Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-12-28
pthIishsr sud PrsrristOr
THE LAST RESORT.

THE LAST RESORT.
The Avalanche has several times
established to its own satisfaction a
principle in law that all the private
property of the inhabitants of a cor
~poration is liable for its debts. In
other words that the holder Of a man
damus against Memphis has a pre-
ferred lien, ~ it we're, upon all the
property in the city, not only upon the.
public property such a. real estate,
engines, furniture, etc., but upon the
real estate and personal property of
each individual. Unfortunately for
the Avalanche the decisions of the
courts do not all read that way. If
the charter remains as it is there is no
question but that our creditors can
continue to have new levies Of taxes
made almost without limit. The peo-
pie Of Memphis have paid millions
and millions in taxes since the war
very cheerfully, in fact too cheerfully,
for this spirit encouraged loose man
agement and the creation of new debts.
The time has at last come when they
cannot pay and must plead inability.
We do not blame the creditors for
wanting their money, although some
of the city Indebtedness vas created
in a very of-hand manner Whilst il
is generally conceded hat some o.
the debt was illegally created and
would not stand in the courts, the
people generally seem averse to litiga-
ton and have not insisted upon open
ing this question and going into pro-
tracted and expensive lawsuits. The
repeal of the charter is favored as a
last resort to get beyond the reach Of
mandamus and secure a simpler and
more economical city government.
The idea Of reputation does not enter
into the scheme, but it involves a gen
eral readjustment of all outstanding
Indebtedness upon an equitable basis.
When this is done it does not fol-
low that the old municipality will
ever be revived. We believe that
better, cheaper, simpler government
more restricted in It's powers and
less liable TO Be abused By irrespon-
sible ohce-holders. can be constructed
on the ruins Of the old city govern
ment II not, then all our costly anc
unfortunate experience has been IL
vain. II the legislature adjourn with
out adopting some relief measure man
damuses viii pour 10 upon Us as thiel
as autumn leaves and the winter o
our financial calamities will speedil,
lock Memphis in an icy and relent
less embrace. Many Of the bond
holders have no idea Of fund
ing under the present scheme. The
have something better in view. Man
Of their bonds mature shortly, an
then another load will be saddled 0.
Memphis. There is another matte
to be kept in mind. the Torbett issue
Of which there is more than a Milo
dollars, will probably be force
upon the State, and TO get this out {
the way and still collect suficier
revenue in money to pay current e.
penses, it may be necessary to increai
the present rate Of State taxation
The State government cannot be ru
on Torbett issue. Besides all tn
there is a possibility that Il
State debt will be compromise
by the present legislature, provide
the measure is submitted to the pc,
pie. This, if approved, would requii
provision to raise revenue suficiel
to meet the semi-annual interest {
the bonded debt of Tennessee. O,
difficulties multiply rather than d
crease. If we are to trust to Il
magnanimity and tender mercies
creditors, tax collectors and sheri.
the future is certainly not the brigh
est. There are serious difficult
ahead of us take what road we wi
Let us meet them with cool, bushes
like courage.