Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-06-11
GiIt.Edge Paper-HOw Much Scrip
Issued What will Redeem
It-HOW It can be Used.
whatiti is worth to Tax.Payers and
MeTchants-The Police, Fire,
HOspitaI and Board OF
Health Scrip.

Bearing" runs stock down; " bulling"
runs it up, and we propose to show why
the new issue Of scrip is worth dollar for
dollar to any taxpayer or merchant sell
ing goods. We purpose playing the
bull" in defense OF the hard-workiug
employees of the city, whose pay has
been cut down, and who will receive the
scrip in settlement of their back pay.
We want to make it so clear that every
poor man who receives the scrip, every
merchant and landlord who receives it,
and every broker who bids for it will IN.
derstand its value.
The ordinance provides for the issu-
ance Of $1,000 in scrip to be issued to
the police department and $50, 900 to be
issued to the fire department. In conse-
quenee Of former payments to the police
force out Of the $4,000 provided, only
$4,000 in scrip will be issued, that
amount oHly being necessary to pay off
the entire force up to TIE May |, 1875.
In consequences Of former payments
made to the FIRE force, about $4,000
only will be issued in payment Of the
men up to May LIST, 1875. This is all the
scrip that will be issued and thrown on
the market, say 800, 900, and this should
be received by all merchants, landlords
and others at its face value. Why2 Its
redemption is secured by the privilege
tax, according to the provisions Of the
city charter and the ordinance under it
and carrying it into effect. The mer.
chants tax, the tax on licenses, drays,
etc all 90 to the fund to secure the pay
ment Of the police and fire scrip. No
more Of this scrip will be issued, as the
paid tax above mentioned is sufficient to
settle with the departments in the
future. For instance, the privilege tax
Of last year yielded $l25, 900, and as
Only 800, 900 in scrip win be issued the
demand for it will be greater than the
supply, as the privilege tax will have to
be paid in January next, only seven
months off.
1t will be seen from the above state
ment that the police and FIRE scrip is
especially protected and its redemption
secured to all hslders, either as tax. pay
ers or those who pay no taxes, and it will
be received in payment OF the privilege
tax in January, 1876, This should make
it worth its face to merchants and land
lords, whatever spectators Or bears "
may say.
The scrip will be issued in deuomina-
tons Of FIVE, ten and twenty dollars, and
the numerous checks on its issuance
guard against all attempts at a lraudu-
lent or over-issue. The scrip, ia printed
in check form. stating the denomination,
the name Of the actual beneficiary re-
ceiving it, and his business-a fremaa
or policeman-and is Endorsed payable
to John Smith or bearer" thus making
it negotiable paper without any further
Endorsement. When torn from the book
the stub left indicates all these mate
rial items of proof.
There is another lot Of scrip author
lied to be issued-an appropriation Of
$4,000 for hospital purposes-but out Of
this appropriation only $4,000 will be
issued, the balance having already been
paid, This scrip is receivable for all
city taxes, except privilege tax, viz;
Merchants tax, license tax, etc, which
is specially appropriated by the charter
for the payment of the police and fre
departments. 1t can, however, De paid
on the one per cent. tax or realty.
In addition to the above sl5. 900 in
scrip will be issued for Board Of Health
purposes, aud the reason for this latter
issuance is to bridge over time until the
middle of November, the Legislature
having extended the time of payment Of
certain taxes until that time. This is
all the city scrip that will be issued, and
those desiring it for tax paying or re-
deeming purposes had better secure il
in time. OF course it will be seen that
the police aud Ere scrip is gilt edge,
fancy scripts redemption being Sc
cured beyond possibility of doubt at
short time, The hospital and board Of
health scrip, although good, is not. Of
the same high grade.
Mayor League should issue the above
scrip in an amount sufficient to pay of
the policemen and 6remen up to the Isl
Of May, 1875, as there is no danger o.
such an issue depreciatiug in-value, ne
matter what brokers may say to the con.
trary, The meu are out of money and
owe bills for goods and provisions fol
months past, and they should be paid Of
in full Immediately,