Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-02-05
MAYnR.s MESSAGE-

The following message from Mayor League
was read by Comptroller Hewitt:
To the Honorable the General Council of the
city of Memphis:
GESTLEMEN-By the charter il Is provided
that the mayor shall, from time 10 time, give
to the general council Information in writing
of the state OF the corporation, and such other
inform alton as the general council may need.
With that object in view, beg leave to sub
init the following statement of the financial
condition of the city, with such suggestions
as may be, / hope, Of benedt te our citizens,
and will, it is to be hopes, improve our credit
throughout the country, TO all OF which your
attention and legislative wisdom is sincerely
on examination o exhibit "a, >" you will see
that our bonded Indebtedness on the irst day
OF January, 1874 was SS.9S2,OOO, and our float
ing debt St05,0Sl 5S, making total tndebtness
Exhibit "B" is a detailed statement Of the
city's assets which, were IL possible to make
fioating debt assets being sl5iS SIS 90, leaving
a net Indebtedness Of S3.036,26S Al.
Exhibit &C" is statement showing the
amounts due by the purchasers OF the clty's
stock in the Memphis and Charleston railroad
company, and not including interest on past
due coupons, the debt exclusive OF interest on
coupons past due, being SSll, $50, of which to-
tai debt SlSl 80 is past due.
Exhibit "D' IS a statement of past due taxes
owing TO the city on the first day OF January,
1874, beginning with the fOrtieth corporate
year lS67), making total OF 81, ,lSS Oh. of
which one-third is due FOL taxes prior to 1870.
Exhibit'E" is a statement of the amount and
maturiJies Of coupons redeemed from Janu-
airy /, 1870, TO January !, 1874, making total
of SS67, 100, OF which S. 200 are coupons from
bonds OF Memphis aud Little Rock railroad
company. The May and November payments
were the coupons or the gold bonds
of the city, the interest on which
has been paid promptly up TO last November.
Exhibit "F" is a comparative statement Of
revenue collected during the past four years,
which VIII repay careful examination. II
will be observed that there were over
mo nnTinp mOnfh
OF 1873 than in the same time in 1872.
Another item Of interest, and one which
speaks volumes IA proof OF the lmProVed
fines and forfeitures in the recorders court
during the year 1870 were Sal 6S7 80, in 1873 the
same source Of revenue was reduced to Sl2,-
7l9 IS. A further and perhaps more conclusive
evidence of reform is TO be seen when we COM
pare the receipts OF fines and penalties by the
police board of 1870. The receipts were S}l ST
%, and in 1873, under the same laws the re-
ceipts fell of to s575.
Exioit sc " is a comparative statement shcw-
ing the cost OF the several departments Of the
city government for the past four years You
will observe in examining exhibit "B" that the
city treasury was reduced TO S5So S3. 1t Is
further deserving of notice that of the tD-
terest fund collected, S50,9SS l3 was loaned to
the general expense account OF the city which
together with the very large collections of the
taxes Of 1873 10 be attributed principally TO
the discount OF % per cent. allowed on the
last six months OF the year, ali OF which has
been expended except the SSSS % above re-
services since the first of October.
For means sufficient to defray the expenses
of the city, which has averaged during the
past year S36,43S 20 per month, some leglsia-
iation will be necessary, which, tTust, at an
early day, will receive your consideration. To
devise a speedy and certain plan 10 collect the
past due debt and taxes to the city, will occu-
py much OF your attention. am not welded
10 any particular plan or policy, but would
respectfully suggest that, with the aid OF the
courts the city may collect her past due taxes
without much delay, and proceed rapidly
with the liquidation of, at least, her floating
Indebtedness. With that object in
the suits already commenced against
the purchasers Of the city's stock in
the Memphis and Charleston railroad
company be prosecuted with all speed; that
arrangements be made, as soon as convenient,
to dispose OF some six hundred valuable lots,
TO which the city nolds title, as appears from
the records in the county registers office; that
the mortgage on the GayOso house for thirty
eight thousand dollars be foreclose1, and that
the city proceed TO collect the rents on all
property which she holds by virtue of recent
purchases at tax sales, to which she has not
vet acquired deeds.
The subject OF taxation is generally regard
ed as an unpleasant one, butit is especially so
when we have occasion TO remind the inteln-
gent and wealthy citizens OF the community
OF their neglect TO bear then, portion
protection OF life and property, and the gene
raj wellbeing OF society. IL Is evident 10 any
one who will take time 70 examine the sub
chants are called upon 10 bear more Than
fair portion of taxation. The city cannot
infOrce the collection OF taxes
from one class OF the community, and, by
negligence OF any way permit others 10
escape from paying.
For the credit of the city, respectfully call
your attention to the present sinking tunding
ordinance: nothing tends more to destroy
pu bic credit than a failure 10 comply Win
plain contract, and especially Is ~ 50 When
even an attempt is not made 10 1uinl II. Inc
Einking funding ordinance IS based upon
the power delegated by the legislature TO the
city by section fifty-eight OF the city charteg;
which provides: That the general council
shall have power to lay and collect special
tax to exceed oDe-half per cent, or nifty cents
on every hundred dollars worth OF taxable
for the purpose OF creating SINK
Ing fund TO be used In retiring the bonds Of
the city as the same may become due. we
should not be astonished that our eredlt IS
low, when we remember that we pay little or
no attention TO the interest on our Dondeq-
debt, and that OF the hundreds OF thousands
of dollars we collect under the plea OF creating
a sinking fund, to be used in retiring the
lar Is even set apart for that purpose
as contemp' ated by the city charter. Public
faith should be as rigidly regarded as private
obligations. You are respectfully requested
70 repeal the ordinance, or at least 50
amend 1t in accordance with the spirit and
letter OF the charter, that the world may see
We purpose in the future to act in good faith
That you further ordain that the SlO8 500 OF
bonds now in the hands OF the sinking fund
comptroller preparatory to having them des-
Iroyed by committee Of the general council
thereby saving to our citizens on SlO3 SOD bonds
on hand, in the next thirty years SIQ5 930
heing the interest on the bonds already nur
chased and owned by the city, for the greater
nortion OF the boEds purchased are
n recent issue, having thirty years
~ run, and probably the most of them
srs q mart OF the last S200,000 which have been
iSsnef without the peoples sanction. The
commissioners may be, II necessary, en-.
foined from investing in such securities.
Aifhough the city has the right In law and
"a i.ssaoefion Of the constitution TO collect
sir,;iIege tax OF merchants II Is to be hoped
~ vSnr united wisdom viii suggest some
e1her mode of procuring sufncleht revenue,
and asase Imposing burdens on one class
in11bia mat imposed on others, as Is the case
al nresent, BY collecting privilege ane an
.Gd isTEoTcD1 tax on the same capltal oseu ny
merchants. .,..s -. y, q
Waterworks company Tor oau1agesi
the nRtnre of which the mayor
is not advised or yet he would recommend
that lawsuits, whenever they can, should Ds
avoided. Litigation is rarely ever benenolal
10 anyone. WaterWorEs, ike many other en-
terprisez, are Of iRcaleuiable benefit TO cities,
and should be fostered and encouraged, ,
rather than met with technical opposition.
Tie suit of Mezsrs. 7. K. Brown s. Co, known
ant