Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-02-01
b
Resolutions Adopted at the
GreenIaw OperahOuse Janu-
AIRY 81, 1881.

LhO AoiivNAH6 AOsuioNioio "OAN
unanimously adopted last night at a
meeting Of representative citizens Of
Memphis held at the Greenlaw opera
house:
Whereas, We the citizens of Mem
phis, in mass meeting assembled, for
the purpose Of considering the subject
OF settling the debt of the late munic-
ipality Of Memphis, have adopted the
following resolutions as expressive Of
our views in relation thereto:
Resolved, That our object and mo-
tive in establishing the Taxing Dis
trict of Shelby county was not to re-
pudiate an existing Indebtedness, but
to relieve ourselves of a cumbersome.
inefficient and expensive municipal
government, with a view not only to
arrest and avoid an extravagant and
corrupt expenditure of money, but to
put ourselves in a proper sanitary con-
dition BY paving our streets, inaugural
ting a thorough system Of drainage
and sewerage, and such other measures
as were repaired to ward off the raw
ages of a pestileRce that had more
than decimated our population and en-
tailed a peculiarly loss of millions of
dollars; and when these objects were
accomplished it was our desire and ex-
pectation to settle the old liabilities
upon terms honorable and just to all
concerned; such settlement, however,
to be separate and distinct from the
new government.
Resolved, That as the city Of Mem
phis was, at the time of the repeal of
its charter, virtually a bankrupt cor
poration, we think an adjtstment of its
Indebtedness upon a basis of fifty
cents on the dollar, or a rate approx
mate thereto, would be as much as the
debtor could promise or the creditor
reasonably expect aud we, therefore,
announce ourselves IN favor ola settle.
ment at twenty-five cents on the dol.
lar in addition to the back taxes Of
said city, which, added together, will.
We believe, by judicious management,
amount to fully as much, and perhaps
considerably more, than fifty cents on
the dollar of the debt. And we de-
clare ourselves in favor of this set
Element because We believe it to be
fair and honest to the creditor and
just and honorable upon our part, for
while we would be pleased to see the
debt paid in full, we are OF the DELHI
crate opinion that the proposed settle
ment is the utmost farthiag that can
be paid without %grieyious and irrepar-
able injury to those upon whom the
burden will rest and it will realize a
larger percentage Of the debt than the
people Of Memphis derived in benefits
therefrom a larger average than the
creditors paid for the evidences Of the
Indebtedness they hold, and more
than the debt is now worth
in the market. A settlement
upon a higher basis could not, and
would not, we firmly believe, be car
ried out, but would inevitably end in
failure, if not in cOniscation and ruin.
We claim to have a Just appreciation
Of the obligation Of contracts, state.
municipal and private, but at the
same time We recognize the fact that
there are higher and more imperative
duties and obligations than paying
debts cent per cent. Self-pFeserYation
is the great law of pature, applicable
not only to individuals, but 10 a large
and more urgent sense to communities
and states, and this supreme law de-
mands that each particular community
should be so preserved and regulated
as always to remain a self-sustaining
factor in the state, not endangering
nor retarding, but augmenting the
common prosperity Of the entire com
mOnwealth. In view Of the paramount
obligation Of this law, and the over.
whelming Affections ard losses that
have belallen the city and people of
Memphis, we regard the proposed adj
justment as the ultimatum that should
be offered in satisfaction Of the in
~debtedness Of the now defunct mu-
nicipality, and one that if made will.
we believe, be contaminated in good
faith.
Resolved, That, as conforming to
the views expressed in the foregoing
resolution, we heartily indorse the
petition OF the people Of Memphis to
the general assembly Of Tennessee, in
response to the petition Of the credit
ors Of the extinct corporation Of Mem
pins, lately presented tothat honorable
body, and We hereby adopt it as our
own as fully as though our signatures
were appended thereto.
Resolved, That our representatives
in the general assembly are hereby
requested and instructed to vote for
and use all honorable efforts to procure
the passage Of the law making a set.
Element upon the terms herein above
presented, and to employ all proper
means to defeat any other settlement
that may be proposed upon a basis
higher than the one we have indicated.
Pianos and Organs.
Special inducements to purchasers.
"Knabe," "Steinway" and fChicker-