The New York herald., 1874-12-16
THE MEMPHIS BONDS.
The Indebtedness Of the cfty-Mesting
or Bondholders Yesterday.

The Indebtedness Of the city-Mesting
or Bondholders Yesterday.
Yesterday, at twelve O'CLOCK, meeting Of the
representatives OF the city OF Memphis and tho
creditors took place at the ST. Nicholas Hotel.
On November 2S the Mayor issued . message IN
view Of the action OF the General Council, calling
convention OF the bonded debt creditors. In
which II was submitted that the bonded debt OF
the city SO, s9e. .5corhe past due interest 10
January, 1879, s47l,665-mak.ng $4.3Il,l65, from
which was to be deducted s22o.Ooo. on account OF
the sale OF city stock, leaving the net debt
sl,l5i,l65. The closing paragraph OF the
Mayors Message stated that tney could
not pay, and recommended the establishments
OF new basis or credit. based upon the new
series OF bonds to be issued and an annuai levy OF
some nxed amount for interest and sinking fund.
with such guarantees as might be demanded oy
the bonded debt creditors, which would be ac-
ceptabe to the taxpayers In submitting this prop0
sition to tho General Council the Mayor Hon.
John Loague) recommended that G. A. Hanson,
City Attorney; Messrs. l. NJ. Hill. E. II. Apperson,
P. C. Bethel, J. M. Keatng and Colonel A. J. Kel-
lar should oe appointed to meet with the cred
itors, with view 10 obtaining rom them some
proposition acceptable to tue Council. and which
municipal election. These recomme ndations were
approved by the Council. and the gentlemen
named were ordered 10 meet IN New YORK, on De.
cemner is, In pursuance OF their spirit.
Yesterday, therefore. In parlor as3 OF the st.
Nicholas Hotel. the first meeting took place and
tEe committee we're enabled 10 explain 10 the
bondhoders the exact state OF afars. Mr Z. N.
Apperson was called 10 the CHAIR, and J. NJ. Keat-
sary. There were present Colouei A. J. Kellar. OF
the Memphis Avalanche; Messrs. p. Q. Bethel. and
ers Colonel Lathers OF Charleston; Messrs. F. II.
CossGtt OF New YORK; Parsons Peck. Alexander,
Moses, Redmond, Granlss. Berne and Bethel. The
City Attorney explained the
FINANCIAL CONDITION OF THE CITY,
their entire inability to meet their Indebtedness
ana exposed generally the financial status Of the
city after the war. and reconstruction problems
under which the burdens OF the citizens were recK-
valuarion OF city property was S29 53o ia the re-
ceipts for 1874 $572 923 and disbursements $553916
without showing q payment on account OF city
bonds coupons and scrip which makes failure
o aoout $780, 900 OF interest. the otiical went on
to snow that Memphis was taxed on two-thirds
was decrease OF at least one-th.rd III value;
therefore the taxation was on ul value OF prop
erty. Mr.. Bethel, large property aolder and city
bondnolder urged on mis- fellow creditors plan of
conciation by either q reduction OF principal or
rate or interest," at the same time promising II they
would consent TO this TO pledge themselves that
LEGISLATION SHOULD GUARANTEE
Colonel Lathers, OF Charleston, introduced the
following resolution, which was adopted
That the noos.; Of bonds 2, hs city q
elsewhere are hereby Ieauested 70 eall meeting and
81 o Ga By
further consideration OF the questions now before tnts
Colonel Richard Lathers and F. Fl. Cossitt were
appointed the committee, with proviso that II
the latter declined to serve the former should oil
the vacancy. The Convention pedged themselves
to carry out any Legislation necessary to protect
or sealing the debt.
The committee found the best feeling existing.
and 70 to Baltimore, where large amount OF the
city's bonds are held and hope that the frank In
itiative TO meet In proper spirit the question OF
their obligations will meet with a generous re-
sp0nse from creditors. who viii doubtless consus
their interests by recognizing the trouble OF the
debtor and meet 1t IN liberia. spirit.