Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-03-30
"EQUITY "-NO. III.
To the Editor of the Ledger.

supposed you desired to close nay
side of the case, and had concluded to
acouiesce; but on Saturday you came
again with long editorial, interspersed
with fgures--those stubborn things tnat
win neither bend nor falsify, even for
the convenience Of editors or pretending
fnanciers-and attempt to show that
the city can pay in reasonable time
every dollar Of her indebtedness, and
noint to the fact that the revenue col
iected last year was $299, 055 09 in ex-.
cess of the expenses. What became OF
that excess? Mr.. League was not Mayor
! then. and when he was inaugurated
there was only 1888 SO in the treasury
and the police and FIRE departments
were near four months of wages IN ar
rears. But while l ask an answer TO
the above question, shall not go
into a review of the policy or acts OF
any former administration:
/ have confined myself to the ques-
ton at issue, and although you say that
am quite at sea " in my second arti-
Gle. because the tax for 1874 is not
levied, l do not consider myself at sea
at all. $40 3Lgl HOE !,
In nv articles / have not assumed
that the tax would be continued at pres
emit figures. On the contrary, ] have
stated emphatically that was opposed
to tax being imposed upon our citizens
of four per cent. as at present. And If It
be at all important to our controversy l
will add that any total tax exceeding
two per cent. will not receive my sane
ton and support. Our Infamous system
that taxes personally eqdally with realty,
and articles of prime necessity the same
as articles of ornament and luxury,
is fast doing the work OF destruc-
ton for our city; and as one native
here, and to the manner born, feel
bound to do all in my power toward soft
ening the rigor of such law. So much
for personal explanation. Now for your
Saturdays article. You draw a very
unfortunate smile when you allude to
Shelby county. You say the county
was heavily in debt few years ago"
that 1.-THE magistrates adopted a system
of retrenchment by which they brought
scrip up nearly to par. !.
Now will you explain that system of
retrenchment? Were not the county
commissioners the representatives Of the
people of the county for time, whether
legal or not legal? Was not the scrip
issued by them in the hands of innocent
citizens who gave value for it2 And did
not the county REPUDATE that scrip
Was not much of that scrip given for
accounts as Just and as needful as many
of the accounts the magistrates them
selves make? And yet it was repudiated
upon q technically unworthy of peo-
pie too honorable to purchase their
paper at less than the face" as you say
the people of Memphis are,
Now let us compare the action of the
city authorities. In 1864 some Federal
commandant of the port of Memphis
displaced the city government and put
in an army officer to command the city.
This government was kept up until 1865.
Thousands, yea, hundreds of thousands
we're spent or contracted in paper
credit which went into the hands Of the
citizen creditors. When the govern
ment was restored to the people in 1865,
without means or immediate resources,
the scrip system was inaugurated; and
for several years no one could tell what
the liabilities we're. Then came the
Metropolitan police bill, involving the
city again in thousands of dollars Of UNI
Just and unlawful indebtedness. Did
Memphis repudiate one dollar because
of these unlawful interferences with her
rights2 Ne sir; far from it. In Jan
uary, 1868, John w. Leftwich became
Mayor, and with his co-workers he set
about bringing order out of chaos.
Scrip was only worth 80 or 40 cents in
the dollar. He was sued on all sides on
this scrip The city's stock $3.50 0O0)
in the Mississippi and Tennessee rail
road was sold by the sheriff, and other
property was all levied on and about to
be sacrificed. A funding measure was
inangurated, and near $500, 600 Of the
bonds now out we're issued. Some Of
them realized to the city fifty
cents; some less, some more; but
never a penny Of this illegal scrip
was repudiated; all was received in taxes
or funded, in bonds. Now the interest
on these bonds, with other burdens, is
weighing heavily upon our people; the
wholesale merchants and grocers, who
are the life Of the city, are grooming I'M.
der a tax Of near six per cent. upon their
goods, which is more than their profits
can be- under any circumstances. Capital
is leaving us, and none coming to I'll its
place. Manufactures are not thought
OF, because they cannot pay the tax
Our mechanics are out Of employment,
because no stately blocks are rising
upon our almost unstable city lots.
The Mayor, with wisdom and sagacity
that does Infinite credit to him as an
executor and fnancier, is steering clear
of another funding measure, at the rate
Of two for one, and is preparing the way
10 reduce the taxes to living rate. In
doing go he does not repudiate, bat Of
fers what he has to give, in payment o.
interest, upon the only just plan thai
can be conceived Of. And yet you, who
should. BY the exercise Of that potent
power Of a liberal press, do everything
10 sustain the credit Of the city, attach
him a a repudiator, and as traaucei
(by his acts) Of the public credit. VIII
not say 10 the holders Of coupons
Don't sell your coupons they arr
good for every dollar and inter
eat, and will be paid in full. YoV
viii then have done your whole duty
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