Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-06-22

SA.uspAY l.ykHlNo. June 70.

SA.UsDAY LvEsiAo, June 70. 1858
HE Honor. Mayor Hurry. tG the chair.
Pressns-Ald. Caaninxhsm. Coui,harl, Dss
export. Huot, Smiley. Noe aud " sodsriich.
Petitions of Jamss 4 DAixe'i. james Mssn'
.. W edward and othsrs. wsrs referred I
he street Csmmiltss.
Petition II Ass.rs. Jsnsings. Decker a.
otLess. regarding slaughter h0uss nuissnel
wss referred to ep.cisl sosmittee Of nsssrs
Smiley. Cisa.sso and The City Aarshsi.
Report ot she Ci.y Attorney. 10 who's ~
referred the @sttsr of The rail, cad stocks Be
and the report adopted
10 tAs Mayor and Aiaermsn Of The CITY 0
Darsmpsrs ~ CosssiI asssmb!ed:
l have had ~ ss sonsidsrslios the mattel
Referred 10 me at tbs last meeting VI ID,
Council rsIst,'g 70 the railroad stock belong
ing 10 he city.
IL Asy, 1852. the City Couueii authorized
$oO.OOO Vt bOOds to be Issued 10 enable III,
clsy - subscribe Tor stock - lhsS amount u
Tue Chicago d Rock Isiand X X. Go. Bstos.
tbs issue st these OOsds, u VS. suecled b.
ns CITY C"uno,i, Tnst the I, sasursr OF SAID
Chicago 4 Kpcg Island Rs,lrosd Co.Dpsuy b.
su. ,0rixsd ~ no the stock tor when ssid
bonds are .ssu~d 10 ttust. 70 snAbls ths pus
onas-rs Of the bonds 10 convert the same. aud
. security TOR .he psy msnt VI the pr.nclpsi
.nd istsrest
IL July. 1883 Ii. City Coaocil ordered n.
further ,ssSs oi $7S sOO VI oity bouds f"r the
..srpese Vi subser,biag stock 20 shst swos",
~ the \. 1 n. X. K 20 Before the Issue Of
hsss bsnds !. wss sussssd b, the City Csas
eli. that shs city shall provide for The pay
~sst 81 the pr,noipsl BY the transfer Of sale
-.osk TO the hsid~rs Of he bonds. or to so0s
psrsos " psrs me. Or 10 sssh other vay and
msnssr - nay BE- nsosssary to meet the pay
usst VI ssid principal" Ae.
I've qussti No ere rAis~d:
Let, Are these bonds val.df
ID. II not vshd. has The trustee any further
rsss TO execute. aud s IL not h's duty to re-
urn he stock 70 .hs ei.y Of Dsv-nport9
1HE VALIDITY " TEE soNDs
10 both casss thsss bonds Wsrs issued BY
me offissss of the city. Those officers ere
oublis sessts. Their suthss.sy 10 aii derived
rom the LsgislsI are q the cLsss. and 10 con
.ined 10 the charter Of the city. And ~ l.
" Within the h0,ts II lhss auth Gritty the,
heir scts are biudii & upos the city Of Dsssu.
oort. At The tins oi shs issus VI Ihess bood.
. authority 10 besrSw money - given 10 III
aiy charter, vas % tslloss: :" To b.rto~
..nsy on Tue credit Of the citv. TO b. G..o
or sush purposss - ,hsy l,hs City C,uacil)
.sy thlok conducive to shs welfare th-rsof-
! . all cssss where shs City Council m.y bos
~ money. they shall ,roylde for IN psy
osns OF the Interest thereof by setting sps,
!. portion u the osdioary revenue sno c 'ii-c,
ns II Tor that psrposs The question Of Tor
osi0G 0ensy shsl, b subn,t.sd s"d ~.
h. - L. q
MY p.osidsd, thst o" ds6. shsli Be cosissss-
ssr. das thereon. shail exceed ons-bst n.
rsvsnus derived fson tax % th~ r.al ss,s.e
aud personal property within sa'd city"
Tnis 10 i,isitsd ~, bority /; lla.Itsd il pur-
nee and 10 snoans. Tue . y ccUnSii eOs,u
.. borrow money upder this authority for an,
,urposs no. wun,oipsl And tho bull.iu. /.
