Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1874-01-24

had no right to hypothecate these bonds
and that he should be compelled to turn
them over to the proper City officials. He
further urged that the bonds were Illegal
first, because the City had not legally au-
thorized them, and second, because they
bere unlawful interest. As he understood
it some S23,J0O in bonds and scrip had been
placed As collaterais by ex-MayOT King for
about $500 in currency, and that Col.
King, Is the matter stood, was in debt to
the City $4,000. lie insisted on the bonds
and scrip being returned to the City.
Mr.. Brown argued that Col. Kings ad-
ministration acted on precedent and the
best legal advice in the city. That he was
the author Of the bonds and that their issu-
ance had saved the City 70 per cent. inter-
est on 5000 or more. He announced Col.
Kings readiness and desire TO return both
bonds and scrip whenever the City paid
the money for which they had been bypoth-
coated.
Mr.. Pybas argued that the bonds were
illegal-that If legal Col. King had no right
to hyp3thecate them As he had done-that
the City was paying interest on 81, 800 Of
bonds and scrip and had only received the
benefit Of 5000 in currency-that it was
the duty OF this Board TO demand those
bonds at once.
Mr.. Conger wanted 4 thorough investisa-
ton, and TO that end favored handing the
whole question over to the Finance Com
mittee-
After some further discussion between
Messrs. Briggs, McCutchen and others the !
whole matter was referred to the Finance |
Committee.
The Recorder was ordered 10 proceed at |
once TO assess the taxable property OF the !
20 date from the Icth Of !
January.
Mr.. Brown wanted the Tax Collector 10 /
90 forward and collect the back taxes.
Mr.. Briggs favored forced collections.
Mr.. Parham stated that there was 5000 /
Incollccted taxes for lS7I-2 and GOO for /
1879.
The Tax Collector was ordered to force
collections.
Mr.. Congor moved that the City Attor-
icy be ordered to take legal steps for the
Of back taxes on condemned
property. Carried.
Mr.. McCutchen moved that Mr.. John
dcAlexander be retained at the head Of
he street force.
Mr.. Kelly opposed any work on the
trects ut this time-such work would
rove worthless-that there was no money
0 pay for it anyway and w6und up by
things generally in IN mex
Ilicable "cobble."
Mr.. McCutchen's motion was lost.
Mr.. McCutchen moved that sidewalks
nd bridges be kept in order. Carried.
Mr.. Conser said that no one present
you'd live to see the day when scrip in
ONE shape Will not be issued.
Mr. Brown favored the bonding Of the :
Grip; thus forcing it out Of the market and
ompelling the payment OF taxes in cur
ency. In this way alone could money be
aiscd.
Mr.. Briggs wanted TO be understood as }
OF holding the idea that the bonds out
yere illegal. {
Mr.. Brown said, that whether illegal or
OF, money had been raised on them and
sed, and that much at least should be re-
and by the city. lie said that the solution T
the question as to the bonds and scrip r
ED by Col. King was simple Pay Col.
ing his money and redeem y our bonds t
ld scrip. c
Mr.. Pybas did not understand that Col. o
ing held the bonds, but that lie had used s
em, hypOthecating some So, 800 IN bonds
I'd scrip for $500 in currency, all OF =
hich was Illegal, and by which the city
iercd. lie wanted those hypothetical I
'nds and scrip back in the Treasury,
here they belonged, and if Col King had q y
ed them, why, he must account for the h
me. q
This matter having been previously re- a
rred to the Finance Committee discussion | n
ased. el
An account Of DIR. Collins, of SlJ6 for at "
nding on Davis, who had been confined
the house Of Mr.. Perry Sutton, was pre-
nted and referred.
City Attorney Anderson notified the
lard that the suit about to be brought g
ainst the City by Miss Norvell, for dam ii
es, could be compromised by paying m
out $50. lie was ordered to investigate
e whole matter. -
"a" CSA'oNA A--NfNN suAb MUGS anu ~
UNITS be exempt from taxation. Carried. ~
Adjourned to meet Wednesday night 1
o weeks. hi
It is due the Board to say, that whatever NJ
~ be the opinion Of individual members ,
to the legality of the bonds issued. that =
~ are of one mind rs to their redemption.
! favored their payment as per contract,
d utterly ignored any disposition what
er to repudiate them.