Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-06
THE CITY DEBT.
MeeIipg OF Ihe Committee Appointed
by the Citizens 10 Visit the Cred
itors or Hs.sphis
And Urge Upon them the Acceptance
Of The Proposed SsttlemeRt-The
missioa Successful.

Yesterday the committee appointed BY the
citizens TO visit the creditors OF Memphis
returned TO the city and drew up a report,
which was read before an informal meeting
10 Col. Gant's Office. Among those present
were Judge Elicit, Col. CAN'T, Mr.. Napoleon
Hill, Judge Henry Graft, Mr.. J. R. Goodwin,
Mr.. George Peters, President D. P. Hadden,
J. y. Oliver, Mr.. Thomas Turley, Mr.. w. |
NJ. Harrington, Col. F. S. Nichols and repre-
sentatives Of the press. The report was read |
before these gentlemen and was cordially APP |
proved by them. 1t was agreed that It should |
be furnished TO the papers and laid open Tor |
comment The report will be forwarded to |
the Legislature. 1t ia as follows:
To the Honorable the Senators and Representa-;
ti7es from the County Of Shelby, in the General
Assembly of the state OF Tennessee:
The committee appointed by Mr.. John Z.
Goodwin, chairman OF meeting of citizens
OF Memphis held on Saturday, February 10,
1888, under a resolution adopted for that
purpose, to visit the creditors of the old city
and obtain their acceptance Of the terms Of
settlement of the city debt, proposed by said
meeting, acting in connection with the Hon.
D. P. Hadden, president Of the Taxing
District, who at their iustance was added 10
said Committee, make the following report:
The committee, after obtaining the written
assent of most Of the local creditors to the
| tsrms OF settlement, proceeded TO visit the
cities of Louisville, Baltimore, New York,
Washington, Richmond and Lynchburg, at
| which places the bulk Of the debt is held.
| At these places they saw personally all the
| creditors whom they could discover and who
could be reached. 4 few were absent aud
| could not be seeD. At Louisville all the
creditors OF whom they had any knowledge
or information promptly gave their agent TO
the settlement; at Baltimore ali except one,
| to rrtv ha fin her
consideration, but with expressions Of
\ favorable disposition.
At New York all except five gave their
assent; Of these three refused to sign, two Of
| whom are creditors to a small amount. The
\ amount held by the third the committee
| could not ascertain. One of the five was
| agent for parties residing abroad, and had no
authority 20 act. At the other three cities
| uamed al the creditors signed the sgreement
| except oue at Lynchburg, who held FIVE bonds
as adrinistrator of an estate, and was with
out authority to act
The committee experienced great difficulty
| in finding out who were creditors OF the city,
though they had the active cooperation OF
| other creditors in their efforts to discover
| them, and Notwithstanding notices Of tn cir
presence and object were given in the news
papers. There nay be, perhaps are, credi-
tors whom they failed TO find. They, how
ever, saw ninety creditors and obtained the
ascent of all but seven, some of whom did
not dissent, but took the subject under con-
sideratio1. The committee heard Of some
other creditors of whose favorable disposition
they were assured by third persons, but
whom they were unable to see. The COM
mittee were unable 10 ascertain with sccu-
racy the precise amounts due to each Of
these creditors. There was a reluctance to
furnish reformation, and in some instances
secrecy was EN- Joined. Greatly more than
four fiftbs in amount of all the creditors
they were able 10 zee, signed the agreement,
and they have no doubl that at least like
proportion Of those whom they failed to see
would promptly assent to it.
The committee were everywhere received
| with kindness and cordiality, and a general
sentiment was expressed that the proposition
made WAS fsir and reasonable. The capitali-
cation feature in the proposition by which
the rate Of interest is lessened for the first
six years met with no opposition from any
of The creditors, but all expressed themselves
quite willing 10 concede it.
In fact, the bill proved generally very
satisfactory to the creditors, with the excep
lion of that clause which limits the Tina O.
| performances to February !, 1884. Thii
limitation 10 20 ebert period was though
10 be uuwise, and We were advised by parties
: both who accepted and signed the agree
! ment, as we'll as by men in financial circle
favorable to our enterprise, but not person
! ally interested, to either strike out thi
! Limitation or extend the time of performance
A matter of great concern among tn
| creditors wss TO be assured that the people
|. | OF Memphis intend in good faith to carr
!, out the proposed settlement. The committe
felt authorized 10 give the fullest and mos
positive assurances on this point, and ties
were accepted as satisfactory.
a | goa the whole, the committee are Statistic
e that the proposed settlement will be accede
1 to by the great body Of creditors, and the
r earnestly recommend that the bills that b av
q been prepared for the purpose be premptl
# enacted By the Legislature.
- H. T. Elicit,
W. Nj. HARRINGTON,
u WIN. SNEED,
DAVID p MADDEN