Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-04

each fund in the bank containing the city s
funds, and all checks drawn BY them shall dis
tinctly specify upon which particular fund
the same is drawn. A failure TO comply
with any Of the PROVISIONS of this ordinance
shall subject the offender to dismissal from
Office.
Sec. 81 That from and after tue passage
of this ordinance, no ordinance shall be
passed by either board, having for its OBJ
Jet the expenditure of any money for ''cor-
poratiOn purposes" until the same has been
referred to the City Treasurer and Recorder,
to ascertain whether or not there are any
funds to the gsdit Of the account on -cor-
poratiOn purposes" not otherwise appro-
priated, sufficient TO pay for the expendi-
tuTe mentioned in the bill. And the writ
ten certificate Of the Recorder and Treas
urer, to this effect, shall be appended to all
or any such ordinances before their passage
by either board.
Mr.. Lindsey said the necessity Of the
passage Of this bin was too apparent to
need argument. In all earnestness he would
say, it was the duty of the Mayor and City
Council to do one Of two things, either at
once pass and strictly enforce such law, or
else resign, from Mayo down, and give our
citizens a chance to eject City Government
tina. will protect their interests.
Councilman Gaut observed that, while
he had no radical objection TO the APP
pOintment as commissioners of FIVE men
distinguished for their financial capacity,
provided in The bill just read, he thought
that in no event should this Council ever
agree TO pay the Alden Indebtedness dollar
for dollar. The Alden bonds were issued
by an administration which was in no Just
sense the representatives of the people of
Nashville. That administration was elect
ell under law which our Supreme Court
has already decided to have been uncon-
stitutiOnal. The election was held by Off
GERS whom the same court has decided to
have been no officers. The question of
the city's liability for these bonds is now
pending in the Supreme Court of Tennes-
see, and will be decided next December,
and if decided in our favor, being a con-
structiOn Of our State Constitution
and laws will be accepted as the law in the
Federal Court. While he was willing to
pay any bond when the holder could show
that the city got value for it, vet it was a
known fact that these bonds were sold By
the Alden administration at about 20 cents
on the dollar, and perhaps half of this was
not appropriated to the good of the city.
This debt was fastened upon the people
when their hands were manacled and their
voices hushed at the ballot box by men
who, under no principle Of constitutional
government, could be called their repreSen-
tativeS; and he was opposed TO paying one
dollar of it unless the holders
would agree to compromise at least as low
as 10 cents 90 the dollar.
Aid. McGaEOck furnished some import.
ant facts relating to the bonded indebted
ness. These facts and his views regarding
the payment of the debts Of the corporation
viii be found in communication from
him, published this'mOrning.
SAID Chestham dwelt upon the import |
ance Of meeting the present crisis in such !
a manner as to maintain the honor and |
credit Of the city. He said he would sup |
port such bill as that drawn UP by Mr.. |
Lindsey if better could not be devised. |
He dwelt with great earnestneSs upon the |
necessity Of action and speedy action. The |
Of the city finances was such as /
20 require the prompt exertions of the /
Board. He hoped they would meet and |
continue to meet until the matter was dis |
,osed or and hoped that the members
would come together for action in a spirit |
# compromise.
A resolution was passed requesting the
Mayor to call meetings of the Boards this
'vening at { p. NJ, when the consideration
# the city Indebtedness will be resumed.
The convention then adjourned