Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-24

The committee, il it should make these
recommendations, will exceed its authority
and do the very thing it was expressly pro-
hibited from doing by the citiz.ns' meeting
by which it was appointed. We fiud upon
reference 10 the resolutions thereai unani-
mously adopted, that lbis committee was
very positively instructed
"IhOt in making The sediment The Turing
"District shall not be party to il, nor our
"present city government be held responsible for
"said Indebtedness"
"1hat Vc regard the preservation Of our present
"Jorm Of gSva nmeat os indispensable 10 our sof.ty
"and prOsperity."
These were the corclusious and determine
tions OF the ci,izen, Of the Taxing District
las. June; they are their conclusions and de-
terminations in this matter to-day.
The Taxing District government was es.
tablished not merely TO avoid the complica-
tions ard baIrWsmenis Of the debt Of the
city Of Memphis but 10 save the people from
the exiravsgsrce tf form Of government
that in fifty-three years had expended S2O,-
100000 and produced only bankruptcy and
municipal ruin; 10 relieve the people
from an eff=ie and cumbersome
system Of city government that
had been fruitful only of debt
and destruction; 10 secure them an honest
result and return for every dollar of taxes
collected; and 10 save them from the shaving
sharks whose profit on the scrip paid 10 the
fremen and policemen was tor years all the
way from ten 10 sixty Ave per cent. The new
government was, therefore, prohibited from
"issuing any bonds notes, scrip, or Other epi.
"dsnces Of indebtedness" was "ezpres1y prohibited
'trO1a lcvying any tar for any purpose, that Po~e'
"being reserved 10 The legislature" and was
declared 10 be not "iable for any debt created
BY said ertinet co, pOrotiOn." This is the saving
Clause of the charter, and TO sweep it away
by compelling the Taxing District to issue
compromise bonds for The debt of Memphis
and thus become responsible for it, would be
to invite ruin and the destruction of this, the
best form OF municipal government ever de-
visad by the wisdom Of man. To it we owe
all the improvements We eau boast ef-a
perfect sewer system, ten or twelve miles
of streets paved with stone, the best
levee 10 the West, all paid for, at the same
time that all the employees have been paid
promptly each month in cssb. The govern
ment that accomplished this should not be
ruined ror even impaired Of its strength. II
should stand. The psope declared in mass.
meeting las, June, aud unanimously and posi
lively in these words that it should stand
"The Tsxing- District shall not be party
"to the settlement, nor our presen
"cily government be held responsible fol
"said indebtedness" A report contrary Il
this By the ommittse would, therefore, b
null and void. The creature cannot rise abov'
the creator. The committee cannot do wha
the meeting creating it positively prohibited
it from doing.
But for fear the committee may pursu
the extraordinary aud unusual couree OF re
portiug against the positive end unanimou
instructions of tie citizens meeting tha
originated it, the APPEAL thinks il well no
only to recite the facts OF The origin of th
Taxing District government but alss 10 re
call this other fact touching the recommend
alton that coupons he made receivable TO
taxes, that the Supreme Court of the State i
the one-hundred .And-three case has declsre
that to be unconstitutional, and therefor
impossible.
In view, then, OF the positive and speci6
declaration of the people at the citizens
meeting OF last June that the Taxing-D
trict shall not be party TO the settlement c
the deb. of the city of Memphis, nor be bel
responsible for il; aud in view Of the declar
alton Of the State Supreme Court that ecu
pons cannot be made receivable for take
there is nothing left but to offer the bond
holders a settlement through
IL A fiscal agency composed of five re
spousible citizens of the Taxing District a
ftty.and-tiI; no doubtful bonds TO be fupde
until passed npon by the courts; the Lsgii
lature 10 make the sct OF settlement as binC
ing as possible upon the people of the Dil
trict, aud 10 give the bondholders all fai
and reasonable guarantees.
(2.) Or such settlement might be mad
by three trustees acting under the directio
Of the Chancery Court OF Shelby county /
seventy.five-and-three, thus saving the peop
one-half the taxes that would necessarily b
imposed 10 pay the six per cent. interest III
der the ffty-csnt proposition.
(3.) Or this settlement might b, accepts
ble--that commission or liquidstiug boar
of Eve responsible citizens be appointed b
the Legislature 10 settle with the holders {
the bonds OF Ihs city Of Memphis at 6f J
and-six, half the interest only 10 be pal
twice each year, the other half to be funde
at the end Of ten years, and added 10 Il
prinsipal Of the debt.
These suggestions are offered for the col
sideration of The meeting to-day, presumin
that its frat duty will be 10 promptly la
the report Of the committee on the table
1t shall contain the recommendations it W
positively and unanimously prohibited fro
even considering.
If the bondhoIders refuse TO accept eith,
Of these propositions, then let the meetir
instruct our representatives TO have the 8
creating the present Liquidating Boa
90 amended as 10 do away with q
salaries and empower the cSuuissioners
the end Cf. each year TO turn into the sip
ing fund all interest money remaining
their hands, that the bonds may thus be pu
chased and the debt be gradually lessened.
As to the threats Of perenptery ma
danuses-there is not court in the Bnie
that can collect cent BY taxes from I
Taxipg- District as the commissioners, as
have thown, RE positively prohibited fro
lsEying taxes. Buff it was 80, if it was pos
blethen rather th An c,n4ent 10 their own rui
We would advise the people OF the Taxin