Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1874-02-10
MUNICIPAL.
Regular Meeting OF the General
Council.
COHMOy COUNCIL.
loPFIcIAL REPORT

Cry HALL, MEMPHIS, February 4. 1874.
Al regular meeting of the Mayor and
Common Council Of the city Of Memphis. held
Wednesday. February 4. 1874, there were pre-
sent: Hon. John Loagqe; Mayor oha rhasn
Beebn, luther. Roush, heck. Cloqston'
Thomas. Harvey. Happek, Carpentsr. Hunt;
Barinds. Hughes, Walters, Page. Moone ana
Mort. A., c,..;-,
took his seat and called the Board to order
and had the roll of Councilmen called.
The board of Aldermen were then invited 10
take seats in the Council chamber for the pur-
pese Of receiving in joint general council the
message OF His Honor Mayor League, which
was read, received and ordered filed.
Mayors MeSsnge.
To the honorable the General Council Of the
city Of Memphis: , ,
GsSTIEnFY-By the charter it is provided
that the Mayor shall, from time to time, give
the General Council information in writing
of the state of the corporation, and sucn
other information, as the Heneral Cophcil
NAV need. With that object in view. beg
leave to submit the following statement Of
the financial condition Of the city, with such
suggestions as may be. ! hope, Of bensht 10
our citizens, and will. it is to be hoped. i'm
prOye our credit throughout the country. 70
ali az which your earnest attention and legis-
latiye wisdom Is sincerely invoked.
On examination Of exhibit A you will see
that our bonded Indebtedness on the LIST day
~ January. 1874, was 1879 900, and our
floating debt S603,0Sl 50, making total IN
debtedness of s4,5S5. O3l %;
Exhibit B is a detailed statement of the
eity's assets. which. were it possible to make
available, would more than pay OF the entire
floating debt. assets being 81, 5iS.Sl3 09. leay-
inr net Indebtedness Of So, 036. 26S A.
Exhibit @ is n statement showing the
amounts due by the purchasers Of tho city S
stock in the Memphis and Charleston Rail-
road Company. not inciudlng interest on
coupons past due, being, SSl2s5oD, OF which
total debt SlSl $50 is past due.
Exhibit D is a statement of past due taxes
OWNS 10 the city on the lst day Of January,
1874 beginning with the 10th corporate year
0s61, making total SyIi, 1889 o., Of which
one-third is due for taxes prior 70 1910.
Exhibit Z Is a statement Of the am0ont and
matnrities of coupons redeemed from Janu
ary1. 1870, TO January ]. 1874, making total
1851 700. OF which ss2. 80 are coupons from
bonds of Memphis and Little Rock Railroad
The May and November payments were the
eoupons on the gold bonds Of the city. the in
terest on which has been paid promptly up to
last November.
revenue collected during the past four years,
which viii repay q careful examination.
II will be observed that there were over
500. 900 more collected during the last months
Of 1873 than in the same time in le12.
speaks volumes in proof of the improved
morals Of the community. is that whilst the
fines and fOrfeitures in the Recorders Court
during the year 1870 were 81 ,6G So, in 1873
tie same source of revenue was reduced to
sI2.7i9 s. A further and perhaps more con-
elusive evidence Of reform IS to be seen when
VIC compare the receipts Of lines and penalties
by the Police Board. In 1870 the receipts
were S3I ,527 So; and in $50, under the same
laws. the receipts fell 10 500
Exhibit u Is a comparative statement.
showing the cost Of the several departments
Of the city government for the past Tour
years. - N
that the City Treasury was reduced TO s3sS SO.
II il further deserving Of notice that OF the
interest fund collected t5O.9o3 Is was loaned
to the general expenEe account Of the city,
which. together with the vera, large eollee,
tons Of the taxes Of 1873. to be attributed
principally to the discount Of 2A per cent:
allowed en- the last six months OF the year, all
Of which has been expended except the
s3sS 80 above referred 70, and owing the city
employees for services since the lst OF Octo-
Der. For Teans sufficient 10 deirey the cur
rent expenses Of the city, which has averaged
during the past year S30.4S 70 per month.
some legislation will be Necessary, which, ]
trust, at an early day will receive your con-
sideratiOn. To devise a speedy and certai1
plan to collect the past-due debt and taxes 70
the city will occupy much Of your attention.
am not welded 70 any particular plaQ or
policy, but would respectfully suggest th9t,
with the aid Of the courts. the city may coll
lect her past-due taxes without much delay.
and proceed rapidly with the liquidation Of at
least her floating Indebtedness. Nith that
object in view the Mayor recommends that
the suits already commenced against the pur-
chasers Of the city's stock in the Memphis
and charleston Railroad Company be prose
cuted with all possible speed. That arrange
ments be made as soon as convenient 70 dis
nose Of some six hundred valuable lots to
-.-l.s .t he 80 p a
The record in the County Registers office.
That the mortgage on the UayOs0 House for
$3.50 be fOrecloscd, and that the city pro-
coed TO collect the rents on all property which
she holds by virtue Of recent purchases at
tax sales 70 which she has not yet acquired
The subject Of taxation Is generally regarded
as an unpleasant one. but Il u especially 20
when we have occasion TO remind the intelli-
gent and wealthy citizens Of the community
Of their neglect 70 bear their portion Of the
burden imposed for the protection OF life ana
property and the general well being Of society.
IL is evident 10 any one who will take time
10 examine the subject, that small property
owners and merchants are called upon % bear
more than far portion Of taxation Inc
city cannot consistently enforce the collection
Of taxes from enc class Of the community and
BY negligence II any way permit others 20
escape from paying. For the credit Of the
city. / respectfully call your attention 10 the
present sinking innd ordinance. Nothing
lenus more 70 QetuQY pubic credit tnan
failure 20 comply with plain contract, and
especially j. il 90 when sven an attempt il net
made 10 fulfill IT, The sinking fund ordi-
nance il based upon the power delegated hy
he Legislature % the city By section s. ef the
city's charter, Which provides " that the Gen
eral Council shall have power 70 lay and col
lect special tax, not q exceed one half
per centum. or Fifty cents on every one hun
dred dollars worth Of taxable property. for
the purpose Of creating sinking fund 70 be
used in retiring the bonds Of the eify the
same may become due. We should not be
sss0nishce that our GTssit Il i0E =asl nc 70
member mat We pay mile or no attention 20
the interest on eur bonded debt and that 81
the hundreds Of thousands Of dollars We col
lect undor the plea Of creating sinking fund
% be used In retiring the city's bonds a. they
become due, not one dollar Il ever set apart
ier that purpose. ~ contemplated ~ The
city charter. Pu5lic faith should Be
az rFidly regarded a. private Obligation.
lou ars respectfully requested % repeal ths