Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-12-07
snturdaY Evenlng. Dec. Z. ISIS.
TEE CTTY CHARTER.

THE CITY CHARTER.
The Avalanche takes the following
statement, obtained from the comp
troller's books, as a text upon which
to build a strong editorial against the
repeal of the city charter
The total bonded debt Of the city, in
GLIDING the new compromise bonds, Is
s2SSq0OO 90; amount of debt funded,
Sl6S8.622 30; compromise bonds issued in
funding the latter sum, SS95,000; amount
of bonds (~estimated) held by citizens of
Memphis not including six per cent.
Memphis city compromise bondsl $500
900. OF the S1,698,622 80 funded, S5l6,-
82l 66 was funded by parties in Memphis,
and it is supposed that, with but few ex-
%ceptions, this amount (S5l8,S2l go was
held BY citizens Of Memphis.
Of the 1897, 1893 20 Of pavement in
debtedness, nearly the entire amount Is
due Memphis parties.
The proposed repeal lisa big ques-
ton, and one fraught with momentous
results. We have given it some
thought and find that there are some
serious legal difficulties in the.
way. These, however, may be
overcome or avoided when the time
comes to draft a bill. There is a strong
popular feeling just now in favor ofre-
pealing the charter and all former acts
since 1898, which gave Memphis a
corporate existence. The idea seems
to be to wipe out and take a new start.
We do not understand that repudia-
ton, in whole or in part, is contem-
plated, or that any advantage is to be
taken Of those who funded their old
bonds into new ones at fifty cents on
the dollar, but merely to gain time and
eventually effect a fair compromise
with all the bond-holders alike.
Just now it is an easy matter to OBJ
tain q mandamus and force the levy Of
a special tax. The prompt tax payers,
especially merchants and small prop
erty owners, bear the burden, for they
are often taxed twice to wipe out the
mandamus, while certain kinds Of IN
productive property escapes for years
and finally the owners effect a cOmprO-
mise, meantime possibly using their
money to adyantangein speculative in
yestments. If the back taxes due
could be collected at once, which is
impossible, the money would be suf-
fcient to buy in all our troublesome
Indebtedness and relieve our most
pressing necessities. Past experience
demonstrates that we may expect no
mercy at the hands Of those who can
enforce mandamusses against the city,
whether being here or abroad. We
have but little to show for all this
vast debt. No fine public buildings,
except one school-house no drives,
~boulevards or parks, except one,
worthy of thename; simply moth
ing except a rotten Nieolson
pavement, which was a fraud
from the first. While this is not a
time to locate the blame on any par
ticular class or person it is not out Of
placet to say that the property owners
who were until late years too high
toned to take a part in the manage.
ment Of local affairs stood off and per
mitted other classes TO hasten on our
financial calamities. The trouble il
on US and has to be met. If the true
remedy is to wipe out tho charter
and it can be done honorablyand With.
out producing confusion and disaster
lei it be done. Our representatives
it is presumed, will go to Nash
vile to carry out the will Of tn,
people keeping in view tn.
the honor and welfare of Memphis an,
of the whole State. Discussion vii
do good 1t sets men to thinking, an,
brings out ideas and various shades q
opinions, all of which will aid I'm
BIASED minds in arriving at correC
conclusions. Colonel r. r. Wilson
President Ofthe Memphis and Charles
ton railroad, seconds the motion mad
to hold a mass-meeting for the puI
pose of considering the financial COZ
dition Of the city. 1t should be Gale
next week.