Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-06-14
POLICE AND FIRE SCRIP,

NtCs
The Appeal commercial man on yes.
terday wrote OF the new city scrip as fol-
lows:
The new city issue is much discussed,
it would be received with favor IL there
we're certainty that it will always be re-
ceived for the taxes it is issued for; nc
market value is yet assigned it.
And the Avalanche's commercial pen
cil-slinger echoed in the following style:
There was some discussion on the new
city scrip that is coming out-we made
inquiries all over Madison street, but
found no settled views as to its value.
One broker offered to take it and pay
ninety-6ve for all he could use to pay
what, without it, must be paid in cash.
The scrip reads as follows:
MEMPHIs, Tenn, June1I 1875.
City Treasurer:
This Police Department Tor Fire De-
partment) warrant for twenty dollars is
receivable from -, or bearer. in
payment Of licenses and tax on mer-
chants, privilege and peddlers, for the
year 1910. JONI League, Mayor.
JAMEsA. NEwsOM, City Comptroller.
WHAT TAKEN FOR.
City Tax Collector schaper informed
our reporter this forenoon that he would
receive the police aud FIRE warrants for
all licenses, drsys, carts, saloons, etc.,
on the capital tax or ad valorem tax ON
merchants, capital invested in business
for the year 1875. and for the general
tax due for 1872, 1873 and 1874 not
specially provided to be paid some other
way, as for instance the school special
tax, etc. In fact it will be taken for all
taxes due and payable to the city. The
City Tax Collector added that the mer.
chants tax on capital invested in bust
ners for 1875, due and unpaid, amounted
TO at least 800, 900, which would have to
be paid in January next, either with the
police and fire warrants or with cash.
The Collector referred our man to the
Mayor for further information.
WHAT THE MAYOR SAYS.
Our representative presented himself
in the Mayors Office and received the
congratulations of the Head of the Com
nun on the scrip matter. The Mayor
said that the LEDGER was the only paper
in Memphis that took the trouble to
place the scrip on its proper basis, and
for this he thanked the LEDGER. The
other papers did not do SO. He regarded
the scrip issued to the Police and Fire
Departments as 6rst-class paper.
Our man, on hearing this compliment
paid to the LEDGER, arose and in his best
Chesterieldian style bowed his acknowl-
edgment to the Mayor. Mayor Loagae
added as follows: whether the new
charter be good or bad, | was the author
of the following few lines therein con-
tanned OF page II, section 70 Of the pam
phlet: Provided, That al revenue aris-
ing from licenses and tax on merchants,
privileges and p%eddlers shall be used for
the sole purpose of paying the current
expenses Of the police and FIRE depart
ments,' The Mayor added: Not a
merchant has yet paid bis tax, and this
tax aud privilege tax due amount to
ne lrly $4,000 or maybe more than that,
for tha year 1915, which will have to be
pa d ia January next, or at any time be-
FIRE that the General Council may
d ,siguate. The police aud fire scrip, or
warrants, will be taken for all indebted
ness due the city, not only for 1875, but
TOR prior years, as we'll as for that due in
1876 or succeeding years. The warrants
draw 6 per cent interest, or 81 per cent.
for the seven m onths they have to run
according to date Of issuance. If those
receiving them would place ten or
twenty thousand dollars worth of them
10 his haads be would see that they
could be placed as collateral aud money
raised OF them at seven per cent. on
time or one per cent. per month. Draw
three and a half per cent. interest for
seven mosths and being specially provid-
Ell for inthe charter, be regarded such war
rants as first-class paper. He advised
the police and 6remen only to draw what
they needed at the time, and il they
desired more to leave an order with him
for whatever amount they required. as
he believed that 10 a few days the war
rants would be regarded by bankers,
brokers and business men generally as
frst-alass security. On receiving these
V eEs and facts, cur reporter left, but
Def re leaving the MAY or promised our
representative to publish a communiea-
ton in the LEDGER in a few days which
would contain substantially the above
facts.
CITY SCRIP TAKEN FOR GOODS!