Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-03-15
SHALL, MEMPHIS BE PLACED IN THE
HANDS OF A RECEIvERi

HANDS OF A RECElvERi
This is the most serious question
we have been called upon to con-
slider in the financial history OF
Memphis, and it should be dis
cussed with the utmost fairness,
keeping in view the best interests,
the honor and the future Of the
city. The interests of a few little
ofice-holders or ofice-seekers should
not be allowed to have a feathers
weight, not but what such per-
sons are worthy and have their
claims and qualifications, but be-
cause a great calamity overshadows
us all in the shape Of impending
bankruptcy and ruin. When this
great danger is past the Bluff City
will be in better condition to re-
ward faithful public servants. So
much for this side issue. Let US
now take up the main proposition
to appoint a receiver. This is no
new idea; it has been supported
by some of the best citizens fire.
quently within the last four or five
years. Nashville was in a crippled
condition six or seven years ago, a
receiver was appointed, a good man
in whom everybody had confidence,
(Mr. John NJ. Bass and in less than
a year be effected settlements that
gave entire relief. The success of
this experiment suggested the idea
here, but it has been more fire.
quently suggested by mandamuses
compelling an immediate levy Of
taxes. When the collection fails
another and another mandamus is
forthcoming, and thus the people
who can aud will settle pay two or
three times to wipe out one manda-
mus. Others owning unproduc-
tive property, or from any cause
proving delinquent, escape for the
time being, if not altogether.
The total taxable property of the
city is, say $4,000, 900 in round
numbers; the debt amounts to
about s6,0OO,OO The assets are
given at 81, 100000, which includes
all back taxes. In some instances
the property would not sell at reg
ular auction for the taxes past due.
No business man would take the
assets OF the city at an average of
twenty cents on the dollar. Add to
the indebtedness Of the city Of
Memphis her share Of the State
and county debt and it amounts
to more than ten millions or more
than half the taxable property
within our corporate limitsl A
mandamus can be obtained on a
single thirty dollar coupon, and the
costs thereon will amount to a good
deal more than thirty dollars.
What hope is there in such a situa-
ton? We answer, the last recourse
seems to be in a receiyership.
This is a deplorable state of affairs,
but we must face it like bust
ness men, and if necessary adopt
a violent remedy even as individuals
often do. The best lawyers in
the city, among them Mayor Flip
pin, City Attorney Walker and
others favor the plan as legal and
expedient. A bill has been intro
dueed in the legislature taking
away the taxing power of the city
and vesting it in the legislature
a%bolishing the Office of mayor anC
boards Of alderman and commol
council, and providing for tn
appointment Of a receiver ant
two commissioners, the three t,
constitute a board or commission
to compromise the Indebtedness o
the city to an amount not exceed
ing So, 900, 900 by funding tn
same. The bill further provide
that all new bonds and coupons s.
issued shall be receivable for take
and become a part Of this contract
that a sinking fund shall b
created, and that when yacan
cies occur in the other mum
cipal departments the same shall
be filled from time to time by tn
court, except, however, the office
of recorder and wharlmaster, which
sh6; be filed by election by TIL
people at the usual times. Thi
last feature was not originally il