Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-03-17
SHALL MEzPHIs PASS INTO THE
HAEDs OF A RECEIvRRi

cedenes over all others for a week,
even to the exclusion Of national
politics and the possibilities of this
or that set Of men securing Federal
appointments. These matters can
be discussed afterward-the ques-
ton Of a receivership must be de-
cided next week or 90 over two
years, We have sought to obtain
and reflect the views of enlightened
business men and tax-payers-those
who have property TO be taxed, as
well as the large class who as EN-.
ployes and tenants are indirectly
taxed; the representatives Of both
capital and labor, whose interests
are mutual and essentially the
same. The opposition to the re-
ceivership, with all due respect,
comes strongest and mainly from
an o~fice-seeking element, and is so
recognized. There are notable
exceptions, but we have yet to
find a bona fde taxpayer, with
his tax receipts in his pocket,
opposed to the bill before the legis-
lature, unless he is or has been
at some recent period, in person or
by proxy, an aspirant for a Federal,
State, county or municipal Office.
Let the legislature understand this.
But it is our desire to treat the sub
ject solely upon its abstract merits,
as a business proposition, as one Of
dollars and cents and expediency,
as far as consistent with CONNER
cial honor. 1t is said that under a
bill which has already passed, the
city can legally compromise at IS
and so cents on the dollar; but
will that stop the mandamuses that
will soon throw us into bankruptcy?
Certainly not. 1t is urged again
that the people have ne voice in
the matter Of a receiver. The peo-
pie had their voice in creating the
debt, and now they have only a
choice between a receiver who may
compromise for them, or successive
mandamuses and bankruptcy and
ruin. Politicians got them into their
present troubles and have onlypower
left to get them into deeper ruin.
IL ever extricated it must be done
by men Of sound business views and
legal qualifications. If the bond
holders mean to meet us in good
faith, why should they object to the
citybeing protected by an act of the
legislature? The fact of objection
coming from bondholders would
argue a want Of good faith. The
idea Of a receiver must be absolute
and complete or it amounts to
nothing at all. When a business
man turns his affairs over to a re-
ceiyer or an assignee for the benefit
Of his creditors he cannot claim the
right to run the Office of the re-
ceiyer, appoint his clerks and Grip
pie his efforts. No business man
would accept the trust on such
conditions. A receiver for the city
would be such only in name and
not in practical effect unless all the
officers and agents we're appointed
by the court. 1t is singular that
no perceptible opposition to a re.
ceiyer's bill existed while it wal
understood that the recorder wal
to be elected by the people. Thi
office has always been filled by thu
mayor and the council, and Their
Is no reason why it should b.
dragged into the mire Of local poll
ties at a time like this, when al
Memphis sold at acution would no
pay the public and private debt
Of the people. If a little side issu
like this recorders Office, whic'
seems to be really the nucleus O
opposition, can come between tn
whole people and their interests t
distract them and defeat the onl
measure that promises relief, ther
indeed, is our situation deplorabl
and almost beyond hope. 1t is to
late to change front. The bill in
troduced in the house an,
published in yesterdays LEDGEI
must pass, or nothing. Shout,
il fail from lazy support, O
concealed or open oppositiol5 i
will not be a year before the tax
navere will be exclaiming COR e.,