Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-06-20
TWO INTERVIEWS.

The letter Of City Attorney Hanson
10 the general council on the RlaisddBltts
cases, in which he stated the total city
debt at s., 500, 600, and the annual in
terest at $3.50, 600, attracted so much at
tention that We felt it our duty to send q
reporter yesterday TO interview that gen.
tIeman and his honor Mayor League, so
a. 10 get st the real state Of the facts.
The result is placed before our readers
this morning. As 10 the HldJIddnlus
cases and the responsibility for them, or
for this or that financial policy, we have
not space to-day to say anything. We
can only deal with the debt, q
statement Of which has been fur
nished US by the city comptroller.
From this ii will be seen that the total
debt, instead Of being S., 500 600 as Mr..
Hanson says, is $, 80, 1862 81, against
which we have assets Of 81, 675, 20S SO,
showing the net liabilities to be s., S47,.
l54 43. These figures are up TO the thir-
ty-hrst Of May last, and by comparison
show discrepancy az compared with
the city attorneys figures Of $685.
S45 81. This would not count for much
in the later days Of the Confederacy,
when millions were SIS common as mills
now, but to 5000 people, with taxa
BILE wealth OF less than $40 100000, in
these days Of 1875 it will count for all it
is worth. But much improved as the
financial outlook is by this exhibit Of
the comptroller, it is still very much
worse than il should or would have
been had our finances been managed
in the past as they, should have been. 1t
is true there is, too, wide difference in
the interest account as rendered by Mr..
Hanson aud Mr.. NewsOm-that Of the
former being set down at $3.50, 600, and
the latter at $40, 900. One hundred and
fifty thousand dollars per annum is con-
siderable toia people struggling up from
adversely, still even S240, 900 for interest
is too much; more than we ought to
have to pay, and more than We can be
compelled to pay il we take the state
ment Of the bond issue published on the
frst OF July, 1874, and the decision Of
the supreme. court Of the United States
in the case OF T. E. Brown,
in which the court decided to
allow the city only fifty cents in
the dollar for the bonds given by the
city to Brown as collateral or as loan,
and which were sold at that rate by him.
Take that decision, and the history Of
the bonds, and we think a competent
commission OF financiers. would have no
difficulty in reaching fair and just con-
clusion as to what the amount Of the
debt really is, Whist bonds should be paid
and what should be paid for them-prin-
cipsl and interest. We suggest such a
commission for such purpose, that the
whole question of the city debt may be
finally and satisfactorily disposed of on
a basis equitable, just and fair.
To make it satisfactory to
all concerned this commission
should embrace besides the finance
committee OF the general council,
the mayor, city attorney and city
comptroller, the presidents OF the
cotton exchange and chamber Of COM
merce, and the presidents or cashiers OF
our leading banks, and perhaps three of
our leading attorneys. Commanding
respect at home and abroad, and reach
ing conclusion, after mature delibera-
ton, and the careful review
and sitting the matter Of
our city debt would receive from
such s body, we believe its decision
would belaccepted, at least by our people,
as finality Of a vexed, vexing and per-
picking question. But, anyway, some
thing must be done Of definite charac-
ter. We cannot go on as at present.
The silent acquiescence OF the city at
tOrney in naaHdaDauses and his declars-
ton OF "no defense" will not
do. We must know what bonds
were illegally issued and declare
them void, and maintain that
declaration in court, and OF those the
legality of which we admit, we must
know the price at which they were
bought, pay that price, principal and
interest, and not one cent more. We
cannot carry this LOAD Of debt. We
cannot pay it, and We must get rid
of il fairly and legally. The way
is open, and we believe it lies through
the commission, and by the mode above
indicated.