Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-03-28

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With the future of Memphis. A syn
dpsis at this time must be of great
interest to every resident Of the city.
The first and most important law
passed is known as the settlement act.
The old debt is to be funded nominally
at 50-3-4-6, but in the end it
amounts to 50-6, For the first three
years the interest paid will be 3 per
cent, the next three years per cent
will be paid. and for the remaining
twenty-iour years 8 per cent will be
the rate. The difference, however,
between 6 per cent and the lower
rates of the 6rstl six years, will be
capitalized and added to the principal.
The Flippin bonds and accumulated
interest will berecognized at par value,
thus placing all upon the same footing.
The FIRST interest will be paid on the
LIST OF July, 1888, Power to fund
ceases on the LIST of February, 1884.
The President, and Attorney of the
Taxing District and another lawyer,
to be chosen, will constitute funding
or auditing board. The first to re-
ceive $1,000 for his services, and the
other two $500 each. The Secretary Of
the Taxing District is to be ex oficio
Secretary of this board, at a salary Of
$500. Upon him will fall the burden
Of the manual labor and Office work.
The County Trustee is to be Treasurer
of the Taxing District, but must de-
post the funds 10 a designated bank
that will be required to give heavy
bond. This will greatly lessen the
responsibility Of the Trustee.
The second act in importance fxe,
the rate of taxation at ninety cents on
the one hundred dollars in the eight
old wards and eighteen cents iu the
ninth and tenth wards to pay the in.
terest on the debt. Taxes for other
purposes amount to $l.45, l'making a
total city tax of 81 80; should the
State and county tax not be more than
$l0O, this would make the total
rate Of taxation 1896.
The other act repeats the act estab,
lishing,,the liquidating board compos
ed Of Messrs. W. j. Smith, j. R
Goodwin and JohnlDuffy, and also stop,
the levy Of taxes under that act, and
gives those who still owe for 1882 until
the first of next November to pay up
without penalty. The board is re.
quired to turn overall funds on hand,
amounting, tits understood, to $4,000
or 10000, to the taxing district gov
erument. This being done the board
will cease.
THERE'S still..another act, we under
stand, which provides for the reduc>
ton of assessments by the Chancery
Court, when deemed proper. This
seems TO be for the benefit of some old
delinquents. tits to be hoped that
they will'pay up and keep paid up,
and that all will take a fresh start.
We know now what to FexpeCt, and
can make calculations and arrange
ments accordingly. Funding will
commence at an early day,
and there is little doubt that the
great bulk of the old debt will be re-
funded, under tie act first alluded to
above, Memphis has had the breath
ing spell asked for, has worked out
great sanitary problems, has the best
form Of local government in the world
administered upon sound business
principles and proposes now to resume
aud to make good the promises made
when the old city charter was repealed.
The rate of taxation will be heavy,
but we propess to shoulder it man.
fully and go ahead. Tie value of
property is bound to go up and the
rate Of taxation for local purposes will
be reduced proportiOnately. We are
proud to announce the evidences Of
vitality and returning prosperity to be
seen and to be ielt in the very air on
every hand. Memphis i. coming to
the front.