Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-21

good sanitary condition at least twenty-five
miles of streets and alleys are yet unpsved,
and not less than sixty miles additional OF
underdrain pipes are Necessary? Besides
this, the water question is grave one Our
present supply, while sufficiently abundant,
Is unfit for general use without fltering,
which is beyond the ability of most of our
citizens. No city can be regarded SIS in q
good sanitary condition unless it is provided
with good sewerage aud underdraiuage, solid
substantial paved streets and alleys, and an
abundance of good, wholesome drinking wa
ter. Being a constitutional debt-payer, /
am in favor of paying all we can without
conhscatipg the property. To compromise
the debt at fifty cents on the dollar with
three per cent. interest requires a tax of
nesrly seven-eights of one per cent. Tax
payers will find this heavy burden, and
We shall not at all times be able to meet the
interest promptly. II the coupon-receivable-
for-taxes feature is demanded, bondholders
are forewarned that it will be fought through
the courts to the bitter end, and, in view of
the decision of the Supreme Court of Ten
nessee ia the one hundred aud-three case, we
expect to be successful. FRONT ROW.
The Settlement of the Old Ciiy Debt.
To the Editors of the Appeal:
As an old citizen, and deeply interested in
the future welfare of the city, have care
fully read the report of the committee pro-
posing plan OF settlement of the debt of the
old city OF Memphis. While / regard the
to estimate, and agree to renew fifty
surrender of the remsInder), as fair COM
promise, cannot but consider that the rate
OF interest proposed, sir per cent is entirely
too high, and if agreed upon and adopted
will prove to be greater burden, in addi-
tion 10 that which other necessities will re-
quire, than the taxpayers of Memphis can
bear. 1t is well known that the general gov
ernment is renewing her liabilities at three per
sent, and capitalists are over-anxious to
take the debt at that rate, and see no good
nor substantial reason why the people of
our city-debt-ridden, interest-riddeu and
tax-ridden as they have been for 30 many
long years-should be required to pay tuiee
the rate of interest which the general gov.
eroment pays.
If the creditors of the old city desire set
tlement, permanent settlement, one which
the people can feel assured they will be
able to provide for and meet, then let them
agree to accept, on a renewal of half the es-
timsted debt, three per cent. interest for the
first FIVE years, and after that four per cent
The necessary tax required 10 meet even
three per cent. interest, added TO other in
taxes, will prove to be no Light
burden on taxpayers for the period of Eve
years, but j believe il win be cheerfully
borne, in view of all the circumstances;
but II six per cent. be demanded, on
the entire renewal, then you may prepare
for larger and -incre easipr delinquent tar
list every year, and a consequent faiiure 10
meet the interest ss it natures. And IN no
erent, IN my opinion, should tIe 1dziag- District
authorities be made responsible for The payment Of
the debt or interest," but lei three or fpe commits
sioners be appointed TO arrange The whole matter,
to issue the bonds, receive the collected tazes from
the trustee, and pay The interest and should there
be any surplus use IL as sinking fund to retire
AZ.