Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-14

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This happened by overlooking the amount
contained on one of the six pages through
which the account runs, at the time same
was settled; we suppose the amount can be
collected by the receiver, as we consider the
parties thereto as responsible. Another
| count on ledger shows IN pencil a credit OF
S201 so; an examination OF the footings
show that the actual state of the account is
| SII40 debit (See letter W, exhibit F. An
| other account shows by the pencil footings
credit of $50, when the opposite is the actual
condition of the account. See letter z, ex-
hibit F. These two last accounts are still
| open or due, and only affected the correct
ness of the ledger balances as heretofore rem
dered.
In the Latham report mention is made
of I57 Memphis and Charleston railroad
bonds, forty-six only of which he considers
! good asset, and credits assets accordingly
with only $4,000. In exhibit A
eight $4,000 esch) bonds and 5000
coupons of this Memphis and Charleston
railroad claim taken up by Receiver Meri-
wether. This S45,020 was collected from the
Ill bonds considered worthless by Receiver
| Latham, and of which he took no note as an
asset in his report. This amount goes to
credit of bonded debt.
The amount of Browns paving judgments
| is stated in said report as S91 ,872 SO. The
interest on this amount was not calculated,
which would, if added 10 10 date of report
MAY, 1879, increase this amount more
than S57, 900. We find in a book in the
receivers office called Especial Ledger;
JuJgments;" T. E. Brown, account, page
1927, that this account, with interest added to
August %, 1873, amounted at that date to
Sl42,5S8 ~. Payments to the amount of
S24, 923 46 have been made on this account
at various dates between February, 1881, and
May 1882, being about the amount of interest
he oh tod lie
head to-day about as it stood in the month |
of August, 1878.
The remainder OF paving debt is made up |
from amounts due individuals for payments |
made contractors on account of paving, and |
is estimated on May 19, 1879, at about |
S64l ,171 16. We are unable to state to what |
exhibit this amount has been reduced. as we |
are informed from the present receivers |
Office that the paving scrip or change war
rants paving receipts, paving certificates. |
ETC., are taken for general city indebtedness,
and for this reason we cannot identify the |
amount that should go to the credit of this
account direct, and can only give the various
kinds of indebtedness retired, shown in |
exhibit &C."
The judgment account in said report is
stated at 1888, $50 IL. On examination we |
do not find that any interest was calculated |
on this amount from the date the various
judgments going 10 make up this total were
ostained, until May 10, 1879, the date of
report.
The amount of judgments against the city
that have been revived against the Taxing
District with interest, amount and date of
payments made, the distribution of funds
paid into the United Stat, Court ETC., are
specifically set forth in exhibits marked 81, >"
- and "K."
We herewith give you our estimate of city
indebtedness, SO far we have been able to
determine ii from the data made use of and
upon which it is based:
Liability. as per Latham statement,
Less ' amount reported by Latham, o.
(Exhlblt H ).---..--.-- 169337 10
Total s., 1855 DIS is
Interest from May, 1873, 10 May, 1851. 1S9 3U3 q
Less amount retired by Receiver Meri-
wether 562 COL Y
sl,6l1 $50 6S
Interest on judgment, paving AMI other
inde btedDes-, not estimated in the Latham
statement, is to be added to this amount,
but no data is contained in said statement
from which estimate of interest can be made
with any pretension to accuracy.
In conclusion, we submit this report be-
lieying it TO be an approximate statement OF
present Indebtedness, but cannot claim that
it Is absolutely correct, for the reason that
We have discovered so many inaccuracies
and discrepancies in the data upon which it
lie based, and to few of which we have
herein made reference, that it is impossible
to make it authentic. We do not believe
that correct estimate of the financial al
fairs Of the old city can ever be obtained,
other than by a systematic review and
complete analysis of the debt, COM
with the fret boud or other
evidence Of indebtedness ever issued by
the city, the authority under which
it was issued, etc, tracing these matters, with
interest, etc, down to given
date, TO take up the assets and treat them in
the same exhaustive manner, work of i'm
mense magnitude, requiring large clerical
force and months of labor. Any other
method comes under the head of an approx
~ alton simply.
If the Taxing District authorities and the
creditors of the old city should come to an
understanding concerning the amount one
tide pay, and the other side afford to
accept, the various Indebtedness presented by
creditors and evidence of legality could
hen be examined in detail.
We append to this report copy of Latham's
financial exhibit and report of May, 1879,
marked exhibit No. l, No. 2. Respectfully
unlimited,
THOMAS J. BROGAN, /
JOHN J. DUFFY,