Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-06-22

scented; and now I desire to say again
! that the fault is an too much government,
too much expenditure for the Limited
! income. And IL the council gees on
| waging war upon creditors, and eXpent-
ing their incomes in what might be dis
pensed with, relief will never come. II
| they will retrenCh in expenditure, and
pay what they can, they will stop liti-
| cation and retrieve the losses Of time
and money that their predecessors have
uselessly spent. You enter your protest
against the scrip now being issued; it is,
| perhaps, bad move; the more so be-
| cause 1t has tinge OF demagoguery in
| being confined to the three de-
partments of police, fire and hospital.
II the city issues scrip it should
be to all or none. The policemen and
| firemen ought to be paid, so ought all
city employees and creditors, and the
| city ought to do without what it can
not pay for. If this controversy brings
about careful thought and active indl-
vidual effort, on behalf Of the press and
the people, to get out of our troubles, l
shall be content. L am not certain that
the people have ever known their true
condition, but l hope they Will learn it
now. And il you and the comptroller will
give each item Of debt or liability, with
interest 10 date, you will find that | can
come nearer swearing truthfully to nay
figures, than you and be can by yours,
though / made no assertion, but only
stated hypothetical case, but guessed
much nearer the truth than you got
with your figures, as 1 stand ready to
prove. G, A. HANSON.
COMPTROLLER NEwSOM INTERVIEWED.
Upon receiving the above We sent
reporter to the Office of the city comp
trOller, with instructions to interview
that gentleman, and ascertain from him
If the structures of City-AttOTney Han
son were we'll based. The following is
the result, from which it will be seen
that the comptroller stands by the city
debt statement he furnished US on Satur-
day, and does not change figure:
Question 1-Of that amount only
three OF the items bear interest; ledger
balances do not, nor do greenback scrip.
On the amount that Mr.. Hanson claims
bears interest, $3.50 80 is the interest for
one year, which is only about One-hslf
of what he claims ($l9, 5000.
Question 2-It is well known that in
the matter Of past-due coupons they bear
interest at the rste of seven per cent,
but the policy of the mayor has been to
pay only six per cent. in taking up the
same. This has generally been accepted
by the holders. Now the interest on the
coupon floating debt is not included in
the liabilities of the city, from the fact
that the interest on past.due interest tax,
S2S7, 1861 70, is not included in the assets
for the reduction of that debt, One is
supposed to be nearly, if not quite, set
off against the other,
Question 3-The interest due in July
is SOB, 055, which includes $ll70 on the
$39, 900 held by the sinking fund COM
missioners. This was not included, be-
cause the report was made on the thirty
first of May, but would have appeared
had the report been made on tie first Of
July.
Question 1.-The Judgment account re-
ported does not include the amount
claimed by Mr.. Harrington, because no
judgments are entered OF record until the
city attorney reports final action of the
courts. He has not yet reported this on
the Harrington case.
Question 5-As to the waterWOrks
claim the books of the city show no liza
bility as yet, and may never show any,
for the claim is not only denied by the
city, but the city attorney admits he
has hopes Of defeating it.
Question FIN regard to the certifi-
Gates Of Indebtedness, Mr.. Johnson is
sued 1919, 443 IS. Mr.. League has is
sued $I2i ,057 SO, making total of 9440,-
sol Al. But there was included in the
estimated statement OF that debt the
total amount paid by individuals to con-
tractors which was S606. 39l SO, to pay
which a special tax for the forty-sixth
corporate year was levied, amounting to
$l97, 521 70, of which has been collected
on that account and on account of tax
on capital invested SSS, cog "a, which
deducted from the original amount and
interest added, would make the figures |
shown in the statement.
Question AS regards the claim OF |
the Washington attorneys Carlisle d |
for $4,000, the individual |
ledger shows a credit Of that amount to |
them, which is included in the ledger |
balances.
Question S-As' to the fifteen bonds of |
$1,000, nine of them are held by T. J. |
Latham and sac by the Mississippi Valley |
insurance company as collateral securi- |
ty, the former for ten notes OF $1,000 |
each, the latter for one note of $4,000. |
These notes are included in the "bills |
as shown by the floating debt, |
and these fifteen bonds have never been |
sold and will be returned to the city |
when the notes are patti.
l would say that the statement | gave, |
with the exception of the last two items |
In the floating debt, was taken from the |
books, that is the balance sheets Of the /
book up to May 81, 1875, and are correct,
MIR. Hanson to the contrary nOtWith- /
standing.
REPORTERS CORRECTION.
In the interview with Mr.. Hanson, |
published in Sundays APPEAL, there |
we're several errors regarding the answers
nade,by the city attorney. In the an
,wer to the third question there is the
omission of figure; the statement |
should be one million dOllars, where it is
published one hundred thousand dollars,
and one million one hundred aud thir-
,y-five thousand dollars, where it is pub
ished one hundred and thirtysfve thou
,and dollars, as the amounts of bonds
authorized and issued. Another answer
If the city attorney read: 81 should not |
nave said anything to the council had
not public opinion demanded it." This
should have been, chad not public inter
2St demanded it," In the last answer
he city attorney said ~ have neUer
advised the council to so act as to en-
gender lawsuits" The word "approach-
I'd" should have been printed for Sap
in the answer which reads
the committee appointed Messrs.
dumes and Edgington."
THE CITY DEBT STATEMENT.
In order that our readers may refresh
themselves as to the figures furnished us
~ the comptroller on saturday, and by
them with our Sunday edi-
ion, see that they have not been
hanged, we reproduce them, as fol-
oWs:
ASSETS AND LIABILITIES OF THE CITY
OF MEMPHIS, MAY 81, 1873.
LidbHiiieS-BOnded De5t.
tx per Cent Post Bonds, currency. s., i26,GOO |
EN- per Cent. Post Bonds, CURRENCY 5000 |
tx per Cent. Paving Bonds, currency 1850 |
TX per Cent. School Bonds, currency. 5000 |
EN- per Cent. School Bonds. currency 10000 |
TX er Cent. Mississippi River Rail-
road Bonds, currency ............ 10000 |
tx per Cent. Funding Bonds, gold ..... $4,000 |
Total Bonded Debt,.......... s8,72O, 500
Floating Debt.
ILLS payable...... S7g4Ol 70
ireen back scrip 4j5 70
ity scrip ESTIMATED .................... 2}4 10
Obtain 81 99l 81
.ed2er balances (due Individuals. l67 459 ~
asst due bonds 1000 w