Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-01-05


The Board Of Mayor and Aldermen
met yesterday afternoon at the City Hall
TO hold their last monthly meeting before
retiring from Office. The attendance
was full and the proceedings interesting.
Mayor Lsftwich sent 10 message We
toing the Fire Alarm Telegraph ordi-
nance which was to cost SIS 900. Reason
why too much scarcity Of money in the
Treasury. w
The Mayor annual message was read,
10 which he made review Of the admin.
istration for two years. His first greet
ing on entering the Office was from the
Sheriffs deputy, who had an armful Of
executions, some Of which had been lev
led. and all would have been except that
no more property could be found, while
there was not money enough in the treas
ury to pay for an answer to q Telegram
from creditor in New York city--while
in New York one banker held fifty. seven
one thousand dollar city bonds. with sew.
eral past due coupons attached to each,
to secure fifteen thousand dollar debt
with interest accruing at IL per cent per
annum, and another held $40. 900 in
city scrip to secure $26, 900, at an inter.
est Of "a per cent. per annum.
The gallant fremen were the first to
come to the relief of the city. They gen.
erous1y consented to reduction Of their
pay from 500 10 $65 per month.
During 1867 the Fire Department cost
the city $7l,752 46, which was paid in
scrip at fifty cents on the dollar, thus
doubling the cost, besides accounting for
" loss on scrip to those who sold for less
than fifty cents, while in 1869 the total
cost was only S43.375 10.
The hospital acc punt in 1867 WAS $67,-
CAT IA land paid in scrip at fifty cents),
and in 1869 only $l6,799 70, which en-
braces some improvements that leave it
now in better condition than it has been
in for years.
The pauper account for 1867 was $l0,-
8l4 Ga, paid in scrip at fifty cent?, aud
in 1869 only $3,sO2 05.
In the single item of exchanging sixty
five $1,000 six per cent. bonds for an
equal number of ten per cent. bonds
saving was made of $72,6 $50 in interest
A due debt of about 81, 100000 still
remaining, was met by selling bonds at
such rate that the interest paid is about
ten per cent.
After abiding to the Citizens Union
in no hattering terms, the Mayor says:
But in spite of this organized opposi-
ton, and in spite of the fact that these
creditors still avail themselves of the
laws delays to postpone the payment of
their dues, we are able to show the fol.
lowing results:
OF the two hundred and twenty. FIVE
claims against Us in process of collection
at the outset, we have paid two hundred,
amounting in the aggregate to $3.50, 1000.
Our due floating debt has been reduced
about one-half. The bonds we have sold
realized twenty cents more on the dollar
than they were worth ct the first of 1868,
and an average of eight cents more than
was expected when this issue was author
ICED, and no doubt would have advanced
several cents higher, but for the discredit
brought upon them by the action of the
so-caled Citizens Bank. City scrip adj
vaneed from thrty.three to eighty-fve
cents; and though it has declined some
from the anxiety and commoten conse-
qoent on the approaching election, am
satisfied that under the judicious admin
istration that is likely TO succeed us, il
will advance again to nearly par. City
employees are not now compelled to sell
their claims at ruinons sacrifices, bat are
paid with such promptness as to silence
all complaints Instead of interest at
nineteen and twenty-four per cent. per
annum, we now pay twelve per cent,
and but for the interference before men
toned, would only be paying seven and
nine.
BE expressed regret that the interest
on time bonds is not punctually paid, as
it hurts our reputation very much abroad.
He recommended the adoption of an
ordinance making one Of the present
Police Commissioners Chief of Police,
and continuing the captains, sergeants
and pstrolmen of the present force in
their respective positions till the organi-
cation OF the Police Board under the
new city charter.
The Message was received and filed.
Monthly reports were read from the
City Physician, Tax Collector and others.
The usual acquisitions we're made and
allowed.
Alderman Black, Of the Special Com
mittee to fix the pay of the incoming
Boards OF Aldermen and Councilmen,
reported that they had fixed the sum of
$3.50 per annum (the same now paid,
subject to the vote of the people, to
whom the matter is to be submitted at
the election" or no pay"
Referred to the Ordinance Committee,
reported on fsvorably and adopted.
Hence this question will 20 before the
people tomorrow.
By Alderman Moffet: An ordinance,
as follows;
Be IL Ordained, etc, That the Mayor
be empowered to employ the present
captains, sergeants, ETC., OF the Metro.
politan Police, at their present pay, until
the new police force is organized, and
that Charming Richards be retained as
Superintendent of Police, and A. P Bur-
dett as Recorder, until those Offices can
he ,,ar-arantlv fiilad undar the naw