Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-04

his humble opinion Maj. Meriwether's reso.
lutions gave some security to the people. Ii
the Legislature had the power to make the
District issue the bonds, it had the power 10
establish q commission which would fssue
the bonds.
THE DISTRICTS ATTORNEY.
Judge c. W. Heiskell said he had never
believed that the question in the courts
would be decided against the people. But
suppose the District should gain the lsuif. |
He had attached 100000 Of the honda
Suppose those bonds were thrown Out; 1t |
would be better to accept the terms OF the |
present settlement than to have the rest OF |
the debt paid dollar for dollar. 1t was not |
The object of the people to avoid the debt. |
1t would be easy enough 10 pay the $40, 600 |
interest. He believed that when the settle
ment was made, mandsmus would never
be heard OF.
JUDGE SAMUEL WALKER
was then called for. He said the meeting
was called TO discuss husiness proposition,
and to get the views of the people. There
ought 10 be no feeling in a matter of this
kind. He confined himself to an enumera-
ton of differences between the present settle
ment and that proposed by the meeting OF
January oath. He spoke in favor of the
resolutions. He said, in answer TO Gen.
Turner'S point that the settlement was un-
constitutional, 20 much the worse for the
bondholder. An unconstitutional remedy
was no remedy. He would be only too glad
if the bondholder would be satisfied with
such relief as that.
LADY's VOICE.
Mai. Meriwether bad requested that his
resolutions should be adopted seriatiH, and
then as a WHOLE
A motion was made by Mr.. James Harris
to lay Maj. Meriwether's resolutions on the
table, and was arried.
Mr.. Goodwin then announced that the quss'
ton before the house was the adoption Of the
original resolutions.
At this iuncture lady's voice was heard
in the audience, and the hubbub Immediately
ceased. 1t was Mrs. Minor Meriwether.
She said, Before that is put, Mr.. Chair
man, will you permit me TO ask a question"
Certainly, madame" said the chsirman
calamity, "you have the floor"
Mr.. james Gallagher moved that COM
mittee be appointed to escort the lady TO the
platform. She, however, declined TO go, but
said: 81 have been taxpayer in this city
| for many years. and by mandamuses / have
been compelled 10 pay taxes on piece Of
property five times. Is that justice? You
gentlemen ought to see that justice is done
US women, even ii you do not give US a voice."
NE. GALLAGHER HEARD FROM
Mr.. Gallagher moved that the question be
submitted to a vote of the people instead Of
| 200 or 800 interested bondholders. Twenty.
| i've thousand opinions were better than 800.
| He said he was afraid the bondholders were
| designing men. He saw one Of them smiling
| at him as he spoke. He warned the people
| against the stovepipe-hst creditor. Why re-
| quire the city to pay fifty. and-six when the
| great State only paid ffty-and-three? He
said the people need not be alarmed, hecity
debt would regulate itself.
| The resolutions were then adopted. The
meeting concluded with speech from Col.
Josiah Patterson. 1t Was as follows:
COL. PATrERsoN's SPEECH.
| Gel. Patterson said the subject under con-
alteration was one of absorbing interest to
| the community. AS one of the Representa-
| lives of the people in the General Assembly
| he felt the responsibility of his position, and
| on his own account as we'll as on account of
the community in which he lived, he hoped
| that wisdom and moderation would prevail
| in their deliberations. In an emergency like
| this there is no course of conduct so pro-
| ductiye Of good results as that which is
marked BY open, manly and direct dealing.
| Such course begets mutual confidence, and
| mutual confidence between the creditors on
| the one hand and the people on the other
| leads directly to an understanding OF each
| other and to the point where We will def
nitely agiee or disagree. Your representa-
tives in the Legislature have had a clearly
defined policy in respect to the settlement OF
| the city debt from the hour they were nomi-
| mated, and they will pursue il 10 the end, and
| that is never to introduce or vote for
bill TO settle the debt on any basis unless it
/ meets with the approval of their constitu-
| ents on the one hand and the concurrence of
| the creditors on the o,her. 1t would be
wrong and reprehensible in principle to
| fasten on this people any settlement they did
| not want, and your representatives will never
| do il, This ia your matter and not ours,
and we intend in good faith as your SCENTS
to execute your will. On the other hand it
is worse than folly for US to put on the stat
ute book an act of settlement which the
creditors will repudiate. To do so will give
the bonds fictitious value In the market,
will encourage speculation In our n,isfor-
tunes, and lead to no good results. For the
representatives. OF the people TO grstuitously
enact settlement and give the creditors
an opportunity TO contend for the
whole pound of flesh in the courts,
and to accept the settlement only
| when they see they can do no better, would
be uuwise in us and unjust to the people.
| When the committee was appointed to draft
a bill in accordance with the resolutions
| adopted by the mas meeting which con-
vened on the Path of January, we said TO
them frankly not to prepare the bill unless
| they had assurances that the creditors would
accept the settlement. On conference with
the creditors, they declined in advance 10
| agree to the proposed terms Of settlement,
and the informal negotiations which fol-
lowed resulted in the home creditors con-
| senting to the terms of settlement which we
have ratified and adopted tonight. Col.
Patterson said he was satisfied the people
| were acting in the utmost good faith, and
| that the creditors might rely implicitly on
the citizens of Memphis carrying out TO the
letter any settlement they might agree TO.
Their Endorsement freely given is the high
es, guarantee of good faith and prompt
payment the creditors can have. On the
other hand he said he was satisfied that the
home creditors in giving their consent, and
the attorneys OF The foreign creditors who
have signifed their approval, were all acting
in good faith, and were az sincerely DESTROYS
as the citizens to secure the ratification of all
the creditors. When we discarded the old
city government we justified our action by.
pointing to its crimes and our calamities,
and we invited and retained the confidence
| OF the world by assuring it that when we
emerged from our misfortunes we would do
| right with onr creditors. We have now re-
deemed our promises by placing the respon-
bility on them OF accepting or rejecting
| settlement which all Just and honorable men
will pronounce fair and liberal on our part.
If they accept it, We will do our part
like good citizens and look TO the
future growth and prosperity of Memphis
TO vindicate the wisdom Of our action
tonight. If they reject it, then we will be
conscious OF having done in the sight of the
| world all that could be required of US, and
can nerve ourselves to meet a contest that
inv Dives the coniscation OF our property.
We will then be in an attitude where we can
ask and receive at the hands of the General
Assembly such legislation as may be neces-
sary to elude the grasp of those who would
destroy US. Col. Patterson said this was an
| alternative he dsliked to contemplate, and
he begged pardon for referring to it. He
said he was hopeful for the future. The
people had done right. He believed the
creditors would DO right. He said be felt
pride in his home; pride 10 the pluck that
had been displayed by the people of Mem
phis during a period of unexampled misfor-
tune, and pride in the honest effort they
have made 10 settle with their creditors. Let
the people and creditors keep faith with each
other and all will be we'll. The bow of
promise will again appear to Us, and Mem
IL. L..