Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-06-17
Lrrow.s PARK..

In another place we present a remon'
STRANGE signed by many excellent gen.
tlemen, who protest against the pur.
chase by the city of the abandoned Nor.
ris Cemetery on Main street, near the
depot of the Memphis and Tennessee
railroad. The terms of sale defined by
-tGaptain LeAOw are whollymisconceiYed
by the writer of the remonstrance, and
his purposes are certainly misinterpreted
1t is objected that the "city is notable
to pay the interest on her present in
debtedness or for the opening of streets;
that as eligible ~publicsquares may be OBJ
tained for one-fourth the cost Of this; that
twice the real value of the property is
demanded by the vendors; that OF bet
ter terms better property for the same
purposes may be secured" Such,
substantially, are alleged objections
to the proposed scheme. 1t hap
pens that the vendors of the old
cemetery do not ask either the pres
ent issuance Of bonds or the payment of
interest on the n hundred thousand
dollars until after five years have passed
when interest, six per cent, will begin
to accrue. If the city's condition will
not then enable it to pay six thousand
dollars per annum to maintain the Gem
etery il viii be utterly bankrupt and I'M
able to pay the cost of its own wretehed
existence. Whatever may happen,
whenever the Elmwood enclosure is
filed with the dead of our day, those
who live after US must maintain its
fencing, its walks and trees and charm
ing drives. For this purpose a perpet-
ual fund of six thousand dollars per an
mum is proposed to be created, and there
fore, instead of selling theold cemetery,
Captain Lenow would execute q lease to
the city for nine hundred and ninety
nine years, the city holding it as a trust
fund, producing six thousand dollars
nually to be applied to a purpose which
must hereafter prevent the eXaction of
taxes from US or from our children. If.
the city be not able, within five years,
to pay six thousand dollars per annum
fer such property, having It's own agent
to see that the six thousand dollars is
devoted to the perfection of ElmwOOd,
Memphis will have no municipal exist
nee, and the remonstrants are wise in
opposing the scheme. The city's DEBT
five years hence is, but the city's Hd6a-
iy is not increased by this proposed con-
tract. The lot to be leased for
nine hundred and ninety-nine years
is four hundred and five feet square.
The city's bonds are worth fifty cents,
and in these bonds one hundred thou
sand dollars OF fifty thousand dollars in
money is requiredto bepaid. Theproper-
tyhas already cost Captain LenOw and
his associates sixty theusanddollars ten
thousand more than the city is asked to
pay for it, and at the end of five years,
when the city's interest account in this
behalf would begin, the outlay of the Elm
wood Company would be seventy-eight
thousand dollars in money. If the city's
bonds be worth no more five years hence
than to-day, the company will be loser
70 the amount of twenty-eight thousand
dollars. At auction, s~ub-divided into
lots, and sold on five years time, this
property viii produce for Captain
two hundred thousand dollars.
But We will reeur to this subject. The
remonstrance was designed to excite OPP
position to a scheme which bears the
scrutiny. There is no specula-
ton sought to be made-no profit arises
10 any individual; the city and its tax
are the ultimate beneficiaries Of
he transaction, and just now, for the
Mechanics Institute fair, for the build
ngs required, and for many public pur-
poses, there is an imperative need for
he property located as this is. 1t costs
he people the least sum possible, and it
an be shown that the city's representa-
ives We're eminently wise when they
pprovedpropOsitions contemplating the
reation of Lenow's Park.
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