The miners' express. (Dubuque, Iowa) 1849-1854, 1852-10-13

City Treasury and but one legal Treasurer-
the man elected by the free Uffrages Of the cit-
zens at the last Charter election. That person
we recognize in B. }, o Halloran,. whose bonds
are on file, and who is the only rghtful and au-
,horized Treasurer Of the City.
As to the details Of the negotiation, we know
toolitte about il, t. be justified in giving an
opinion.
= 80 TnrAspsrss Orr,cx, Dusuorr,
ssa as'as@x3 7.ze September 20, 1864 !
To THE PeorIE OF Dvsueu.a: 'aa sgAa. -
FELlow CrrizEss, the comm uncatinn, 4 felt
called upon 70 make TO the C,ty Council, touch
ing the sale Of tho ten thousand dollars city
bonds bearing ten per cent and running twenty
years, has been treated by that body with silent
contempt.
tits painful to BE- obliged u come thus pubs
liciy before the people upon a subject which the
city council had the centrol of. ButlTowe It
to my fcilw citi1ens, who havs placed me in
the position occupy es Treasurer Of this city
not less than 10 myself, that truth and their in
,crest should Be vindcatcd at any sacrifice -
II may be said that am stepping outside Of my
line Of duty in this matter. In reply, ! would
respectfully state, thatit particularly the duty
Of the treasurer to attend and guard the finan-
cial fairs ot his constituents And when those
who are placed as the guardians Of the city 8
interest, neglect, refuse to do SO, there is but
one course left, and that is, to lay plain state
ment before those, who placed them and me in
office.
In order to be distinctly understood on this
subject, | shall begin at the beginning, and if
| refer to past transactions, 1t will be merely to
illustrate.
After the people Of this city had generously
voted in favor Of the $4,000 loan, it was inti-
mated to the city council, that Mr.. J. Farley
was going to New York and tbereupon he was
appointed agent to dispose Of the Bonds. Tnis
was perfectly r,ght-it was due to his position,
when it did not interfere with his time, that he
should b. selected. At the same time, there
were other persons going East from here, (Mer-
neutrality-suspicious. we'd havef"lt plea
sure in acting for the City, and that gratuitous'y
Whether Mr.. Farley was to receive any or
what compensation ioI MS SciViee0S h~S NV
come to my knowledge. at
The sequaI has proved that it cost the City
Of Dubuque snug little sum to negotiate their
bonds, as will he shown hereafter from the re-
por, of Mr. Farley, made verbally at a meeting
Of the city council on the 23rd inst.-he having
not, been prepared at the former meeting
and what Of that "Verbal'' report, which was
aecspted and the agent Observation-Disclosures
was it not published and let the people know
the whole operation? To do 80 would not an.
swer the purpose, the Agent must be white
washed and the City council did it under such
circumstances as it would not do to publish;
II would not do to publish by authority that
Mr.. j. ?, Farley reported that Cook, Sargent
g. Co. were to have the difference IN exchange
and two per cent besides, or the use Of the mo-
ney for their trouble, and the risk they ran as
business men for recommending Dubuque City
Bonds, bearing ten per cent interest, payable
= mi annually, to the favorable consideration OF
Wall Street Brokers tit would not do to state
that toge thcr with these perqusltes, E. W.
| Clark, Dodge g. Co., was paid two and halt
per cent for their trouble this would not do,
| particularly as the Treasurer had called the
attention Of the City Council to the subject,
and it was deemed expedient to frown down his
interference. What tho august City Council
OF Dubuque, with J. p. Farley, Mayor, at their
head, to p1y any attention to any communica
ton coming from him whom they considered
impairment.
When speak Of the City Council, mus
be just, there are those composing it, whose m
| ,entions are good and motives upright, but they
either lack moral courage to carry out theil
views, or are too easily scft-sawdsred into com
plance with the doctrine Of those hig gh in au-
hnrity s. a Etsa, --
| But to return TO this +" job" In addhien &
the Commissions. and Exchanges and recon-
pense Of services mentioned above there j,
made out of this loan an other considerable op.
Grafton as far as the extent goes. as3 "a
Sovereigns arc worth in New York 81 s.
willis, here they are paid into the City treasur.
bv one of the Aldermen who has thus far acte'
| in the matter, at 81 9o-this makes shave Q
one and quarter per cent more-the differenc
between - SO, the legal value, and 81 80, tn
ficti.ioas value, must be lost by some person.
the laborer, the farmer, or the merchant; In
money shave, you may be sure will take car
Of himself e EoA 5.3'@ 1E.
A few figures is all that is needed to demons
trate the loss this City has sustained in the trans
action and the injustice thereby perpctrated upo
the Ct,zens-as follows: Commission paid Z
w CIa'k X Co., which could have been save
on $4,000 Gents at ~ per cent $3.50 o.
difference in exchange, which yighi(ui-
IN belonged 10 the City Of Dubuque en-
$lO,433 80 the sum which should hare
been de posted in some responsible Bank
in New York to the Cr. Of the City Of
uubuque, to be drawn upon as nee dcd
and Bills sold at per cent premium l30 4
t'ook, Sargent & Co. for the recommend
! per cent $40 ii l.sslesaea ..y 40 200 o.
Shave on Sovereigns in paying them out 81
here at the rate of $i9O-ll per cent l3o 4
Total grand shave on the Citizens Of $40 3
between the agen, appointed by the Board, III
sub agent, appointed by hin, here and the hea
shaving shop in NewsXerk srit sae.a ~av
j Thus are yoar afundsutrittered away. An
lEfurlher comnent from me on ti,is head is un
necessary lit may be ohirctedto, thar Cook
lSargen, & Co. did not RECEIVE the $500 fq
the srecomnend" &c r,rse they did not re-
crive it-:fof the reason ofsthe alternative, vi
the use Of the money whilst the City Counci
twas bdi>bursinga il; !. sthis. hoxeves Was accem
1 .E3x0J) z .yT4s ss3etS "
5as6 ~ on