Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-01-08

fde holders; and shall adve4 tise for pro
pOsals stating in the advertisement thu
amount OF surplus money then in tn,
treasury to be invested in said binds anC
coupons; provided, however, that in NJ
went shall said finance board buy sale
Onds or overdue coupons at a higher
rate than sixty cents on the dollarss
Section 3. Said finance board shall
publish in some newspaper published at
| Nashville, the name of each bidder, the
amount in bonds and in overdue cUu-
pous by him bid, and the price be
offered to take for the same, and shall
show whose bids were accepted; and the
| finance board shall make full report OF
their action in the premises tc each
general assembly, including in said re-
port their said advertisements and pub
'icatiOn of bids.
Section 4. All the bonds and cou-
Oons purchased by said board under this
ct shall be cancelled in the manner
row provided by law, and that the law
| ful expenses of said board shall be paid
y the treasurer, on the warrant of the
comptroller, approved by the governor.
Section 5. THIS act to take effect from
and after its passage.
| The bill comes up for consideration
70 morrow but it is not likely to pass,
for the legislature is in favor of main
aiming the State credit, which fact was
/, dlcated in the election of the chair
man of the senate yesterday.
POOR LOUISIANA.
When the resolution expressing SYM
| pathy for Louisiana and expressing dis
appreciation of the Federal interference
was brought up Mr.. Gibson, the Rapub-
lican member from Campbell, begge d
to be excused from voting, upon the
| ground that he was not prepared to
vote intelligently upon the qnes' ion, as
ne had no other Information than that
given by the newspapers. Mr.. Taylor
/ another East Tennessee Radi ;al, enter
tanned the same views, and is too Young
a salon to have discovered sufficient
| virtue in newspapers to accept their
statements as truthful. This member,
however inCreduloUs he may be
| concerning the truth of public journals
said ne did not wish by his vote against
the resolution to indicate his want of
ympathy for the people of onisisna,
| for he was conscious of the fact that pO-
litical vampires were pTeying upon
them. This admission from Radical
shows that the oppression and tyranny
on the part of Sheridan and Grant are
fast undermining the Radical party and
will work no good. Toon, the Demo-
crat, who opposed the resolution, said be
did so because the resolution was inn
polite. He wanted to know if the
house had been advised Of the truth Of
the oppression. From his speech, some
might believe that the entire matter
rested upon his vote. Carson, Repubi-
can, Cross, Democrat, and Hurt, Demo-
crst, also felt it unwise to support the
re -OluliOn. Should these men await for
official information upon the subject of
LOuisiana's woes and expressions, they
would grow too old to read the fearful
story, even with the aid OF micro
scope.
THE STATE DEBT.
The following is full synopsis of
lengthy bill offered by Mr.. Lee Head, Of
Wilson, who was an anti-funding mem
Der of the last legislature:
The bill provides that the treasurer,
after providing for the payment of the
current expenses, shall set apart annual
ly cut of the revenue of the State the
sum Of one million dollars, which shall
constitute fund for the payment OF the
bonded Indebtedness OF the State; that
the governor, comptroller AID secretary
of state be constituted board of COM
missiOners, who shall give notice in one
daily paper in each division OF the State
for sixty days Immediately preceding g the
first Monday in July Of each year, that
they will receive proposals from the
holders of the States bonds for their
payment by the State; that any holder
of s ate bond desiring Its payment un-
der the provisions of this act shall, be-
fore said first Monday III July, file with
the comptroller a seated state ment show
ing the number and amount of each
bond he de,ires to be paid, the date of it's
Issuance aud maturity, the numb of
coupons unpaid, and the least amount
of currency ne is willing to receive in
full payment and satisfaction thereof;
that any person fling proposition for
the payment OF bonds shall also deposit
the bUnds with the comptroller, who
lall give him receipt therefor, and
keep the bonds safely iD his office; that
on the first Monday in July the board OF
cOmmis srOners shall Op1u and compare
the propositions submitted, and, begin
ming with the bonds offered at the low
est price, pay off the bonds fi'ei until
ali are paid or the fluid is eXhaus ed; but
they are to pay off no bond which is Of
fered at more than thTee-fOurths of the
amount of the boud and unpaid cou-
pOns; that after comparing the PROPOSE
tons, the commissioners shall notify
the bearers of the bouds whose PROPOSE
tiOns have been accepted of such accept
ance, and draw their warrants upon the
treasurer in favor of the owners of u e
bonds for the amounts agreed to be pa 4
therefore; that they shall cancel Il g
bonds paid off, aud return those not pa d
to the proper owners, but no md shall
he returned until the proposition
flied for its payment has been
Ttj cted; that the commissioners
shall report their action under this
act to each regular session Of the gener-
al assembly; that if, after providing
for the current expenses of the govern
ment, there should not remain in the
treasury the sum If one million dollars
then the treasurer shall set apart what
ever surplus dues remain, to be applied
as herein provided; that if this fund is
not exhausted on the first Monday in
July, then the cOmmissi hDeTs shall ad-
veTtise for propositions for sixty days
preceding the first Monday in December
following, and pay off the bonds flied as
before provided; that if at the close of
any year there should remain any poT-
ton of this fund in the treasury, then it
shall constitute q fund to be used in the
payment Of the bonded indebtedness OF
the State, as the legislature may from
time TO time direct; that this act shall
not be construed as intending in any
manner to increase, or TO hinder or pre- |
vent a decrease OF the present rate OF
taxation; that so much Of the funding
bill as is in conflict with this bill he re-
pealed.
MR.. LEA's CORPORATION BILL.
MIR. LEAFS corporation bill has refer
ence to charters, etc, but does not touch |
upon any feature pertaining to the city !
Of Memphis. The bill is Of a general |
nature, and does not apply especially to |
any existing municipality.
A bill concerning the city charter of |
Memphis will be introduced in few |
days.
OFFICIAL RETRENCHMENT.
1t is generally believed that the men,
bers of the present legislature will try to |
themselves by introducing |
bills for reform and retrenchment. The
first thing that will be assaulted is the |
courts and the fees of officials. |
The idea prevails here, that the Mem !
phis representatives will make an ener. !
getic effort to cut down the fees of the |
clerks Of courts, aud otherwise lessen the !
cost of litigation. A bill will be intro |
duced to dispense with trial by jury,
exceI iu cases where such 6 demanded
by the de endsnt or Dlaiut.fT OF course,