Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-02
AEiIPTEIS APPEAL
FRIDAY, : july 2, Isl,



An article in another column, coz
trastiny American municipal debts
with these OF European cit
les, comes to us very opportune-
Iy in view OF recent discussion OF the
debt Of Memphis. 1t will be seen that
while we are not the lowest in the scsle,
population considered, we are still suffi-
Gently so 20 furnish a contrast painful
70 our tax-psyers. Leaving out Of con-
sideration the English towns that ap-
proximate ours in population, and con-
trsstIng ours with the figures Of cities in
or own country, We find bat few to
keen us company in the matter OF debt.
San Francisco, with nearly three times
our population, OWes two million OF dol
lars less, and We find such thriving
western cities IS Milwaukee andDetroit,
with nearly double our population, with
less than half our debt. indianapolis,
with a few thousand more people than
rs. owes about one-fourth as much, and
Savannah and New Orleans are the
only southern cities that at all approx
mate us. Charleston owes as much IS
We do, but then il has double our popu-
lation, and has permanent public i'm
provements to show for her debt, which
we have not. And just there is the rub.
As the New York Herald some time ago
remarked, when contrasting the relative
debts OF Paris and New York, the debt,
while il would still be cause Of regret,
would be less so il we had anything to
show for it. Except the fast deesying
and much neglected NicOlson pavement
We have nothing to show for the -, ozz,-
1862 So which we owe. We have neither
boulevard, nor public park, nor city balls
nor eleemosynary institution (save the
city notwithstanding, in fact, that
would arrest the strangers eye
as an evidence OF CONNER
cial growth and independence.
All other cities have these, and public
docks and harbor improvements, that
are an index and witness Of the public
spirit Of their people. What, then, dOes
this enormous debt represent, for the re-
ddction OF which we have assets only TO
the amount of 81, 675, 20S 50? Mainly
scrip issued in payment OF contracts and
to the employees, IN some cases three Tor
one being given in order that full
dollar might be realized 10y the creditor.
Much Of it also represents the difference
between the market and face value OF
bonds that were sold or hypOthecated at
cruel rates, the financiers being only
mindful OF the present and utterly heed
less of the future with its day Of reckon
ing. These facts and this condition OF
Memphis makes her place in the scale
OF debtor cities very sorry one, one
TO be appreciated here at home more
than it ever can be abroad. 1t is sill the
worse, too, because there is no improve
ment in the direction where most we
need improvements. We have no
manufactures on q scale encouraging us
to a belief in anything like growth in
population, and the only per-
ceptible increase is seen in
the houses on our business thOroUghfares
that have been theoretically pushing
our commerce in every direction
throughout the surrounding country.
Cincinnati, st. Louis and Chicago,
against which we are pitted in the race
for commercial supremacy, have large
manufacturing interests to second and
support their commerce, and can, there
fore, bear their burden Of debt with
feeling of ability to meet it, and by up
holding the public, strengthen private
credit. We have not. We rely alto
gether upon cotton and the traffic grow
ing out OF the handling Of the staple,
and, from year to year, literally rest
upon the ragged edge of anxiety until
the crop is gathered, and we know we
are safe. This yesr we have saved our
selves, but that is all. The crop was
short in this region, receipts were con-
sequently light, and purchases proper
toned. The result has been that every
one had 20 practice a close economy,
and the classes who are dependent upon
daily labor have been brought to the
verge of want. This is not bright pic
ture, but it is the fact; remarkable, too,
since in every other part OF the State, and
especially in all the towns near US, me-
chanieal and manufacturing enterprises
have kept pace with the commercial
growth, and both have hand-in-hand
amid a dull year, with money
abundant yet hard to get, prosperous
condition. But, returning to the city
debt: It should be the first care of our
city fathers, and they should diligently
seek relief for us wherever they can find
il. Ii in the courts, We ought to know
it as soon as possible. II bonds were
wrongfully issued, or if we can take ad-
vantage of the purchase price as op-
posed to the face value, lei US know the
facts at once, and enter upon feasible
plan Of relief. With the present debt
hanging over US, a painful evidence
against US, we cannot expect to prosper.
We must reduce the municipal BURDEN
if possible, before we can expect the
establishment OF those industries, the
absence of which is painfully conspicu-
Gus just now, and without which we
cannot hope to make Memphis what we
all desire she should be.
Now that our country friends have 1t
i'm their power TO come from Milan,
rr.I-lIL nnA nthnr fnnna ON the on.