The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-11-18
BONDS FOR PAYMENTS.
THAT SIDE OF THE QUESTION WELL
PRESENTED.
Reasons Why Bond Issue lie Prefer
able to Tax Levy-The Proposition
As 1t Should Be Laid Before the
Legislature.
To the Editor OF The Appeal.

word in behalf OF one Of our most needed
n public wants. The most important issue
now presented to our people, other than
possibly revision Of our interest
laws, which you, and Mr.. Treze-
want through your columns, have
heretofore so ably advocated, is the paving
OF the streets OF our city. Our present
immense commerce and its growing de-
mands admonish US that unless our streets
are improved, that this great industry
must suffer rs consequence. You cor
rectly state that our streets must be paved,
and suggest that there are only two WAYS
by which this can be accomplished, one
by an additional increase to our taxation,
80 recently increased by the imposition OF
higher assessments, and the other by an
l issue of bonds.
a The paving OF the streets then being
! necessity, and the two modes named being
the only means OF raising the revenue
therefor, the question resolves itself into
which OF these are the most practicable
and OF the least burden to our people. All
taxes have been properly termed burdens,
and when IT becomes necessary to impose
them we should try and ascertain what
manner OF imposition is the least burden
some. And another essential element
10 be considered is as to upon whom these
burdens shall fall, not as we submit alone
on the present generation or that OF the
future, nor unequally upon either the one
or the other. Our constitution provides
that all taxation must be equal and uni.
form, and while these words literally con-
strued may mean that one class of property
shall not be taxed greater than an.
other, still, in justice 20 the pres.
ent generation, il should be con-
strued to mean that no levying taxes
for such improvements as are TO inure
to future generations equally as 10 the
present, then each should share its re-
spective portions OF the burdens In pro-
portion as the benefits arc derived in life
should the ills be borne. Ii is estimated
that q first-class pavement, aud we hope
our city authorities will construct
no other. will last twenty years
Now is II just that this generation, a
large portion of whom will be dead long
before that time has elapsed, should pay
for the whole OF this? Such would un-
doubleday he the case II we adopt the
mode Of Immediate taxation. Would the
next generation expect this OF us, or can
we, IN justice TO ourselves, submit or con-
sent 20 IL?
We have, within the last five years
paid, compromised and settled large in
debtedness, imposed upon us by our pre-.
decessors, and for which we received
small proportion OF the benefits. Now.
shall We be asked to meet all Of the bur.
'dens that should be nhared between us
and tho future generation, or shall we
equally divide the same according TO the
benefits 10 be received2 This expenditure
upon our streets being permanent i'm.
proyement, and inuring 20 the benefit OF
the future rs well rs the present citizens,
should be chargcablc 10 each in proportion
TO the benefits 10 be received by each.
There seems TO be, on the part OF some
Of our people a great aversion TO the
further issue Of bonds II is true that the
experience we have had in the payment
and settlement OF these issues by past
generations Is calculated 10 create an aver
sion TO bonds; but should We be now COM
PEELED 10 submit 10 an additional levy and
cash payments, within the next year or No,
TO an amount sufficient TO meet these
necessary improvements. | fear then
that this ordeal would prove even greater
than that OF the past, when the manda-
mus creditors were pressing MS with their
extra leyies.
II is generally true that liability d.
vided up aud made payable at long inter.
walls Is more easily controlled than 10 pay
the whole at the beginning whereas in
our case the taxes are already heavy and
the cash, judgngfrom the delinquent lists,
not very abundant
But should there be any objection 10
the issue Of bonds, provided the proceeds
thereirom are properly and economically
applied 10 the purposes authorized We
can realize even more revenue from n bond
issue, In proportion 10 amount 20 issued,
md tax levied, than We can from n direct
levy OF taxes. In the case Of a levy, there
II 10 be taken from the proceeds n certain
per cent, which goes TO the tax colcc-
Tor for collecting, and further
per cent for dolinquents, ~ will
While In raising this revenue from bonds,
We know that our very efficient President
-md Secretary Of the Taxing District will
see that every dollar OF the proceeds Of
that bond will go into the Golfers Of the
city with no loss or deduction for collcc.
lions or non-collcctions Again, the bond
process Is the only method by which this
paving can be done at once and We receive
an immediate benefit, while that by direct
taxation must Of necessity be very slow,
unless the immediate levy is very large
and burdcnsomo In the extreme.
Under our present assessment, our an
nual street tax IL about SlO7, 600. Now,
why not have our next legislature author.
lie our city authorities land not a COM
mission, "a suggested 10 issue for paving
the streets say $4,000 Of bonds within
the next Two years, not more than one
half 10 be issued In the firt year.
Provide In said act that these bonds
shall not 10 sold At les than par,
and the proceeds 20 be applied only
10 the purpose named, aud let the
act DO sol framed as 10 secure n faithful
and economical application Of tho pro.
ceeds. by the Issuance Of these $3.50. 700
bonds our Interest tax for the first year
would be increased $4,000 10 meet the
interest on said issue. This could be pro.
sidcd for out Of the present street tax,
tl07, 600, leaving the same ZOO, 10
shich add the s2J0,OO0 proceeds Of bond
ssuc the first year, and We would have a
'ash fund on hand for each Of the two
ycars Of $3.50, 900 for street purposes
Al the end Of the two years the Legisla-
ture would again convene, and We could,
Il deemed al yisable, have the act amended,
authorizing n further issue. II cannot DO
doubted by those who have faith In the
future Of our city but what the increase in
values and importation Of capital caused
by this improvement would prove
sufficient 10 raise revenue, al
the present ratio OF taxation, 70
meet this increase Of interest $1,000.
There seems 10 be AN impression that the