Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-11-24
LETTERS FROM THE PEOPLE.
The City Debt-A Few suggestions In
ReTeren~r Thereto.

EDITORs APPEAI.-Thefe has been much
discussion reeenJ upon the city fsot Snd 4 ms
char he surrendered aud the egisl tire soon
OTgl lZed would at once proceed 10 Its repeal. and
that Memphis woI.d soon be oil tied from the map,
and city TO exist and all This 10 e done
In order That sLe might get rId OF paving her debt
which seems 81 idenly 10 have grown 50 large that
iis saamlne the subject a iItte What are the facts
The mptrollefs report made 10 the bosTd OF alder
men In July last. shows reduction IL the city deDt
of about eight hundred thousand dollars as com
pared with the report made the July previous; Or I'm
other words, tie citys debt Is nearly one million
doll 4rs less than one year ago viii the values of
the city have unde gone tut little change And yet,
IN the face OF this satisfactory showing oil the eondi
lion there ara Some weO would Lac TO have the
charter repealed I'm the yain hope that taxation
would thereby be lesSened. In every community
there chronic ErOSers particularly a! taNpaylng
times anu II Is observed that those who cry repiidla
tlOu the iOudest are generally 70 md dein
qqent In the tax list Two years ago the city
agreed with It's creditors that those OF them
who would fund ter bonds at iity cents on the dol
lar should receive comp OmiSe bond which bond,
with its interest should be mot faithfully paid,
with the uOst solemn assurances upon tue part OF
the city. Many of he cTedOrs acting in good faith
have surrendered up their nds, ard i lieu thereof
taken these compromise bonds, receiving only half
honorable on the part OF the city. TO lie. the hode
of these compromise bonds suffer? Can she permit
her good name to be sui led Ia this manner? II so,
she certainly would receive the condemnation Of all
honest men. repeal Of the chatter would act On
prohioited IN This state BsSlces. s1ppose Memp is
could get rid OF her debt by throwing up CHI ,Tter
the same thing New York, Baltimore and every
city IA this country would soon follow her X4mUle,
and no debts would be paid Public confidence
would be s1akea IN all securities Man would be
raid 10 trust his felOwmau, and anarchy and ruin
would reign ucTeme and our veTnment bonds
the foun 1atiOn OF this go eminent Itself would be
looked upon with suspic on Public policy would
surely preyef. the courts from bringing
upon the couu r. sush disastrous consequences.
But will he cou1s allow corporations 10 shlrk tner
gust debts In this manner? w do the laT-bOOks
read? Kent says that the death OF a corporation
no more impars the obligation of its contract than
che death OF a priyte person. tn obllg tlon sur
wives, and the creditors may enforce their claims
upon the property OF the corporation, Inasmuch as
Again, the supreme CO III OF the United States in
decision made In october, 1871 n tue case OF M'lT
ray IS City OF Charleston, says a city. ehen Il Dor
rows money. aud promises TO repay II with int rest
cannot, by Its own ordinances. under tie guse or
TAXATION relieve Itself from performing TO the letter
all that Il has expressly promised TO pay to It's
creditors, aud that there was no more im2ortant
provision In the Federal constitution than The one
which p ohiblts states from passing laws imparing
est dudes or THIS court - take cure that ibis poh0l
dion shall neither be tv8ced nor FILTERED away
complete eDeet must De gwen u u IN an lts spirit
The lnyloldOlty OF contracts anu lhs duty OF per
forming them as m ale are foundations Of all we'll
these foundations was one or tha great objects or
which the constitution was framed" These are the
latest uterancss OF the supreme court OF the United
Btttes upon this -ublest, ann should be carefully
read by those WAC wish u Silk their lust reSpon
held here, but are owned Ia New Yo'k, Baltimore
and other northern cities Aud Prdy tell US who
wall OF distress few weeks since sent from cur
soreiy stricken city2 Who cHm5 10 our rescue? WhD
H5iit ue hlOuc@, ClOllcS albNiSiOuS W TIC
load? rhs citizens OF these sane cities, many OF
whom are our bOudhOlie-s. An Il this the
soon 10 repay tkeii m1guin cent charities? W gave
people credit Tor more gratitude than this, for
while asking for bread they surely will not give them
a stone. AS a taN-DaleT and well wiSh6r OF o r
city, must enter my solemn protest against any at
tempt Reputation, but thiuk iar settlement IF
liabilities can be mad. as our creditors have al
ready shown disposition 10 compromise Let this
be eonsum mated, and all Will be we'll with our city.
Let the next legislature Instead Of spending its time
in futile attempts upon tae charter pass law conf
Delng a strict co lect on of the taxes. that
the two millions OF past-due taxes can be made ser
Vieeable 10 lquidaiing GU indebtedness, and then
ent mad better bear tue Ills have than fly to
those we know not or JUSTICE.