Wilmington journal., 1869-02-12

J.
which the State has paid 500, 0(N IN her
, boGIs, comes from .. J. Pruyn, and this
division OF The consideration into =,5G. 600
and 81. 600 iHi;cates that $40 coo Wa tire
, ,sinn?li,t i':rrt !sa:,t Ericu.sl J n Heck 4
few hour s'oiure transferring tile to tho
State, and That S44, 600 is the am0nnt he
made in this speculation
Nov, vhat authority had the oommittee
il make Tequisition upon the Treasurer
for tbc=e bonds. and what authority bad
th" Iccasurer 10 respond to such requisi-
kinD 3ttG authority, if any there ha, is
cUQfcrr", !,E section 10 Of the oct. i;ue that
section. ~ explicitly rs language eau do.
! requires the TEeasilrer-w requested by
| the committoc naDsed ia section OF by
! sad BQardiu sell that is the word to SELL,
! tuG bonds et not less than par t"r the pur-
pose Of creating fUad.
Now, il these 800, 00O in o0r reniten-
! tlAry bonds were sold they were tot sold by
| the Treasurer, as The act requires, but by
tho committee. who had 40 right to sell
them. They made their acquisitions upon
| the Treasurer for bonds, while the act ex-
! pressly provides as follows: The purchase
money of said site and property shall be
payable on the ua,'ra1et of q maj ority Of
said committee, approved BY the Gov
! ernor, etc.
| Again, if sold, they were not sold at par,
as the act requires, but at sixty-fve cents
, on the dollar, for the consideration ec-
pressed in the deed is $65, 900, and this fact
cannot be overcome or the mandates of the
act be evaded by the phraseclogy of re-
| quisition.
! The bonds were not only disposed of by
an unauthorized party at an unauthorized
| price, but also in an unauthorized manner
| The language OF the act is "to sell for not
| L. h. -
| frequent occurrence in the business affairs
| Of life. It has. in common parlance, but
one meaning, and this meaning is the only
one it has etymologically or technically
| Our lexicogra pners define it as follows, viz:
To deliver, part with or dispose OF for
! some equivalent in money; to vcnd, correl-
! ative to barter, which implies an exchange
| of one commodity for another"
| These bonds, then, were not sold but bar
| tered As showing that the term to sell was
purposely and properly used, the act pro-
vides that these bonds shall be sold to
' create fund; ;" that is the word-and
! that out of this "fund " "money" shall
be drawn by warrant" for the purchase
Of said "Site and property"
| The testimony of the Treasurer shows
not only that not single requirement OF
sec. 10 in said act, as to the disposition OF
| the bonds, has been complied with, but
| also that j. NJ. Heck aud D. J. Pruyn were
| paid S1O0 600 in the Peniten tiary bonds by
rtquisi'ion upon the Treasurer. dated Nov.
| 10th, 1868 (See page 8 Of report), while it
| was not until Dec. 50, 1868, some twenty
| three days thereafter, that the State OBJ
! tanned title, when 10, and behold, instead
OF a deed with covenant Of warranty, it
was merely q quit claim deed, with de-
scription clauses so vague and indefinite
as to render it exceedingly difficult, if
at all possible, to locate the s. 600 acre tract.
| I will not comment upon this transac-
| tion further than to observe that outside
| influence has stamped its impress upon
the whole affair, from inception to con-
| clusion.
| [ deeply regret that honorable gentle
men, who ever have commended my con-
| fidence, should have repOsed SO much faith
| in those who were working out these ne
| farious results in so bold and brazen a
| manner.
I now desire to present to the Senate the
| last subject embraced in the first branch of
this investigation. The first session of
! this General Assembly commenced July
| 1st, 1868. It will be remembered that the
per- diem and mileage of members and Off
| GERS were not determined until after the
middle Of the session. Before the COM
| terp1incd, it will alBo be remembered that
the Treasurer of the State kindly advanced
money to members on account, and con-
| tinued so to do until he announced an ex.
| haustion of funds. I then sought an inter-
| view with the Treasurer, for ascertaining
upon what terms he could negotiate tenn
! porary loan. He informed me that he
could borrow 300, 900 for ninety days at
! the legal ratio OF interest. | immediately
prepared and introduced into the Senate
| the following joint resolution, which wos
ratified Aug. Sd, 1868
| ''Eesolred, tthe House Of Representatives. CON
curing That the Treasurer ~ ,ha Stote ha
authorized to negotiate loGn, Irnt exceeding
$l0D 000, for ninety days, AT the legal rate OF in
IrEasurE.'
! Several days prior 10 the ratification OF
! this resolution, the Treasurer bad stopped
ali payments to members, Tor tho reason
| before stated. Several days after the ratid-
| cation Of this resolution, 1ascertained that
| d. j. Pruyn-tho gentleman who made
| 344, 600 Of our bonds III u few hours, IN
| the PenltentIary transact!on--had opened
! al office IN au ante-room IF tie Sonate
| gallery, and was quietly buying the war
! rants of members, at Il discount Of per
cent, of course q Legitimate transaction,
! SO far RS Mr. Pruyn was concerned. Here
! was the inception Of promising specu!a
! ton which, if carried out to its conclusion,
! would have abstracted from the pockets
! OF members Ct this General Assembly lit
tie less than IS, 700. It's success depended
upon the conjunction Of necessities Of
members aud depleted Treasury.
| These circumstances, i'll connection with
the delay to negotiate the aforesaid loan.
after authority, which the Treasurer had
informed me- would suffice. had been con-
ferred upon hiul-induced me to prepare
and introduce into the Senate the follow
ing Joint resolution, viz
WHEREAS, The Treasurer of The State was au-
| thorize1 by concurrent resolution, ratified Aug.
Sd, 1868. to negotiate loan lot exceeding $780,,
900 for so days, at the legal rate OF interest to
meet temporary deficiency in the Treasury ;
| therefore,
Rcso!ued, The House OF Repre- sentatives con-
| curing, That the Treasurer OF the State be re-
quesced and instructed to inform the General As
sembly without delay, whether such loan has been
negotiated, and if not nsgotiated, whether addi-
tonal legislation is necessary to enable him to
| negotiate the loan authorized by the afores sid
concurrent resolution.
Immediately upon the ratification of this
resolution, we were informed that the loan
| had been nepOtiate,l The sDaculatiOn of