The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-11-25

| iiualud. We did ~, aud In tine slir vi
them received sufficient premium u
/ cover all the expense, or about IL, When
/ this was done the management dcvolycd
upon the chairman NJ the County's hnan-
cial agent The net further provided Tor u
sinking fund 10 lake up their bonds nt ma.
turIty which fund could not be- diverted
20 other purposes under penalty NJ term
Ia the pcnlicntiary. So much lur the net,
the issuance Of bonds aud the floating 81
them. Now. what is the rcsuli2 The tint
date Ui maturity h 1890 Very few of the
bonds aill loo presented for payment then,
for the simple reason that they have al
ready been taken up IN this way ln.
stead OF keeping the money raised each
year for the sinking iund in the vaults.
the chairman instructed him 10 20 ont Ia
the market and buy In th0sc maturing first.
This was standing order, aud faithfully
Obcycd. In this way interest was saved
AMI TIE debt steadily reduced. see no
reason why this same plan could not be-
pursued In improving the city aud bring.
ing It up 90 n high standard oi attractive.
ness for investors and Immigrants Pos
tcuty will not and cannot object Ia this
debt, when they fall heir 10 the valuable
property. There II no use talking about a
front loot assessment. Tho Supreme
Court has declared against that ~ uncon-
stiiuiional. Direct taxation Is impmcti.
cable, because We cannot stand under a.
! have reviewed all the leading cities II
America, as iar ~ possible aud 80 iar
have been unable 20 locate one that im.
proved and went ahead under that sys-
TEN. Perhaps some one else can point
me TO one, aud u 10 would feel obliged
for the information"
WILLIAM ~ syERD,
in response 10 reporters inquiry, snid.
"Ihc streets should be- paved, aud SEQ
no other way 10 do II but the issuance Of
bonds
JANIS y. uuNrrR,
Deputy Clerk Of the Criminal Court. when
approached upon tho subject, said. II
favor the streets biins paved. also the Il.
sunncc " bonds for that purpose, a. that
is the only way We can raise the money
E.h I'nrNnY,
Clerk and Master Of the Chanccry Court,
said: 81 heartily favor tho issuance Of
bonds Tor street paving purposes"
IN. CHESHAw,
OF tho Probate Court, replied 10 the 70.
porier's inquiry as follows. "1hc streets Of
Memphis, with one or two exceptions, are
In miserable condition aud should be-
paved. Should iho city issue bonds the
tax payers will have another burden upon
thor shoulders, but better that than streets
such as we have at pcscnt"
carr, JANEs Ike, IN.
wasn't ono Of tho frt 10 come out In
advocacy Of bonds2" exclaimed Capt Jas.
Ice, Jr., In response Ia an ArrEAL re-
poricr's interrogation. "lIow do you stand
on tho proposition 10 issue bonds for paw.
ing purposes
Continuing, he said. you aud and
the balance Uf mankind In Memphis know
nothing Of but one material world 30 be-
supplemented with the hereafter and It's
golden streets We may never be- priyl.
eyed 10 walk upon them, aud IL bchoOycs
us 10 enjoy those We have. I want 10 share
In the enjoyment Of the thing for which |
am paying out money. Postcriiy can't OK.
pcct us to hand them down great and
modern city free from debt. Besides that,
ppstcrity may not be worth three bits"
"ln all this discussion have heard moth.
ing about sinking fund 70 redeem those
bonds. What about that3'
That could be raised without any
trouble. We needn't issue bonds Tor more
than 100000 ut once That would put
a large iorco at work and save NJ interest
on the other until Il could be utilized"
RoBERr ". GALLOWAY.
"Mr. Galloway, have you anything 10
say on the subject OF street payingl'
II bayo both M taxpayer, and being