Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-16
Ing fund commissioners. ..---..-
Old bonds held as collateral security
10000 90
5000 90
$4,000 90

Ing fund commissioners. ;...... 10000 90
Old bonds held as collateral security. 5000 90
Total. . - SI46.OOO 90
Add this Sl46,O0O to aggregate re
duction OF bonds and floating debt
since January. 1876 and we have
airy, 1873, OF ..... 81 ,4S3, 100 81
Our liabilities are now a, 448, 265 20; as
sets, g, 579. S39 Is | hope | will be par
doued for submitting here the view | enter
tanned as to the manage ment Of the remain
der Of tie debt. Take 81, 054, coo compromise
bonds from liability, and we have, remaining
debt, s., 494, 265 20. Can this be so adjusted
that we can carry it? | believe at least two
million dollars of this could be funded. II
81, we have remaining one million four hun
dred and nmety-tour thousand dollars. In
the payment of taxes, something over two
million dollars outstanding, one million dol
lars may be absorbed, which would leave
only four hundred and ninety-four thousand
dollars. One hundred and forty-sIx thou
sand dollars Of assets, we have lust seen
above, is Immediately available for reduction
OF debt; add to this at least three hundred
and fifty thousand dollars which can be real
lZed IL money from entire taxes, including
that of 1873, and the debt viii be settled.
This will leave the bonded debt two million
and ffty-iOur thousand dollars. ! have not
used the sinking iund 10 the purchase of a
bond. IN this calculation, and have considered
utterly uLaNllGD!E Dt-IWttn Twelve ana NJ
teen hundred thousand dollars Of our nom
mai usse.s. This II the way the matter APP
pears 20 me. | believe We have passed the
toughest OF the road. Hereafter our manda-
mus on coupons on old bonds could not be
but q fraction over one hundred thousand
dollars, II 20 other bond We're funded. Ooly
one hundred thousand dollars mature this
year.
The foregoing exhibits the debt when |
came and when | went out of office, the
steps taken, and the progress made toward
Its settlement. Doubtless many others, not
wltbstand!ng the manifold embarress ments
and dIscOuragementS IL the way, could have
devised better plan and one attended with
greater success IL the adjustment of this
debt, could not. | do not now allude to
street-corner critics and carplng tax delin-
quents. In my retirement from official con-
nection with the city, when the remainder of
this debt comes TO be settled, it will be some
consolation [, know tina! during my admins
trltion nearly one million and a half have been
lifted from the shoulders of this debt-bur
dened psople. Very respectfully.
March 49, 1879. j. B. FLIPPIN.
Financial Condition OF the City of
SEemDhis.
LIABILITIES.
Bonded Debt.
Six per cent bonds. ,259 600 90
mise bonds .........t.,. 1854 900 90
six per cent paving bonds. $1,000 90
Six per cent school bones. -..-..-.--. $4,000 90
SIX per cent mississippi raIlr'd bonds $4,000 90
six pr cent funding BOMBS, 1870,
Ten per cent school bonds ..... 10000 90
Ten Ter cent post bonds. --.---..---. 5000 90
Total bonded debt. .S2,774OOO 90
PAST-DUE DEBT.
Bonds.
Mississippi river railroad bonds, July,
mississippi river railroad bonds, July, O'OOO W
and 1873, -, e-!........ $1,000 90
Six per cent paving bonds, July, 1874 1000 90
Total past due bond debt. $4,000 90
Interest Coupons.
caTFe1Gy :' io.5, ~ t s3a5,7OO 90
Mississippi river railroad. 1900 90
Compromise -, SO 90
- - '. ', 4446O 90
Total past-due coupons .......... S3SS,7TO 90
Pagenlent Debt.
I. E Brown, judgment, without in
AMOUNT noun. due individuals for payments
made to paYemsu t contractors, or
iginal amount, S6O6,391 93, esti-
pIincpaI less amount of indebted
ness and change warrants retired,
leaving The debt about. --...----.-. 64l,lIl 10
Total pavement debt. ........ S733,O4 90
Judgment Debt.
Judgments obtained ................. 1887 II
Total judgment. --..-......... E. S333,75O II
Slnsdry Indebtedness
Ledger balances due individuals .... SOB SOB 81
Fire. health and hospital warrants o.. 2S5 90
GreeGb2ck. scrip and certificates Of
Funding Seit.fcs;es convertible into o
compromise bonds. ....---..-.- 1895 75
Total suadry Indebtedness SI42,7OO 80
Total bORded debt, -.....-.-..... -.S2,714,OOO 90
Total past-due debt Observation-Disclosures. 1,614265 20
Total liabilities ....,........- .S4,44s,265 20
ASSETS
For Reduction Of Bonded Debt.
1871 bonds. due by purchasers of
ety's stock In the Memphis and
Charleston railroad company 1850 S157, 900 90
bonds, issued in 1863 as collateral
Latham No. -. ..c 5000 90
in hands of I. J. Latham, re-
ISIS, - 55,319 "a
ceiver ......-...' - 3,493 So
Total for reduction of bonded
debt. .......-.-.. S233,sI3 20
FOR PAYMENT OF PAST-DUE DEBT.
Bonds PGSt-Due.
Mississippi River railroad tax, 1875. S6,337 IA
Frank mandamus tax, 1877 and
1873, on real estate and merchants
capital for the payment of Missis-
sippi River railroad bonds, due July
1877 and 1873 .-,-i.;;......-, 7,415 40
Cash in hands of T. J. Latham. re
ceiver. 800. '' -. 637 %
Total for payment Of Mississippi
River railroad bonds and cou-
pOns. .-....-...- SI4,391 IL
FOR PAYMENT OF INTEREST DEBT.
Interest tax due prior to 1877 -. S2I7,231 So
Interest tax due prior to 1877 and
1878, Tor payment of compromise
coupons ;-.-.:;........ 94,417 SO
Cash in hands of T. ]. Latham, re-
ceiver. -. 49,. IO,557 30
Amount due by purchasers of cty'S
stock In the Mem YhiS and Charles
ton railroad company ..---........ i115,2S4 81
Total for payment OF interest
Observation-Disclosures. - S437,491 O5
FOR PAYMENT OF PAVEMENT DEBT.
T. E. Brown mandamus tax prior to
1877, on real estate and merchants
capital. S273.14O 80
I. L. Brown maudamus tax, 1877,
on real estate and merchants cap
itaI. -. -. -. 46,3I7 90
celver -. ..........-.-- -. 32O3 rs
Total for payment of T. E. Brown
Judgment. ....... .-........... 1922, 1862 II
Relmourslng paving tax, 1873 $780, 99,247 %
frsa To- AE,r--,