The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-07-12


Morristown:
The undersigned, who were ap-
pointed at a former meeting TO inves-
tigate and report as to the validity
of the corporation bonds now out
standing and as to the collection
and disbursement of corporation
revenues since its reorganization in
1867, beg .eaye to submit the follow
ing t1L
REPORT
The field of inquiry is too extern
sive for one report. and we therefore
Confine ourselves in this report TO
the question Of the validity of the
corporation bonds. The Legislature,
on March II, 1868. passed an act
entitled can Act to amend the
charter Of the Town of Morristown."
(See Acts 1867-8. chap. 1929 The
corporation bonds were issued under
the first section of this statute. II
is remarkable that the body OF his
statute nowhere mentions the cor
poration of Morristown the only
corporation mentioned in The statute
is that Of the city Of Memphis; the
first section does not mention any
corporation whatever, but the title
of the act, standing just above the
first section, mentions the town Of
Morristown and it is fair to assume
that this first section at least relates
TO the corporation of Morristown.
In this report we shall assume this
to be true. and that the act is valid.
The first section of this act, which
is the only statute in existence au-
thorizing Morristown to issue bonds,
reads as follows:
"Be it enacted by the General AS
sembly Of the State Of Tennessee,
That the Board Of Mayor and Alder
men shall have power for the pur-
pose of making any public improve
ment that may be deemed necessary
for the town, or of acquiring any
property for the public use of the
town. to issue the bonds of the cor
poration, bearing interest not to ex-
ceed six per CONT. per anRun3 and
having not more than twenty years
to run but this authority shall not
be exercised unless the ordinance
authorizing the same, shall first be
submitted to the vote fthe qualified
voters Of the corporation at an elec-
tion to be held under direction Of
said Board for that purpose; and
after giving ten days notice of the
time and places of election by writ
ten notices posted at four public pla-
ces in the oorporationj and, if a ma,
jority Of those voting, decide against
the proposition, the bonds shall not
issue"
The foregoing is every line OF the
statute that can by any possibility
relate to M0rristown, and yet Nor
fistoWn is not mentioned in it. Upon
examination Of this section of the
act. it is apparent that bonds could
only issue Tor two purposes, viz :
''for The purpose OF making any pub
lie improvements that may be deem
ed necessary for the town." and for
TIE pArpose ''of acquiring aay prop
erty for the public use Of the town.
These are the objects for which
bonds may issue under this act, and
/ Il is too clear for argument that
bonds could not issue FOR any other
purpose. 1t will hereafter be shown
to what extent this requirement of
the statute has been violated.
But the act not only prescribed
tiaa Objects. but it also prescribed
the conditions, for issuing bonds, N
plain words it enacts that ''this au-
thority shall not be exercised unless
the ordinances RHthoriZing the same
shall first be submitted to tue vote
OF the qualified voters OF the corpo-
ration, at an election 10 be held for
/ that purpose, &C." Hence the act
required in unambiguous language
that the ordinance ITSELF under which
/ the bonds are to be issued, shall be
voted upon by tLe people. It is net
/ enough that proposition to issue
/ bonds be submitted TO vote it was
requisite that the ordinance itself rs
/ framed by the Board, be submitted
to the qualified voters. The mani
fest int0ptioR Of the act is that the
/ corporation voters might seq, from
the face of the ordinance itself, the
nature and extent of the obligation
they were about to assume.
=. The first question presented is,
was amy ordinance ever submitted to
! the qualified voters Of the corpora.
ton, and if so what was its. charac-
ter and object? This question is
clearly and distinctly answered by
the corporation record. On the 1st
MAY, 1868, the Board Of Mayor and
/ Aldermen Of MorristOwn, adopted
/ the following ordinance!
1.-The Board of Mayor and Alder
men met pursuant 10 q call OF the
Mayor The minutes Of the last
meeting were read and adopted.
/ Thercupon the Board passed The fol-
lowing resolution:
Resolved by the Mayor and Alder
men Of said corporation, that the
Mayor be and he is hereby fully au-
thorized to employ an agent for said
corporation to have two hundred
/ bonds OF said corporation struck off
in good style in New York of the
/ denomination of one hundred dollars
each, bearing six per cent. interest.
land running ten years, the interest
to be paid scmi-annnally at some
designated bank in New York city
and that lie be further authorized
to procure a seal, for the use Of the
corporation.
Resolved furthermore, that notice
be gi5en to the qualified voters OF
The corporation q required by act Of
the Legislature passed March IA,
1868. The Board then adjourned,