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

rounding county. The citizens need
not take the darker view of the debt
question, for they will not have to pay
| the entire amount, even though they
did not go into court and oppose it. 1t
/ is plain to be seen now that after parties
obtain judgments they are as much at
loss to find out q method by which TO
have the same paid as they were before
I the judgments were obtained.
Reporter-Have you nothing more to
say? ,
| Mayor Loague-I believe not, for hsd
much rather interview you, IS friend
informed me that the APPEAL had
much to do in depreciating the value Of
the fire and police scrip.
| RepOrter-WhO is that friend?
Mayor Loague-That would hardly be
fair, as the matter came up yesterday at
meeting of the finance committee.
The APPEAL was particularly men
toned as the paper doing a great deal Of
harm, and l was asked to speak to the
editors, and request them to helpinstead
of opposing the city in its present policy,
which has been forced upon US by the
legislature in GefeIring the time for the
payment OF the taxes. l do not, OF
course, ask you to attach any import
ance to anything say, but tell you,
ON my word and honor, and as mayor at
present, that l believe on the first day
of next January, tWenty'doliar war
rant that has been issued in payment to
police and firemen, will be more valua-
bic in payment of taxes than twenty
dollar treasury note, because the warrant
will draw interest from the time it Is
issued, and more will be needed than
| TOrpzanf
eral council are resolved upon ecOn-
omy and retrenchment, the faithful full
| fillment of all contracts hereafter en-
tered into, carrying on the city govern
ment within its ordinary income should
its expenses have to be reduced to one
half Of the amount at present expended.
An ordinance will be presented by the
| finance committee next Tuesday, which,
l believe, will give status to the police
and firemen's scrip, that will doubtless
meet with the unanimous approval of
the general council.
Reporter-What is the ordinance; 1
would like to see it?
Mayor LOague-It is as follows:
Section l. Be it ordained by the Gen
eral Council of the city of Memphis,
| That the merchants tax on capital, as
reported by the city board Of equaliza-
ton for the year 1875, is hereby declared
to be due and payable on the tenth day
Of January, 1876 lat which time all Ii
censes eXpire), and that from and after
| the tenth day of August, 1875, dis
count of one and One-half per cent. per
month be allowed by the taX-collectOr
on all payments for and on account Of
! the taxes due the city of Memphis on
merchants capital, made prior to the
said tenth day of January, 1875.
Section 2. Be it further ordained, That
police department warrants and fire de-
| partment warrants now issued, or that
may hereafter be issued under an ordi-
nance passed by general council June
! 9th, 1875, be and the same are hereby
declared to be receivable on account of
said merchants tax, and for privileges
except wharfage and market stalls, and
| the taX-collector is hereby directed and
| instructed to receive said warrants on
account of said taE. in such sums as may
| be rendered not exceeding the amount Of
| tax proposed to be paid, at the face value
of said warrants, and interest thereon at
the rate OF six per cent. per annum.
Section 5. Be it further ordained, That
said police department warrants and fire
department warrants shall be received
| by the city treasurer, in settlement with
the city taX-collector, in the same man
mel as the taX-cOllectOr is herein directed
to receive said warrants, and said war
rants shall be Cancelled by the city treas
arer when they come into his possession
as warrants redeemed, and shall not
again be issued or put in circulation I'M
der any pretense or for any purpose.
Section 4. Be it further ordained, That
said police and fire department warrants,
now issued or that may hereafter be is,
sued, and that shall not be used in the
| payment Of licenses, taxes on merchants
and privileges as provided in this Ordi-
nance, shall be redeemed by the city
treasurer out OF any funds in his hands
| belonging to the respective departments
OF police and fire after full payment has
been made to the police and firemen.
Section 5. Be it further ordained, That
in the event that the revenue arising
from licenses and tax on merchants,
privileges and peddlers shall be INSULT
Gent to deiray the expenses of the police
and fire departments for the year 1875,
then and in that event said police
| and fire department warrants shall be
receivable in payment Of One-third of
| the one per cent tax levied for general
|
estate aid personal property assess.
ments. And it is hereby further or
dained, That after the redemption of all
police and fire department warrants is
| sued for the year 1875, and the payment
Uf policemen and firemen for the year
| 1875, all revenue remaining on hand or
that may be collected from licenses and
tax on merchants, privileges and ped
dlers for the year 1875, shall be trans
ferred by the city treasurer to the other
departments, or items included in the
general expense tax pro rata, to all
amount not to exceed the amount of said
warrants that have been received in pay
ment Of the general expense tax.
Section 6. Be it further ordained, That
the discount or rebate herein provided
to be allowed, and the six per cent. in
terest allowed on warrants, shall not be
chargable to the police and fire de-
partment funds, but shall be charged to
and appropriated from the contingent
fund by the comptroller and treasurer,
and shall be so reported in the report of
disbursements.
Reporter-That has a high sound, al
though one section conflicts with the
budget ordinance. By the way, what
reduction has been made in the city's
bonded debt since January l, 1874?
Mayor LOague-In January, 1874, the
total amount Of bonds out was S.
$4,000. The total amount out May 81,
1875, was So, 720, 900, making a reduction
ia this debt Of 1921, 800.
eporter-Will you be kind enough to
furnish me with statement OF the as.
sets and liabilities Of the city to date?
Mayor Loague-I cannot give you
full statement to date. Mr.. Newsome,
city comptroller, can, however, and will
no doubt with pleasure give you state
ment up to the last day Of May, state
ment that will embrace everything due
oand due by the city.
Our reporter thus directed, called on
City Comptroller n ewsome, and received
from him the following, which he pre-
pared after no incOnsiderable labor, and
for which we thank him. 1t will be seen
that it is fuller than any statement ever
before furnished, embracing every item
of liability and asset, and is brought
down to the thirty-frst of May.
ASSETS AND LIABILITIES OF THE CITY
Or MEMPHIS, MAY 81, 1875
Northumberland Debt.
Six per Cent. Post Bonds, currency. AT, 600
Ten per Cent. Post Bonds, currency. 5000
six per Cent. Paving Bonds, currency 1850
Six per Cent. School Bonds, currency. 5000
Ten per Cent. School Bonds, currency 10000
Six per Cent. Mississippi River Rail-
road Bonds currency ......-..-..........- 10000
Six per Cent. Funding Bonds, gold..... $1,000
Total Bonded ,2O 500
Floating Debt.
Bills S79,40l 20
G GfSe EcTip ESTIMATED sSfiR 289 I "a
I'M obtained I