Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-04-12

The chairman Of the 1iquidating
Board Of the extinct municipality Of
Memphis, Mr.. j. C. Goodwin, has re-
signed, and the letter to ths Governor,
which appears herewith, explains the
reasons therefor.
The law to fund the old debt Of the
city will expire by limitation in De-
cembcr next, and as none have as yet
taken advantage of it to fund their
bonds, or none worth mentioning, the
law has proved practically of no pub
lie advantage, as it is not likely any
body is going to turn in their bonds at
the ratessOf three for one.
1t is limited, however, and believe d
by many,that but for the action Of GER
tain attorneys. a large portion of the
old debt would, ere now, have been
funded under the act which has so
far proven useless and imperative.
These attorneys have led the bond
holders to think that they will yet be
enabled to collect their claims, per-
hsps in full, or upon more favorable
terms to the aforesaid boudholders
than the ones the bill promises.
1t is also thought that recent deyel-
opments have led the bOndholders, and
those laborirg in their interest, to
think that they are likely to be beaten
in the Courts, hence the effort to get
the present Legislature to work new
bill through, something on the order
Of the Flippin Compromise, SO they
(the boudholders) will have something
to fall back on; something better, too
than the 33l per cent act.
A number Of leading citizens inter.
ested in the matter, held consulta
ton yesterday in company with sew
eral eminent legal gentlemen. Mr..
Goodwin was of the number. 1t was
determined to take no action at pres
ent, but to let the 335d offer ex-
plre by limitation. Mr.. Goodwin,
however, prepared his resignation
during the afternoon and forwarded It
to the Governor. The following is a
copy oft:
MEMPHIS, Tenn, April II, 1892
To His Excellency, Alvin Hawkins, Gov
ernor Of Tennessee:
DEAR SIR:-Permit me to tender
to you my resignation as Chairman of
the Liquidating Board of the extinct
municipality of city of Memphis. Nv
reason for this is because there is now
bill prepared by some of the credi-
tors to present to this called session
Of the Legislature to repeal the law
settling the old city debt on a
basis of 33b cents on the dol.
lar, and providing for higher
rate Of settlement This bill / could
not approve as citizen, on the ground
that it would fix burthens on our
people that they are unable at present
to bear and provide for the ordinary
expenses of local self-governmenl.
public schools and State and county
taxes. Your Excellency is we'll aware
of the damaging drought Of last sum.
mer and the destructive foods of this
spring. which have caused business
failure to many and fear and anxiety
to all. Another failure in the crops
would bring widespread disaster that
years of toll could not repair.
Under these circumstances it would
seem not only unjust but absolutely
cruel to increase the load on an already
heavily taxed community, and yet [
90 not feel that | could offer obiec.
lions to this bill while | hold the posi-
tion Of Commissioner without placing
myself in a false attitude before both
creditor and taxpayer. Therefore YOU
will do me very great personal kind
ness by reporting your acceptance OF
my resignation at your earliest con-
venience.
Very respectfully your obedient
servant, j. r. GOODWIN.
GOODYEAR,a