The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-09-02

40 uiuSio'ohu ~, llle CONSTITUTION ana
laws OF our state do not ut present admit
OF the enactment of such laws.
About Memphis as it is. Are we as
city prepared for great influx of popula-
lation, and for a doubling or trebling Of
our commerce and trade? Have we the
streets to accommodate the future great
ness OF this city?''
81 must answer we have not. While
much has been done for the improvement
OF our local matters within the last ten
years still might ask, are we in a condi-
ton TO invite population who would de-
sire to make this their future home. OF
one thing am convinced, that to make
this great city
MONEY WILL ne REQUIRED.
"Our streets should be paved with granite
rocks upon concrete foundation. This re-
quires money, say from $500 TO S. per
square yard. How is this money to be
raised? Is il to be by direct taxation, to
run through period Of say ten years, or
is II to be raised by obligation and trust
TO future generations to pay same? This
is a matter OF serious Importance. Many
OF our citizens believe that morally we arc
bound never TO issue an obligation or
bond under any consideration, until the
| present outstanding bonds are paid.
Others OF our citizens, equally honest, be-
lieve that the issuance OF bonds and the
Immediate improvement OF our great
highways will not only improve the city,
but also improve the value of the
bonds already outstanding. The qucs-
ton then before us is improve
ments. High taxes and improve
ments, or low taxes and no improve
ments! II Is worthy of consideration
Our citizens feel very different today to
what they did when we had an indebted
ness OF $1,000, 900 hanging upon us; then
We were depressed rs an individual is de-
pressed by debt We came together, de.
yised ways and means OF settling this
debt. The mode OF settling is well under
stood by our own people. II was COM
| promise. This compromise carried with
II certain moral obligations. not written in
the bond, but outside Of il, to-wit: "Scttlc
with us this time and we will never 20 in
debt again, never issue another bond UNI
I'll we have paid the one we offer you, due
thirty years hence. We are not able TO
pay you dollar for dollar. Your bond or
your indebtedness is only worth 40 cents
on the dollar, and we will give YOU new
bond for one-half the amount Il you will
forgive us the other hall of the debt.
Nearly 100000 were settled upon this
basis, and the question now arises,
SHALL WE RErUDIATE THE MORAL oBLIGA-
TON
that we expressly made OF tacitly acdui.
esce in? II may be said, and with truth,
that a majority OF the bonds have changed
hands, and that the parties who compro-
missed, sold out the evidence Of payment
| a..
bonds, and the bondholders having been
changed, that our moral obligations be-
comes null and void. Being the exccu.
tive officer OF the city myself, probably
had more 10 do with settling this debt OF
81 100000 than any other man. claim
no credit for IL, for as the city's agent
was only carrying out instructions in the
matter. did promise that no more bonds
would be issued by our people; that they
had seen enough OF debt, and that only one
emergency would arise which would in
ducc us ever tOassume any more debt and
that would be the question OF sanitation
and health. That we would do anything
10 preserve the good health and lives OF
our people. Now the question naturally
arises, Is paving n sanitary measured Is
subsoil drainage a sanitary measured Are
sewers a sanitary necessity Let our pco-
pie ponder these questions seriously.
Another thing, did we promise 10 pay any
thing upon the bond until IL was due, ox-
cepting the annual INTEREST,"
Docs the issuance Of bonds for sanitary
purposes dcpreciate the value OF the bonds
already issucd2 Would not beautifully
laid streets and other improvements that
always follow well paved streets, add To
the value Of the bonds already issucd2
With the bright prospects Of this
city, with the real intrinsic value
| OF realty, with the increase Of
It's trade and traffic 400 per cent. during
| the last few years; IL not the city better
able TO carry n debt OF $1,000. 600 than she
was TO carry a debt Of s3,OO0,OOO when the
settlement was NADER Another thing,
| did the bondholdcrs take our bonds in ex.
change, based upon our moral obligations,
or did they take them based upon the
stipulations contained in the bond2 Does
| the issuance Of moro bonds prevent the
present bond-holdcrs from carrying out
and enforcing the conditions Of the bonds
they at present hold2
vAINLY CALLED TO TINE
Don't ask me No many questions,
please" pleaded the reporter. "What do
YOU opine about it?'
Can any great enterprise he inauguraicd
and carried TO perfection upon q cash ba-
sis2' continued the aroused president,
seemingly taking no notice Of the Interrupt
ton. do you know OF city In the Union
that has been built up without dcbt2 DO
you know Of railroad 100 miles long that
has been built for cash, aud cash only2 II
q bond n burden. II you have received dol
lar Tor dollar for ~ IL not this city In the
position Of n merchant who has mortgage
upon plantation aud the improvements
thcrcon3 The Clubhouse Of tho plantation
burns down. Does II pay the man
who holds the mortgage 30 adj
vance enough money 30 rebuild the gin
house. and permit the general improve.
ments Of the farm 10 progress. thereby m.
tanning a valuable and industrious tenant
or should hc refuse 10 build the Clubhouse,
let the tenant leave, and the entire prem.
iscs 90 10 destruction Every sane mcr.
chant would say, advance the tenant the
amount required 30 build the Clubhouse,
give him an opportunity 10 clear more
land, build more fences and add 30 the
bcticrments Of the plantation, thereby en-.
HANGING the value OF the plantation upon
which the mortgage IL prcdicaied.
ION the question Of bonds. let me ask
you right here, what Is your position on
the proposed issuance7'
"As an official, ! confess that am op.
posed 10 bonds, for they have 10 he paid,
compromised, or upudiaied. Such thing
as n municipal population does not hold
good In law. This city once tried TO. and