, u mignt De au-
yisable to increase tne lunolhg !, p1hps W
an amount INT not exceeding ~ al ''e sum
2 OF S5OV,oOO.
The current expenses Tor CARVING On
the city government ior tne year To- are
estimated at $oo5 ,UVV =,
. The income, from an sources. ior the
I year 1870 IS estimated, from privileges
at $64l, 75O, VI TINS at least twenty per
{ cent cannot PC collected during tne
year, or say sI3,i
II to tax, as estimated above, Oh 81
for interest, ana 4oc. lor genera pur-
poses, we add the aoc' necessary 10 carry
; on the city schools, we nave totai tax
OF si 20 on 'he s.Uo which h :, 'ne no.a 81
taI tbot sbonld he imnosed upon our
over-burdened taxpayers and unless we
provide for ITS interest as IL iells que, ana
aiso 70 pr9' .l r ;,na a. ma,nr;,v