Year: 1878

past, that public sentiment is over
Whelmingly in favor Of repeating the
city charter. 1t has been reduced to
a question of self-preservation. The
taxation under the present system, for
a few years to come, will amount to
con6scation and ruin. A certain class
Of our creditors seem to think they
own Memphis, and all that it can be
made to produce Mandamuses are
enforced without mercy by set Of
men who coolly and cruelty calculate
how much the people can stand. If
this goes on it can but prove another
case of killing the goose that laid the
golden egg. The rapacity of these
creditors knows no bounds save the
utmost limits of our endurance and
capacity to pay. Without desiring
or intending to repudiate one
dollar of valid indebtedness, the
people have been driven to a
point where they must make a stand
now or never, and say: THUS far
shalt thou come and no further" This
may be called a desperate remedy, but
we arein a desperate condition, and
must preserve ourselves by placing a
bulwark between the city and those
who have driven us mercilessly to the
wall. Another downward turn Of the
screw of adversely and dgrinding avarice
will drive many of the best busi-
ness men, mechanics and small tax
payers from Memphis. We have no
desire to array the poor against the
rich as a class, and no respect for the
demagogue who would do so; but
when it becomes necessary to take
sides in struggle of life and death
between the city and her Shylock
creditors, a struggle which is to de-
eide who owns the city, we are with
the people who make up the bone
and sinow of the community
Some of the bondholders, such as
Colonel Bethel, funded their bonds
good bonds, we presume-at fifty
cents on the dollar, and, as far as We
can judge, have acted in good faith
The rights and equities of these should
be protected as far as practicable, anC
arc entitled to some preference, if i
ever comes to readjustment. There
is reason to believe that certain taint
ed or illegal bonds have been slipped
in very hastily and refunded. TIL,
records of the comptroller'S Office, how
ever, should show how this is, and un
til we have more definite information
it will be unnecessary to go into dis
cussion of this branch of the subject
A large proportion of the old bond
remain unfunded, and it is not likel,
that many more will come in betwee
now and the time the Legislature will
be called upon to take action with re
gard to the repeal of the city charter
But even if all the bonds we're refund
ed at fifty cents on the dollar, it give
us no great relief, for there are nor
mandamuses already granted, to sa
nothing of those to come, than we ca
possibly pay without extreme distres
No one should think that a repeal {
the charter extinguishes dollar of th
debt or will stop the levy of taxes
satisfy existing mandamuses. But


would give us a rest and place us in
position to make terms with our creC
itors who have so long had everythir
their own way. There can scarce
ne a question but that the Sta
can provide by general law applyiI
to this community, as the presel
charter does, without naming Men
phis, local government which wi
answer every purpose, and be mo
economical and preferable in evel
respect to the present cumbrous m
chinery, which costs the people ov
one thousand dollars a day. We adm
that the people are somewhat to blar
for our present deplorable conc
tion. If the property-owners al
4 solid business men had taken hold


municipal politics, in a practical, bu.
ness-like way, six, eight, or ten yea
ago, the city would have been in


better condition. The responsible
might be located on some shoulder
but there is no way to undo the pa
What is writ is writ. We have
grapple with the issues of the prose
the uncomfortable taxation, the ia
collector, the sheriff with red flag


hoist over every home, and remerselt
creditors, aided by the strongest la


yers in the State, and even sustain


by united merning press. We ha
nc desire to enter upon controver'
but we feel a growing conviction til


the only escape for Memphis i


through an absolute repeal ofthe G


charter,