Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-09-16
U NEW CITY BONDS.
Appeal Reporter Interviewed by an In
f~luentIaI Tax-Psyer-Result.
The Issuance of these Bonds the only Rem
eay for our Present Financial Con.
dillon.

Qli9u.
One of u reporters Yves yesterday met
by a prominent Tux payer, who, very M
dignant at what he regarded as sn in
ctease of the city debt, denounced the
recently ordered issuance of $780, 900 IN
six per cent. gold bearing bcnds. He
was in high dudgeOn, looked very chol-
eric. and was only prevented from swear
ing by the remembrance that he was q
member of the church, and therefore was
not allowed to indulge himself in that
style.
Reporter-Ido not see any cause in all
this for the anger you exhibit.
Tax-payer-No eause? If you had TO
pay every year what I do, you would not
De so blind or Indifferent 10 the cause OF
NV anger.
Reporter-I suppose, indeed 1 have a
conviction, based upon mathematical GER
tainty. that l do pay ultimately as much
as YOU, if not more-mye experience teach
ing me that the consumer bears in every
country the great burden of taxation.
You make at least twenty per cent. ON
vour property. / do not make nv per
cent. on my investment IN education and
professional requirement.
Tax-payer-Well, this may be all so, u
it does not concern me at present. what
/ am after is his addition to the city debt,
in the shape of $500, 900 in ~gold-bearing
bonds. III could get a sufficient number
of my class together, L would sue out an
Injunction, and prevent their issuance.
Reporter-Whst would you gain by
that?
Tax-payer-I would at least gain delay
until / could educate the peopleto believe
as 1 do, when 1 would be able to defeat
the measure in toto.
Reporter-What? Would you postpone
the day when the city can pay cash and
demand cash for her taxes?
Tax-payer-No, I would not do that.
But I would prevent an increase of the
city debt.
Heporter-So would But will the is
suance of these bonds increase the city
debt. viii they not rather engross the
floating debt, and freeing the city of that
much pressing liability, enable the city
government to demand cash from the tax
payers, and pay the current demands and
interest on the public debt in cash?
Tax-pAyer-It is this n~on-payment
of the interest of the coupons OF the al
ready bonded debt that l complain of. l.
have some of these coupons with which l
offered to pay my taxes, but the city gov
eminent refuses them. l asked TO ave
them cashed; that, too, was refused.
What guarantee have l that l will be any
better off when these bonds are issued?
htDOEAcF7 Cdu onl1 1AShGA bnde Juicy
ton from what 1 ave learned of h pur-
poses of the city government in issuing
these bonds. The floating debt, as l I'M
derstand IL, amounts to something over
S7tO.O CO. The $500, 900 in bonds proposed
TO be issued will reduce this to 500, 000,
which amount will be more than absorb
ed by the past due taxes of your class.
Tax-psyer-YoU seem 10 be familiar
with this subject.
Da,arfnr-E an I haun mQda II NV
business to be. Iavailed myself of a
privilege common to ali citizens, and
have from time to time investigated the
affairs and examined the books aud ac-
counts of the city.
Tax-paver-But what guarantee
have 1 that the $4,000 in ~bonds-gold
bearing interest bonds as you call them
will be applied as you say?
RepOrUer-The act Of your Legislature
authorizing their issuance and the ordi-
nance passed in obedience to that act
make it obligatory upon the city govern
ment to use hen for that q no other
purpose. If applied to any other purpose
they would be invalid in law, and only |
worth so much waste paper. The whole
merit of this bond issue lies in the time
gained by the city government in which
to meet the floating debt. The 500, 900 of
so-called floating debt is in the shape of
demand or past due paper. If $500, 900 of
it can be funded in thirty year bonds bear
ing six per cent. interest in gold there will
be left only 500, 900, which will be taken
in payment of the $780, 600 past due taxes.
This win dispose of the whole floating
debt takes all the scrip, coupons,
bills payable, and ledger balances OFF the
market, and leaves the city free to demand
and force the payment of in money
Wherewith to meet the interest on her
debt and pay her current expenses.
II tn is method of liquidation of the
was not determined upon and was
not carried out the holder of the past due
debt could and would most Likely secure
Judgment and the ISSUANCE ofs mandamus
the levy of a special tax to
meet it. Which would yen rather have, a
special tax of three per cent. to pay this
debt or its engrOssment in the
and easy way specified?
Tax-psyer-You are a hard case. / see
can make nothing out of you. Good day.
DIET FOR THE MILLIoN.-Wealth no
onger monopolizes the luxuries of life.
Persons in the most moderate circum-
can nave a delicious dessert daily
or a sum so trihfng that it is scarcely
worth naming. They can take their
of fifty delicate dishes leach one
# which the most fastidious epicure
would smack his lips overL at a cost
IN these Gear times, may well be
allied nominal. Custards, Creams, Blanc
dEnge, Charlotte Russo, puddings, pies,
reams, cakes and jellies are included in
cheap and varied bill of fare.
But" says the skeptical reader,
hrugging his shoulders incredulously,
this is not an age of miracles; give me
acts, not assertions" This is an age of
niracles-miracles of science; and SEA
loss FARTNE. the new article that pro-
Iuces these tonnes bOHeheS, is one of its
The Sea Moss Farine Co., 90
Park Plaza, New York, is manufacturing
his Incompatible edible from Carrageen
T Irish Moss, under a patent procured
asst summer, and its popularity is already
o great that the extensive mills Of the
association, although running night aud
az, can scarcely keep pace with the pro-
igious demands. :