, 1869-05-14
SUBSCRIPTION TERMS;
PARK BONDS,

The South Park Commissioners, through
their President, Hon John II. Wilson, have
sent to the Mayor request for the is.
Stance, to themselves, Of about 500, ,ooo Of
ely bonds, under the so-called t. E4ua1iza-
'luu bill. passed by the last Legislature.
The act is as fu1!ows:
AS act 10 equallxe :bc amount Of money CT
f@unea ioE rarks IN Sosth, south xad West
WHEREAS. The city Of Cnscsxo contains three
Eatrrai d.sls!ors known IA North. south and
West ItsssIons and the people Of each Of said d.
WnEErAs, sad dit hss 81 a,reads % espcnded @ r.
l2FTr smount Of roussfy On Lincoln Pan, 10 lie
Nutth I'm ts.un OF sat ctF; and
WHEhE4%, said ci,y Is about to exneod more
lnenrr H.. the cxtcnson Of SAID lincoln Park,
ahlle nEeh les fum has been expef,iel tor
tly: therefore.
sEcvseAl- x il esseest.1, te-, Tn1t the Mayor arl
S',5 ..' .. Of =, Is Is, e!iy Of ss .sssg 'o,.1 H..
t:e ruE orc of purchasing aaa t1nr7oYins lands
peope u ~a:d divisions o1 saM c!sy. q ether Of
t:t,n. sss!l e!ccl to psrrhasc lands 10. park rnr
tUsp>. II such amount a. shall appear inst an1
city tha.! determine-,o equal.ze tile amouut a.
ready expended, or tAht may hereafter b cx.
pended, tFtfn ths c!sy 1rcasrfJ. in os upon said
Lincoln {1ri- fer extension OF improvement
Approved Aatch II 1>Go.
Holding. as VT. do, the opinion that
1t Wits not competent for the
Legislature TO require the NUM-
e;lsal corporation Of Chicago to issue
bonds and incu1 debts for purposes not
sanctioned by the Common Council (that
is. ay corporation i.scli), We hope that the
Mayer will not comply with the request
rov made upon him, nor with the like re-
q',rs. ,4aie upon him by the Lincoln Park
Commissioners, uvr with the similar re-
arest which The West Side Park Ctulnis-
siourr~ gre entitled to make. The terms
II tie Law certainly authorize Judge vii
srss to make the demand. 1t would rroba-
l'ls t'e n neglect Of his duty, b.'th us 1neul-
tnr afltl lis President Of the Board Of Park
Commissioners, if he should omit to do
70. 1t does not follow, however, that it is
the duty Of the Mayor to comply With snch
demands. Nor does it follow that the
bonds would be worth anything if he should
comply.
The opinion given by the Corporation
counsel on this question argues that, inss,
uuch as il is competent for the Legislature
TO confer upon the corporation the power
to incur debt, therefore it may exercise
the power Independently. In other words
the Legislature cannot confer power upon
m agent which it does not itseH possess
and may net exercise Us q principal This
is undoubtedly true III regards mere leKis-
4iEf eaHa 2t 4Ahf 2E fS2R5tlnBs FRRs aI Bfsbe sa5
A municipal bond is contract between the
city OIL the one hand and the lender Of
money on the other. In the Milwaukee
case, which we cited The other day, the
suprente Cou1t Of Wisconsin said:
To Admit that the legislature, Of IT, oxn
e.uMt. ahu Aeaanst the wishes or either or ouIh
y ~ .at parties cu gtve # Ia cnneractl
l.!e anu sGuE, L 10 admit that It Ii Hfihia thc
Sopf Q! Legislative authority to dlsest eettIed
tShts or PFoIeFtI anu to take the properly Of oue
lnsnt.al er corporation and Transfer It 10 nnoth-
-. us eenA1nl! unnecessary 1t this IAy t., enter
luft ~ sfEutnea', or 10 cite Authq{itfca 10 shnv
that ttdsT constitutional government IKE ours
Tue Legislature has no such power
1t will certainly be safe tor the 3laror and
Comptroller to wait for some authoritative
mandate before signing these park bonds,
a11d It Will be better in the end for all parties
concerned to wait for Judicial interprsta.
ton of the law, for it il not desirable that
bonds Of the city should be Issued with
cloud resting upon them, to be sold ut dis
count measured by the apprehensinns Of
noney-lenders that they may finally he de-
chred Illegal