Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-28
MIR. a. D. Gwynne,

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viewed. He understood the Taxing District
to be organized to avoid the present payment
Of the old city debt, but not to repudiate it.
"Do you think the community could bear
| the burden of taxation now necessary to
keep up sanitary work and street improve
ments and pay the interest and principal OF
the debt"
II do; because / fear if we do not settle at
some compromise, the courts will eventually
make US do it at the bondholders' own price,
| whether we want to or not"
"What compromise would you be willing
to accept"
| hold to the opinion advanced by the APPEAL,
| that the Liquidating Board ought alone TO
be authorized to settle the old debt. They
| are now empowered to fund at thirty-three
| and third per cent, but l would be in favor
Of raising that to fifty and four"
"Whst do you think of the propriety OF
| the Taxing District government ratifying the
last act of the Legislature"
81 believe that the moment it Goes it loses
| all the advantages over the bondholders
guaranteed in the act creating the Taxing
| District"
"Do you favor the continuance of the san
itary work and street improvements"
81 do, most assuredly, but at the same
| time / think the sooner we settle that debt
the better it will be for the city. In refer
system of differentiation of property for
| taxation, and believe that if assessments
| were raised to the proper value it would
| lessen the rate of taxation in proportion, and
| we would be able to bear the burden OF taxa
ton necessary to pay all current expenses,
| including sanitary work, street improve
ments, interest on the debt at fair ccmpro-
mise, and create a sinking fund to pay the
principal"
| hat do III MI IF tho laN 2'
81 think it very unfortunate that the Leg
islature passed that bill, because of its en-
couragement of delinquent taxpayers"
Mr. w. Ii. GaIbreafh,
Of W, B. Gslbreath & Co, stated that he was
in favor of getting rid of the old debt on the
best compromise possible. All sanitary
| work, street improvements, and other neces-
sary work should go on; at the same time We
ought to provide for paying that debt and as
| early as possible. The increased rate OF
| taxation necessary would be inconvenient to
some for a time, but it would be beneficial in
ultimate results. There never was nor never
| will be a time when taxes are not complained
of as oppressive. If the debt was got out of
the way capital and population would in
crease and our commercial prosperity would
be assured.
Mr. q. r Hunt,
of G. P. Hunt & Co., thinks are not in
condition now TO assume the old debt. A
perfect sanitary condition and better streets
are paramount TO anything else, and he does
not think the people can now stand the
burden of taxation necessary to carry on
that work and pay the debt.
The APPEAL man called ON several other
prominent citizens who objected to an inter-
| view, at the same time expressed the opinion
that 1t would be unwise for the raxing-Dis-
| trict to assume financial responsibilities that
| crushed the old government out of existence.
Among the number called upon were Mr..
J. w. Caldwell, Of Caldwell e Co., who had
gone to New York the previous evening, and
Mr., Wisiam NJ, Harrington, president of the
Manhattan Bank and of the Peoples In
surance Company, whose opinion the AP-
PEAL was anxious to make public. The clerk
at the Manhattan Bank reported Mr. Far
rington "not in" and at the Peoples In
sursnce Company we learned that he wsS out
of the city, TO be absent week or more.