Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-12-03
OUR BONDED DEBT.
synopsis Of the Decision Of the supreme
Court As 10 the OTer-Issue Of the
LeftWich Bonds.
The Sinking-Fund Commissioners Sus-
tanned Il Clause Of New Charter as
10 Old Bonded Debt Void.

he Full Force and Effect Of the De-
ciSion-Numbers OF Bonds Repudi-
decisions Not Yet
Rendered.
.pecial 10 the Appeal
JACKSON, Tenn, December 2.-In
be city bond cases it is decided:
Farst.-That 80 Mayor Leftwich issued
be million one hundred and thirty-five
'oussnd dollars Of bonds, under the
sdinance Of the eighteenth OF April,
f6s for funding the deht Of the city,
mich au horized the issue Of only one
sillion dollar, the excess Of one hun
1 ed and thirty-fiye thousand dollar
as issued without authority.
. Second That though the city's bonds
we beensOld at 3 greater discount than
per cent, the transaction wss nei-
; er i gal nor uEuuCus, aud the city
a neither plead usnry nor scale the
4 nds.
Third That the city is bound, not
4 tbs anding sections sixty-three and
ly-four Of the new chsrter, acts Of
-, chapter ninsty-twO, limiting the
%lount of the taxes to be levied TO one
lar and sixty cents on the bundled
liars worth Of property, and limiting
4 interest tax to twenty cents, to levy
taxes that are necessary to pay the
erest on the bonds that were issued
ore the act OF 1876 was passed.
F6urth.-Thst the other questions
sd it Is not necessary TO notice.
ief-J Justice Nicholson delivered the
MON
IN THE SINKING FUND CASES
f. d.ciica that the charter Of 1869
hor. zsd the creation OF a sinking
d, to be used in retiring the bonds Of
city before they fall due; that the
nance The city passed in 1872, pro-
Jag for the creation Of the sinking
q is 8 proper exercise Of the city
yer to create e sinking-fund; that
einkiDg-fuud commissioners were
shsfging their duties il purchasing
De o. The city not due; th&t the
iers Of bonds past-due have
claim on the sinBing-f1Bdi which is
ust fund for the Lenefit Of the hold
+ |of all the bonds lot due, and that
& wrils Of msndsmus seeking TO COM
the sinking-fund commissioners TO
" the money ia their hands to the
ment of psst-due bonds must be dis
sed. Juige Sneed delivered the
ion.
ADDITIONAL.
ne above dispatch from Jackson,
re the supreme court is at-present in
ION, brings 10 US the Information
s., one branch of the suits now pend.
i against the city OF Memphis TO com
ler 10 pay bonus illegally issued has
It. decided in favor Of the city. TIE
Il ton decided is upon one hundred
thirty-fva thousand dollars, IN re-
1 o TO which issue City-AttorDey
ker addressed a communication to
bouncil, as follows:
s By ordinance OF Septe mber 6, 1865,
Glands administration, $50, 900 OF
ing bonds were authorized to be
"a. Under this ordinance only
< 600 were Issued. Thus the matter
on April Is, 1865, when the OTdi-
le was psssed authorizing the one
on-dOlisT funding issue. After the
e &c OF tie latter ordinance Leitwich
4 Sl,l35 900. assuming, II appears,
Sc be had power TO make the issue OF
4. 900. and also 70 issue the balance
$3.50, OOj not Issued by Leland. ]
.f g,v incline 10 think he had no such
M T: that the authority TO issue
10 600 was st the same tine limit
upon his authority, and that after
assage Of the last ordinance he had
rity to issue only 81, 900 600 The
ioncught 10 be maze If 1 am right
-. COO OyeTplUs issued by LeitGich
oiG. II not absolutely void, they
issued below PSF, and what Is said
fer Oh ,he general question VIII
pply To these."
following i, an exhibit, showing
umbar Of bonds issued in excess 81
900 coo authorized April Is, 1865.
y-year post bonds.
1873 % ls7s inclusive.
IgD. 1851 1857, 1888.
2pi4 gUIO. 2.li. 2ei2, 3Jlj.
luIl 2JjJ. 2oi2, 2U01, 4O6o DOB.
'[ $40 a 5J75 inc usivei .0.1.
l-J 3s3, Us.
lEI4 2210 E22Z
~ Is u Z2l2 .Eciusiye.
1lT7. 2T-u, .67l, 25.2, 2o53.
go % Z7Js inc uslge.
g7U7, 2-uS. -7ts z72i.
g47g 10 asSl inclusive.
"A }lll 10 5U55 Inclusive.
decision is net yet rendered on
|OO OJ0 % paving bonds upon which
Il was made by the holders. That |
aSers may readily understand the |
pr-ition, we quite from Tie sttOr- |
communicating to the general |
L "Of the $500 go OF paving |
III authorized June IS, 1857, think |
Il IA were void, and that the city has |
o,ule defense against them, good |
suv holder aud under any cir !
noes. There was never any iegts- |
authority Il issue but $500 600 |
hands: ali .ssued over aud above |
Re void"
spirit 81 CON promise aud justice |
y invited tue holders OF all Of
fb5uds 60 meet q committee, APP /
bytre city authorities, TO assem-
New York city one year ago, but
" Is accomplished ct that time. |
9lders will yet learn ;hst there are
in this country 10 protect the poo
their property. We understand /
% Walker hss no. been able 10
sIs;z before the count ia what lie
rsns. d-Ts the strongest light, bui
ly befrre the next term Of the
: ecurt some one will briag suit
-aupaU- IS will afford him an
= exp OdiUg the theory Of
= l5er beyond the amount
-NI r. 49,, - tue eDti5e Issue OF
-, ,o1 ~. Il according to Law
49,, y. u, ~ r.. . 70 The extent OF
-, - sl5ied 10 l''e amount in
which, il followed L. - EilI , 4r 20
al Least 8 saving OF 0. re ii'iiiOh
Committee Appointed
YoRK. Dscenl Der 2-The follow
-. ,z-as sf.r,ri0ted to repre-