Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-26

proper basis for settlement of the debit"
Il think, when it ia settled, that the debt
cannot be paid dollar for dollar, but l be-
lleve that an agreement should be arrived at
by conference between the bondholders and
the representatives OF the Taxing District
government-not now, but when the time ar
rives when this people can bear the burden
of taxation sufficient to meet the current
necessary expenses of government and create
fund for paying the debt. The first duty
of the Taxing-District is to establish itself,
and all the money that can be collected at
the present high rate OF taxation will be
needed to pursue its sanitary system 10 8
more perfect condition and for the improve
ment of its streets to passsble condition, go
pressingly demanded by its commerce"
"How do you stand on the thirty-three and
one-third basis OF settlement"
81 do not approve of that proposition, and
think it is pity that it was ever inaugu-
rated. The holders of the bonds refuse to
accept 1t, and very properly, since they have
been realizing almost the amount in cash on
the market they would get in funding the
bonds at the rate of three for one"
suppose the Taxing District government
should ratify the new law, as they have been
invited to do by the Legislature, what would
be the result?"
"If the cases now pending in the courts
are decided against the bondholders they
could come back and demand OF the Taxing
District authorities settlement on the basis
of the compromise implied in that law-that
is, if the Council rstifes it."
Mr.. Wexford continued rehectively:
memphis has had to contend with difficult
ties and adversities that would have sunk
into oblivion any ordinary municipality,
but she seems to keep her head up, and has
now the promise of brilliant future"
"How long will it require for the city 10
complete all necessary improvements to
streets and sanitation"
Il think about five years will be necessary,
and within that time we ought to so recu-
perate and free ourselves from our exhaust
ing adversities and troubles resulting from
former corruptions in Office which bankrupted
the old city government"
What is your opinion of basis of settle
ment that would be fair?'
Il have not made up my mind as to what
would be a fair compromise. As l said be-
fore, l believe every just debt should be paid
in full. When the new government has sue
ceeded in establishing itself on firm foot
ing, and has freed itself from its bad sani-
tary condition, with the principal streets re-
paired for the accommodation of the de-
mands of trade, then l think a careful esti-
mate should be made of the assets of the old
governmen Mt. Then if the community can
stand a taxation that will make up sufi-
cient amount to pay the debt in full, shall
insist upon that basis of settlement. If il is
discovered that we cannot pay in full, let US
find out how much we can pay, submit it to
the boDdholders and get their consent to a
compromise on that amount, and pay it.
That is all the compromise / would be will
ing to settle o."
Mr.. Wexford was thanked for the intru-
sion, and the APPEAL representative went in
scar CHI of other victims.