Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-18
COMMON COUNCIL..

I
The common council met in the city
ball last night pursuant to adjournment,
President Hewitt In the chair. After
| the roll was called, the two boards held
a joint session, whereupon the following
communication respecting the
CITY's FINANCES
was read, from Mayor League, and, on
motion, received,
MAYORS OFFICE, MEMPHIS, TENN,
November II, 1874. !
Honorable General Council:
GENTLEMEN-You have requested
me, in connection with the finance COM
mittee, to confer with leading capitalists
for the purpose of having their views in
regard to the bonded debt Of the city,
and the best means of dispOsing of it. 1
have had the subject under considera-
ton, and am of the opinion that proba-
bly, the best means of attaining the de-
sired end would be q committee of citis
zens to meet the bondholders of the city
in convention, at an early day, at the
city OF New York, Tor the purpose of OBJ
tanning from them some definite pTOpO-
sitiOn as to the terms upon which they
would surrender their claims, and re-
ceive, in lieu thereof, new series of
bonds to be issued by the city. This plan
would secure concert and hsrmOn of
action OF the creditors, and would ac-
complish the object in a more speedy
and definite manner. Direct commu-
nieation should, in some manner, be had
with the holders OF these securities, and
the Importance and magnitude Of the
subject certainly demands that the best
and most effective means should be re-
sorted to. To obtain this information
by mere correspondence would probably
reveal a diversity of views that would
be hard to reconcile in any short space
of time. So, think, that to have cap
italists meet with the finance commit
tee and myself would accomplish very
little in comparison with what the plan
now proposed indicates. We know that
several of our longest creditors have ex-
pressed not only willingness but
desire for compromise upon such terms
as would enable the city to meet her OBJ
legations promptly. In other words,
they are willing to sacrifice portion OF
their.debt on which the city cannot pay
the interest for the sake of getting il
converted into something positive and on
which they can always rely. l think
this feeling exists in the midst of all of
our bonded creditors, and all that re-
mains to be done is to obtain from them
q proposition of settlement upon terms
within the power Of the city to faithful
ly carry out and perform. recommend
that convention of our bonded creditors
be called to meet in New York city on
the fifteenth day Of December, 1874,
and that G. A. Hanson, city attorney,
Messrs. L. M. Hill, E. NJ. Apperson, P.
c. Bethel, ]. M. Heating and Colonel
A. ]. Kellar be appointed and COM
missioned by the general council to
meet with the creditors with a view of
obtaining from them some proposition
acceptable to the general council and
which can be su omitted to the people for
ratification at the coming municipal
election. Very Respectfully,
JOHN LoAGUE, Mayor.
The suggestions in the communication
were unanimously adopted.
The petition of P. G. Bethel, upon
of the finance commit |
tee, was adopted.
Councilman Camp offered resolution !
to the effect that the mayor be Instructed
to borrow from the special fund belong |
ing to the wharf and landing, say two |
thousand four hundred dollars; also, to |
negotiate a loan of two thousand six |
hundred dollars more for the purpose Of
paying the payments now past due on |
paving contracts; also, that the elevator |
wharfage, as 1t becomes due, be applied /
only for the payment Of the notes Of the |
city given 10 Mr.. Londen in settlement /
of account. Adopted.
City-Attorney Hanson sent in COM
suggesting the propriety OF |
allowing all persons who have paid
taxes in full since 1856, TO pay the taxes
due previous TO that time, but be ex-
empted from the interest on the same.
Referred to the ordinance committee,