Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-02-07
MUNICIPAL.
Regular Meeting OF the General
Council.
noARp oF couNcILMEN.
loF1IoIAL RKr0Rr.l

Al a regular meeting OF the Common Coun'
ell on Wednesday evening, February ?, 1871
/ present-lIon. John johnson. Mayor; Mossra
| President Zent. Holbrook,. Hewitt, Chase,
! Norton. Beehn, Droesher. konsh, Clouston,
Shaw, bingham, Clark, Toof, White. Hughes,
Grant. simons, Smith and Mason. Council
men.
took his seat. called the members present 20
order and had the roll Of Councilman called +;
when the unread recorded minutes OF the pro.
ceedinEs had at previous meetings were read
Thereupnn the Board Of Aldermen were in
vited 10 take seats In the Council chamber, for
the purpose Of hearing read and receiving In
Joint General Council the annual message q
reports Of the following city officials, io-wit (;
City Comptroller, City Engineer, Chief Of
Police and City Register; when the members
meeting appeared and took seats, in the Coun-
oil chamber. according to Invitation.
MESSAGE or THK MAYOR.
Mayors 0FFIcE. Cry HALL,
MEMPHIS, TESN., February ., 1878.
Gentlemen of the General Council:
Herewith submit for your information and
careful consideration the reports Of the ohi-
GERS of the various departments Of the city
government for the past year. In doing 80
take occasion 90 express the hope that the
feelings Of kindness and harmony existing be-
tween preceding General Councils and myself
characterize our intercourse throughout the
ensuing year.
From an examination OF the accompanying
statements. and q comparison Of the present
condition Of the city with its condition on my
coming into Office as lie executive head, you
will find that while its financial status Is not
what we desire il should be, yet il is far better
than, from interested motives, some parties
would have the public believe. For my
self, / have no hesitation in saying that
II the same spirit OF economy and deter
mination TO get out Of debt and restore
the credit Of the city. so persistenly
acted on by your late predecessors. shall
actuate you, we may safely promise our
selves that the close Of our term Of office will
show the financial condition Of the city TO be
greatly improved in every respect,
On assuming. in January, 1870, the duties OF
my present office. to which my fellow-eitizens
saw fit to call me. / found the city without
dollar of cash il her treasury. and her credit
so impaired that she was really paying Mt
least two prices for. all services rendered or
supplies purchased; her bonds, authorized TO
be issued to fund due outstanding indebted
ness. having been disposed Of by her own OIL
GERS at less than fifty cents on the dollar TO pay
current expenses: and though, ostensibly, the
pay Of city employees and supplies obtained
we're at cash rates, yet by allowances thereon
in various ways and for heavy interest on
loans and fabulous discount on bonds sold.
the cost to the city was eventually more than
double the amount nominally paid. Her
all assets applicable for its liquidation. was
being increased in the ratio of 100 to 60, by
being exchanged for her own six per cent.
bonds. so that. in taking up $50 OF debt IN
one shape she issued to the fortunate holders
thereof 500 in much better form. The float
ing debt at that date being. in round numbers,
about 81 200. 600, with assets applicable to its
reduction to only half that amount, and that
inequality between debt and means continu-
ously and rapidly increasing, i must be OBJ
viOus 10 any one who will impartally examine
the matter, that this pretense of merely TAX
ing up floating indebtedness by issuance OF
six per cent. bonds when in the exchange
there was really so great an increase. would.
by continuance of the system 1.-THE city |
credit rapidly depreciating rs her necessities
inereased), soon have led TO financial ruin |
and actual bankruptcy.
In speaking Of this debt in my first message
to the General Council, March 2, 1870, said
- am satisfied that we cannot, under any
or for any purpose, allow our
selves 10 increase 1t To decrease IT, and at
the same time carry on the government of the
city, am of the opinion that a prompt and
immediate return TO n cash basis is the only
true policy. and TO do this we should re-
quire ali taxes hereafter levied TO be paid in
cash, making 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 furnished to the
city at the lowest cash prices" Three years
adherence 70 the policy then advocated and
adopted has confirmed me in its being the only
true basis on which TO found the city's fnan-
cial welfare and It's real prosperity, as the re-
stored credit following il would inevitably
omen up so many channels beneficial to the
city as to more than compensate for the tenn
porary sacrifices or incOnvenienees that might
be incurred. II
By the liberal Inducements Of my personal
friends and the fullest use Of my own credit,
was enabled to put the policy advocated into
successful operation as system and 10 con-
tlnue IL 10 tho present time, when, certainly.
there II IL no good reason for abandoning it,
and though at times the city has been sorely
pressed for means by ths default Of able debt
ors in not paying her their dues. We have Mt
all times been able 70 have work done ana
supplies furnished at the lowest cash prices.
and have steadily in the three years under
review, increased the volume Of her assets,
while decreasing her liabilities, by over $780,
700.
The comparative condition Of the city debt
as between the lst Of January, 1870, and tne
LIST Of January. 1873, Is as follows: