Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-02
Plan for the Settlement of she Debt Z
the City Of Memphis.I

Plan for the Settlement of she Debt of
abe City OF Memphis.I
First-rhe basis OF the settlement shall be
fifty CENTS on the dollar as to all the debt
which was not funded under what is known
as the Flippin compromise, and par; or
100 cents in the dollar as to that part OF the
debt which was funded under the Flippin
compromise.
Srcond-The whole debt when thus set
tied shall yield the creditor six per cent. in
teresi. But for the FIRST three years only
three per cent. interest shall be paid, and
three per cent. will be capitalized; and for
the next three years four per cent. shall be
paid and two per cent. capitalized, aud
thereafter ak per cent. shall be paid. In-
terest to be paid semi-annually.
Third-The holders OF all that part OF the
debt which was not funded under the Flip
pin compromise act shall surrender their
bonds or other evidence OF debt and receive
in place thereof the bonds of the Taxing
District at fifty cents on the dollar and in
terest, as provided for in the second clause.
Fourth-The holders Of the Fiippin COM
promise bonds may exchange their bonds for
The bonds of the Taxing. District at par with
interest, as provided for in the second clause !;
or they may retain their bonds and fund the
interest now due, nd the interest TO be capt.
tdi-Ltu III tue uOuuB Vi TIC -DIbtIiCt
at par under this settlement. Wherever a
Flippin comprsmise bond is retained, neither
the acceptance of interest on il nor the cap
italization of interest on it under this settle
ment shall be held or taken as a waiver OF
any rights which the holder OF said bond
now has.
Fifth-The Taxing. District shall be vested
with the power to issue the bonds Mt cessary
10 carry out this settlement. Ths LegIsla-
ture shall levy the tax to pay the iniers st
and carry out this settlement, but the Taxing
District shall be vested with the power 10
levy said tax in case the Legislature should
fail at any time TO levy ii.
Sixth-The Taxing District shall have no
power to create any debt, levy any tax, or
issue any bonds except for the purpose Of
carrying Out this settlement.
Sevenlh--Tne provisions of this settle
men. 20 be embodied in sn act OF the Legis-
laiure prepared By a COMMITTEES composed
Of persons on behalf of the creditors and
persons on behalf OF the citizens.
Endorsements.
The above is satisfactory to US, and we
agree 10 accept OF the proposed terms in set.
| Element OF our debt against the city, and ad
| wise others to do the same.
| sH DUNSCOMB
G. G. GRAHAM,
VIM NJ HARRINGTON,
II. NJ. JOINER,
T. A. LEDDIN.
am clearly of the opinion that a settle
ment OF the city debt on the above term,
would be best both for citiz.ns and creditors
y. LATHAM.
We will advise creditors represented by
us 10 accept settlement on the above terms.
SMITH q COLLIER.
The above is Satisfactory TO me SO far al
any bonds / hold.
SAM H. COWARD.
This is satisfactory 10 me.
VII. MOORE, Agent,
VIII. MOORE,
Secretary Bluff City Insurance Company.
The above is satisfactory TO me so far q
any bonds hold, and will cheerfully recon-
mend my friends holding bonds to do tb'
| same.
P.C BETHEL.
The above is satisfactory to me.
DARLINGTON MASON,
Secretary Peoples Insurance Company.
| The above terms are acceptable to as.
| W. N. BROWN.
| T. B. 1URLEY.
J. N. GOODRAR,
Y LOwENSTEIN,
| ]. Z. GOODWIN,
EDWARD SHAW,
| I. N. SNOWDFN,
| J.. W OVERTON, JR.,
c. W. HEIsKELL.
And many Others.
/ did not take part in getting up the propo
sitiou, bur as it seems to be the best that ca
be done and satisfactory to the creditors,
am willing 10 take it.