Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-04-10

nance to establish permanent sinking
fund for the payment of the bonded
debt of the city Of Memphis" be and
the same is hereby repealed, and the or
dinance of which ii was amended stands
as il no such amendment was ever made
or passed.
By Mr.. Dent-Ordinanee regulating
laying OF crossings, and restrainin
reckless driving and riding. Passed
first reading aud referred.
By Mr.. Dent-Resolution preventing
hacks standing within ten feet of street.
crossings, etc. Passed.
ORDINANCE TO RELIEVE MERCHANTS.
The following, by Mr.. Davis, passed
final reading:
WHEREAS, The prosperity of our city
depends almost entirely on our CONNER
ciai business; it is therefore the duty of
each and every citizen who CesiYes to
promote tnst prosperity to encourage
and protect the capital so invested; and
whereas, the present high rate of city
taxation on commercial capital is calcu-
lated to deter capital from seeking in
vestment here, and perhaps to drive
away portion of what is already in
vested, it is therefore our duty to reduce
this tax if we possibly can; and whereas,
several real-estate owners in 1867 con-
tracted large debt in paving several of
our streets, which they agreed to pay, as
was provided by legislative acts and city
ordinances at the time; and whereas,
our merchants who were engaged in
commercial pursuits at the time had
to pay high prigilege-taX or license
which excepted them from all other
taxation, and especially from this paw
70 rrrhsah tho nfof
incurred by special contract, as they
were authorized by the legislature to do;
and whereas, it is now sought to tax
commercial capital (which was then ex-
empt) to pay this special paving debt,
in violation of the law which was then
in force; and whereas a law cannot be
retroactive, and that all capital or busi-
ness paying q privilege-taX o.: license in
1867 when this paving debt was con-
tracted) was then exempt from payment
thereof; therefore
SECTION l. Be IL Ordained, That cap.
ital invested in the various pursuits and
business designated in section l, article
l and chapter iv. of city ordinances as
laid down in ordinance book for the
year 1867, pages 266 to 294, be and is
hereby exempt from this special paving
tax of 81 40 per centUn fer the year
1873, and also from all future levies for
said special tax.
SECTION .. Be it Furthe, Ordained,
That this ordinance shall take effect and
be in force from and after its passage.
RECOVERY OF TERRITORY.
The following resolution Of Mr.. Davis
was adopted:
WHEREAS, The legislature of 1869
passed an act diminishing the territory
of the corporation of Memphis, and
thereby released a large amount of prop
erty which was liable for the city debt,
and consequently weakened The securi-
ty the creditors of the city lad for the
debts due them; and where's, said actis
void in law, it being in conflict with Sec
ton twenty, 'ticie one, of the cOnstitu-
ton, which provides as follows: "That
no retrospective law, or law impairing
the obligations of contracts, shall be
made;" and whereas, the city assessors
have failed to value the property at
tempted to be released by said act, there
fore be it
Resolved, That the city attorney is
hereby requested to inform the general
council in what manner a legal assess
ment of said property can now be made.
RELIEF FOR NINTH AND TENTH WARDS.
Mr.. Davis offered the following reso-
luton which vas adopted:
WHEREAS, The law of 1869 provides
the people residing within the limits of
the addition made to the city of Mem
phis by the act of 1867 shall not be taxed
to pay any part of the debt Of the city,
or interest thereon contracted prior to
the passage of said act of 1867; and
whereas, said act was passed on the
hereby requested to report to the general
council the amount OF bonded debt,
paving debt, and floating debt-that is,
the entire debt-of the city contracted
prior to that date.
Adjourned to half-past seven O'Clock
Tuesday night.