.,lrosds outside VI the city. snd, - 70 on.
nsss cases outside Of the State. 10. ct. .o,i,
yssking, 20 more municipal IL its ohsrsc,s.
nsn would he the running Of s,ssu.sis .ron
TO Ns~ Orie.Ds
But II tho purpose was Legitimate. there r.
oaias another sirsuDstspos that vas who'll,
,,srsgavdsd. The Interest ~ the debt must NOT
xessd enc hsif sf shs rsvspus derived troD
.xss The tsx. under the charter, oOSId no,
xcsed mile on the dollar. % the sssss.sd
= sslustioD Of the city. The fret issue We made
o tks Spr,ug Of 1854. 1ha In ere" on The
lsbl then created cas- q 600 . yer Tb.
.vsuue from lsxs,iOn shVuld h W been flO-
NO. The tax Tor 1881 only suouutsd " e.
40
The second is.as Of t76. 900 vas made i"
he summer OF 1853 The lnt-rsst Ou she deb,
.hes vas $l2 BOO Tbs rsv.uas derived fr~o.
axes sh"ula bs t26 900. Il did got exceed
70 500 in 1854 B.,n IL ths.s nsues ,he,
ssfs nsds in Total disregard Of the then Char
sr Il the city.
II 10 true 40 attempt vas made 10 evsde the
'oar,sr by ssbpit,i1g the vote. 10 bortos IN.
uopsy. % The 0pis ia the form Of an am. Dd-
neat to the charter. But the p.orls ., tha'
ims bad no authority 10 amend charter de
ssd from The Lsysis urs.
After these boa0s mad been issusd. o. ro'hst
i.r,npt wss msds 10 cure the original 10 -
.sfsct By getting a. amendment 10 tue char'r'
hrosgb the Legislature. declaring these 10 ,ue- |
s.al end bidding spOa the city It'll. oar
.0ns without regard TO the esnssst OF the pee
lie of Davsnpurt. II tho amending sct bsf
ought 10 cure the detective s1.su.'sn Of .
,sv.r already granted. Or il h.i taken eifsc'
,pon the consent OF the soters OF the city. ~
o the csss of he City Of bridgeport W the
ious.tsoie RR % rs. Coma. or u hsd su
oo,tssd the city 70 rA.'iy 90 iii.ssily done IT.
y name. and the CITY hes a.sds The proper rat
doA,iss. shso the fatal defect nigh. have been
,ured
Some years ago. ssstsia cities 10 luaisss
,odsr chsrtess similar TO oure, hsd issued
,onds TO build rsilroa 10. TIE supreme Cous.
4 that State held that under their charter
hey h,d % svthOrit, 70 issss eucb boads
Subsequently, The Legislature authorised
hsss sis,ss to sstify and U6rm the bond.
70 tssued IL psrsoanes Of this suthority. the
ivy Of JsiisrsOs vile ratified the pr-vioss ,ssus
i,s bosds THE vas held 10 s.ste them
cid, Be. shs Supssms Coars sf The Uai,sd
ssssss 10 siviOg the opinion. estimates u
without skis rs'iAsstiea On the part Of the
its. The defsss wssld sss b cared. The
Coart says:
Unlike vhst 10 semstimss sxhibissd N
s - sf this dsssvtpsi"e. the Lss'slasurs did
net atsswpt 70 ss,ify The sst'ssri ptisa. bpt leu
.hs cater entirely optional With the common
.ounsil % tbs representative of the city 70
,ceepS or reject The pr06srsd re0edy."