Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-06-23

| had been laundering In water
too deep for him. The prac-
teal operation of the whole
system was that the poorer and more
needy holders of Memphis debt, the
small store-keepers and workingclas
were squeezed" while the weather.
holders, who could better afford the
shave" declined to part with their
claims against the city, and have sp-
pealed to the courts. In some cases
mandGmuses have been obtained, or
dering the levy of special taxes to pay
certain classes of debt. The general
result might have been easily foreseen.
The courts hold the city bound to pay
all the Irrigated claims at par, while
the aggregate of debt has been i'm
mensely increased by costs of court
and lawyers fees, besides the interest
accumulated by delay.
Matters have at length reached a
crisis, when something must be done.
The city attorney announces to the
general council that "this litigation is
useless and the defences made by the
city are unavailing. Something must
be done to put cheek upon it, and to
save the enormous costs accommodating
with each succeeding case. The past
due interest now sums up a large
amount, so large that a two and half
percent. tax would perhaps be necessary
pay it of, and if a year or two years
accumulatiOns be added, the levy then
must be four or five per cent"
The statements vary concerning the
amount of debt outstanding. The
city attorney places it at
S6,5O0,OOO, and the annual inter.
est at $4,000, which added to
the $4,000 of current expenses, calls
for a levy of $4,000 in taxes. He
states that this is about the actual out
lay each year since Jan. l, 1870, and
taking the assessed value of taxable
property at S25, 100000 it requires a tax
Of three and one,half per cent. The
Appeal disputes these figures and pub
fishes what processes to be the Comp
troller's exhibit of the city's Liabilities
and assets. This gives S3,72O,5UO of
bonded debt and 81, 801, S62 floating,
making a total of 5,522, 1862. Against
this are offsets, amounting to S1,675,-
POS, but nearly a million and a quarter
of this comes under the head of past
due taxes, a doubtful species of assets.
Among the minor items is a curious
entry: " Robertson Topp, mortgage on
Gayoso House, S3S,OOO." Some of our
readers may recall this name
IN connection with schemes to run the
State finances on the Eplan that has
proved so ruinous,to Memphis.
Notwithstanding this estimate Of the
appeal, we find that the Peoples
Protective Union" in their annual re-
port, endorse the views of the City At
torney, adding significantly: ''The
debt is likely to be even larger, and,
all counted, to approximate seven mil.
lions" This Union is a voluntary
combination Of taxpayers, over seven
hundred in number, and, according to
the Ledger, representing fifteen mil
lions of Memphis property. 1t is GER
tainly not to their interest to eIag.
gerate the burdens under which their
city and their property labor. The
report is quite an elaborate
one covering seven columns and half.
Their efforts for economy during the
past year are recounted and they claim
considerable success. The jury law
passed by the late Legislature, and
since pronounced unconstitutional, the
change in the assessment laws, the
workhouse system, and 10 short all the
economic laws enacted last winter are
claimed as the result of their LAHORE.
1t is certainly pity, since they thus
claim to be running the entire State,
that they have not succeeded better in
manipulating the affairs of Memphis.
Many of them applauded Mayor
Leagues wonderful fnanciering to the
echo, and are unwillingly compelled to
record its results If we take their
words literally, these low tax cham
pions have done more harm than good,
for they say: I'VE are now, with all our
little palliatives, getting more and more
unable to pay even the policeand fremen
and laborers of the city" Appalled, at
the accumulation Of debt caused by the
ever seductive policy of pOstponing
payday, they exclaim:
Without great retrenchment we can
never pay it, and this it may be doubted,
whether we can ever have under our
old system. Better emigrate and build
a new city lower down on these bluffs
than pay this debt without vigorous
measures Of economy-we had almost
said with them.
The reference here to "our old sys-
TEN" is part of an argument for the
abolition Of an electoral Mayorship,
and the proposed government of the
city by a board Of three commissioners
to be appointed by the Governor and
confirmed by the Senate. 1t must GER
tainly be a desperate case which calls |
for such departure from Democratic