Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-04-13

Day before yesterday Mr.. J. r. Goodwin, the
chairman of the Liquidsting Board, offered
his resignation to Governor HaSkins in The
following letter:
MEMPHIS, Tenn. April IL, 1882.
To His Exeellency, Alvin Hawkins, Governor OF
DRAR sIE-Perinit me TO tender to you my resig.
nation as chairman Of the Liquidating Board OF
the extinct municipality Of the city OF Memphis.
My reason for this is because there is now a bill
prepared by some of the creditors 10 present 10
this called session OF the Legislature TO repeal the
law settling the old city debt on basis Of 331s
cents ON the dollar. and providing for higher
as a citizen, on the ground that II would fix bur
dens our people that they are unable at present
local self government, public schools and State
and county Iaxes. Your execllency Is well
summer and the destructive floods OF
this spring, which have caused business
to all. Another failure in the crops would bring
widespread disaster that years OF toll could not re-
pair Uoder these circumstance II woui1 seen
the load on an already heavilV taxed community.
and yet do not feel that could oier OBJECTIONS
sioner without placing myself in a fal attitude
before both creditor and taxpayer; Therefore you
porting your acceptance OF my resignation at your
ear lest convenience. Very respectfully your
obedient servant, j. X OOD"IN-
THE ACT CT 1881.
The act of 1881 authorizing this city 10
settle its old debt at 49, CENTS, and which has
so far proven a dead letter, is divided into
fourteen sections, all OF which will expire
by Limitation next December.
Section / repeats the act Of April 6, 1881,
except the clause providing for the levying
and collection of taxes for 1882.
Section z repeats the act of March 8, 1877,
known as the Flippin compromise, all ex-
cept the part relating to bonds and coupons
previously issued hereunder.
q IL Ell, eaft ~ n
rate not to exceed fifty-iye cents on the dol
lar upon judgments against the city and at
fifty cents on other Indebtedness, the interest
to be calculated on judgments from date OF
Judgment, and other deb;s from maturity.
Section 4 authorizes the issuance of new
bonds in place of Indebtedness, or old bonds
surrendered.
Section 5 nominstes the bonds al $1,000
and $500 each, and fixes date at July l, 1882,
be paid at the Chemical National Bank OF
New York.
Section 6 prohibits the issuance of bonds
except upon approval OF proper officers of
the city.
Section Z says coupons of new bonds, and
those of act of March, 1877, also bonds not
paid at maturity, shall always be received
at par in payment OF any taxes or assess
ment-, or for privilege licenses or debts due
the city.
Section provides an annual sinking fund
out of the taxes to pay interest on coupons
and the bonds at maturity.
Section 9 appropriates surplus tax collec-
tons TO the purchase OF bonds before maturity,
also allows the mayor or other head OF the
city $1,000 for extra services, funding from
July /, 1882 to July l, 1884, also that com
missioners first appointed shall hold office
for one, two and three years, and the presid-
II. hea 81 he,
pro rata each ward shall BE- taxed.
Section 10 authorizes a compromise OF past
due coupons and interest on FHppin bonds
at full value from maturity.
Section ii provides that taxes collected
under act of 1881 and 1882, and back tax and
other scoIl ctions shall be applied toward
paying and retiring the interest on coupons
as same may fall due, and especially those
falling due in January, 1885
Section II makes The Taxing District act
clear and not to conflict with this funding act.
Section Is makes the new bonds bear six
per cent, and expresses how they shall read
and where paid, and says after maturity
they shall he receivable for all taxes.
Section II makes the act effective from its
passage.
WHAT Mr. GOODWIN SAYS.
Yesterday afternoon an APPEAL reporter
called upon Mr.. Goodwin and asked why he
had resigned. 81 explained that, think, in
my letter to the governor. The act of 1881
decided me in the step"
"Will your COLLEAGUES, Messrs. Dix and
Duffy, resign?"
81 think not. ! do not think my resigna-
ton will have any effect especially. The
governor will merely appoint my successor.
There are some questions that will be before
the board that L feel my inability to pass
upon to my satisfaction. My resignation is
genuine, and / want to get cleer OF the
whole business"
Mr.. Goodwin though; the creditors would
have TO fund. He did not think that the bond
holders would get much satisfaction out OF
the courts, and regarded the appeal to the
Legislature as a confession of weakness and
an acknowledgment that they expected re-
Ii fam tla1 L.