Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-05-13

HDN utiu b1 tilt eluhluR-iuDu COuluulS-
sioners. of the $34I, 600, issued since
1870, for the purpose Of funding the out
standing indebtedness, $4,000 are out
without any consideration. Their num-
bers are from 23S to 2s7 inclusive. Thus
it will be seen that OF the bond debt 81,
449, 900 is of very questionable charac-
ter. This would then reduce the amount
for the present to 81, q, 900. Again,
from this amount should be deducted
the amount of bonds-SS3l, ,000-due
by the purchasers, Messrs. r. G.
Brinkley, John Cverton, w. b.
Waldran, p. c. Bethel, NJ. J. Wicks,
4. w. MumfOrd, S. Tate, William
Dickson, and Wicks, Mumford & Dam
cy, of the city's stock in the Memphis
and Charleston railroad. Surely the cit
izens should not be taxed TO pay interest
on bonds which these gentlemen, so well
known in this com munity es the wealthy
ones of the city, should have paid into
the comptroller's Office to be cancelled.
Again, the sinkiRg-fund commissioners
have in their poss ssion Sis, 800, which
should have bee according to ordi-
nance, long since turned over to the
comptroller for cancellation. The in
terest on these bonds. should not be
charged and collected after the city has
purchased them in retiring its indebted
ness. Nevertheless, such has been the
custom.
Another item to deduct from the
above is the S97, ,00o to the Mississippi
River railroad company, as special tax
is levied for the debt and interest. Thus
we have S231 200, S116, coo and S97, 900,
making S443, 500 to deduct from the
above 81, ,529 900, leaving an unques-
toned bonded debt of 81 ,0S5, 500 to be
provided for, recurring an interest-fund
of sos, l30, and the rate suggested, %
cents on each 500 will, when collected,
realize $4,000.
1t is true that, inascucS as the city
viii not entertain the idea of repudia-
ton, it viii not, finally, get lid of the
payment of the above two million four
hundred and forty-nine thousand dol
lars in bonds, but it appears as though
We could not be called upon at any
time after this year and be oppressed as
much as at present.
Unquestionably the whole amount
cannot be collected.
First-The city may be called upon to
pay what it received for the bonds. If
that be so the price will not exceed
forty-two cents on the one dollar.
Second-It may be required to pay
the market price at the time the case is
determined in court when the city is
sued, or
Third-It may be compelled to pay
what the holder paid with legal interest,
and when the status of the bonds has to
be determined it is lust as well to let the
interest be disposed of IN the same way.
The next item is that fora fund to pay
T. f. Brown q Co. thirty cents on each
one hundred dolIars-wiu realize over
four thousand dollars, and Mr.. Brown
will not be so unreasonable as to ask for
any more than the citizens can bear,
and if he did the court would, think,
protect the city.
The next item is &c cents on each
500 for public education. This rate
will realize as above SS4, 600, which, to-
gether with money received from the
State and county treasury, will be more
than sufficient to defray the current
expenses of our public schools.
The next item is cents on each 500
worth of taxable property to pay the
second installment of $4,000 and in
terest on SIS, 900, $500, SIS, 400. This
rate will produce S1l, 200, and with the
excess of last years rates-for it was 10
cents, whereas, 6 cents o. Sl00 would
have realized more than the amount re-
quired-will be amply sufficient for the
purpose.
To this last item it would be we'll to
add cent on each Sloo worth Of taxa
BILE property for sinking fund tax. By
so doing it will tend to keep the ordi-
nance in existence, so as to dispose of
the revenue now being collected, with
out expressing the people to create a
fund for no benefit, except what is to
be derived in the Imagination of the
bright and glorious future: for not one
single lawsuit has been prevented by
all the purchases of bonds made by the
sinking fund commissioners, nor have
the people been relieved of one dollar of
interest, on account c. the tax they
paid ior a sinking fund to retire the
bonds. Let US provide for current ex-
penses and liabilities becoming due,
without providing for bonds of ques-
tionable character, some Of which are
not due for thirty years. Nothing has
been said of the tax known the past
year as the Nicolson rsimbursing tax,
for the reason that there are Sc
rious doubts expressed about the
constitutionality of tie law by
which the city has issued
in certificates of Indebtedness, $500, 900
TO citizens who have heretofore paid for
Nicolson and stone. psvements, ~pd
when those who paid we're really the
only ores directly benefited. The courts
have directed that the cost 81 all be de-
frayed by general tax. But there
seems to be 3 disposition among a few
OF our citizens to POSTPONE the payment
of the tax until, perhaps, the city may
ordain that certificates Of Indebtedness
shall be received in payment Of the Mic
olson pavement tax, or, rather, for the
DldnddmuS tax. That being SO, see no
improperly in putting OF the tax until
all are prepared to pay, or at least until
those who are, and have been, most
benefited are ready and willing to pay
their proportion. 1t il for this reason
that it will be necessary for Mr.. Brown
to get a nlGHoldDlass to direct what shall
be done with the pavement tax money
as il is collected. Ny observation for
the past few months satisfies me that
the people look upon the issue of certifi-
Gates of Indebtedness without their con-
sent, as unconstitutional, null and void;
and if no tax is levied TO redeem them
1T viii bring the subject before the courts
for adjudication. In ell such cases it
may be as well to proceed with caution.
Let the last thing be the levyiDg Of
tax.
There are no good reS ons for the
enormous taxation under which the
people have been groaning, and es-
pecially when the burdens do not bear
alike on all. The banks and insurance
companies alone owe mere to the city
than would be sufficient to relieve it of
all pressing necessities, yet these institu-
tiOns of wealth are seemingly indiffer-
ent, like many Others, as to the necessi-
ties of the city. They know, full well,
that the policemen who protect them in
their persons and property by day and
by night, with the fremen who watch
and protect their property from the
flames, are, and have been, unpaid for
many months. But what of that? The
supreme court has not yet said to them
for the second time that taxation shall
be uniform, and that they are liable to
bear a portion of the public burden, and
hence they decline to pay for the pres
ent. These delays DO no good, especially
when the parties would not be incon-
venienced by paying whet they owe.
Another subject deserving of notice is
our wharfage-rates. would recommend
that you amend the ordinance, making
the whsrfmaster a sslsried officer in
stead of his compensation being COM
missions ON collections. And would
further suggest that he receive the same
compensation that Captain Lightburne
received in fees last year. Then it
would, believe, be wisdom to abolish
wharfage-rates. Surely, 1t cannot be
Just to tax our steam Soat-owners for
their property, and in addition thereto