Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-12-14
PUBLIC LEDGER.
THE WATER WORKS.

question from its legitimate channel to
that of another no doubt feeling the in
security of lis position. We are per
fectly familiar with this sort of tactics,
and the community is perfectly aware
that to adopt such is sign of weakness
The editor sneeringly replies to the
LEDGER Of yesterday, that it is very
significant that Johnsons appointees
should defend whatever he should pro,
pose. Now, the editor of the Ava
lanche has so little honesty himself
that he believes all the world like
himself in that respect and how
a clerk IL one Of the minor depart
ments could have an honest, indie
pendent opinion, is something remark
able to this crawling sycophant, who is
ready at all times to fall down and wor-
ship the God of Mammon. We have
before this publishedin the LEDGER some
Of his propositions to sell out the Ava
lanche, and, If necessary, the public can
again have a peep at our musty files.
That we are influenced in our opinion
by the contemplate clerkship referred
to in the morning Avalanche, is a
base insinuation, and could have
only come from such quarter.
If the editor ef the Avalanche would
prefer a personal discussion it is per
fectly agreeable to us, providing he IS
anxious to 60 into our private matters
and expose them TO the public. But be-
fore doing so we would refer him to the
old maxim, that those who live in glass
houses should not throw stones We
are not ashamed of anything, public or
private, that we have ever done. Can
this editor of the Avalanche, in honesty,
declare as much2 or would he make a
declaration that every one knows to be
false? He has thrown down the
gauntlet and we have taken it up.
But enough of that for the present-to
the discussion of the legitimate question
of the water works. We will agree that
n supply of water for public uses is de-
manded. and that it would add much to
priyate convenience and comfort, but as
to who shall supply this much-needed
element is the subject under discussion.
Our opinion is that it would be much
better for the city to own, not only the
water works, but also the gas works.
The first objection urged against
this proposition is that the cost OF con
struction in the bonds of the city would
be, for this reason, fifty per cent more
than in the bonds of private citizens.
This is bold assertion, that is not worth
the paper it is printed on, for the reason
that there are no reasons in support oil
it given. This might be the case under
a corrupt administration of the city gov
ernment but not with the presents
Mayor Johnson's estimate of the cost oil
these works by the city would be, IN
cash, $500, 900, or about $6OO,OOO OF SIX
per cent bonds, the annual interest
of which would be $500 and If
the Holly system of water works
should be adopted, as will be the case
nearly all of this annual interest might
be saved to TIE city in the reduced cost
Of the Fire Department, to say nothing
of the great saving to the citizens IN the
cost of insurance. How does this com
pare with the cost of the works by the
Water Company, that proposes to com
plete these improvements with their own
capital? We End that this Company
have already mortgaged their entire
franchises te secure their bonds to the
amount of S7OO 900. Aud, to use the
language of the Mayor on this subject
these bonds and the interest on them are
TO be paid IA like manner as other
bonds of the city; and, as this Company
processes to pay their bonds out OF the
proceeds Of the property pledged, VIZ
from water rates and rents to be paid by
the citizens for water consumed, the re-
suit would be, if the works be built by
the Company out of the proceeds Of
their bonds sold, and these bonds are
paid as is expeeted-and as they would
be out of the water rents paid by the
city and the citizens-then, upon the
expiration Of the mortgage and the pay.
meni of the bonds by the Company the
works would, Of course, belong to the
Company, to be to them a source Of per
petual profit forever thereafter. In the
one case, where the city builds the
works, the city becomes the perpetual
owner and beneficiary, and the works
inure to the advantage of all citizens
hereafter. The Avalanche, OF this morn
ing, says:
Now the proposition is made 20 built
water works by the city, and for thi
purpose six hundred thousand dollars i
bonds are 20 be issued. What will thes
bonds be WORTH The city has alread
more bonds on the market than can !
disposed Of, aud the interest on then
past due, is 20 be paid OF taken up
other bonds, bearing interest IN goli
Can the taxpayers afford OF agree 10 q
issuance Of more bonds2 We think nc
Taxes are now oppressive, and the ia
uary interest, falling due in lev weel
amounting 70 Sl20,OO0. and aecruing
the Old bonds, cannot be paid, II our
formation h. correct. Will our cote
poraries show that the city has the abil
tobuiid the water works without taxi
the citizens and their property "
anybody demonstrate the ability OF
city TO build anything2 Build stree
sewerage or water worksf Why the e
q not able 20 pay Tor the opening Of
dozen streets, which have been uni
lshed for dozen years
In answer 70 this. We have reeou
again TO the Mayors communioation
The Water works COMMITTEE, VII
isa complete refutaiiou Of this would