The Cairo evening bulletin. (Cairo, Ill.) 1868-1870, 1869-03-02
THE M'GlNNl;S BOND.
How "a Man Did a Thing lie Couldn't DO.

How Man Did a Thing lie Couldn't DO
ID
In 1867 the city council, by ordinance, at,.
thorzed bond of $4,000 to be issued to Tho
Cairo and St Louis railroad company, for the
purpose of enabling the company to make q
survey of the road One of the conditions OF
| the transaction was, that the amount of the
bond should be credited upon any subscrip-
ton the city might make to the capital stock
the company. The ordinance authorizing
this bond was voted for by every member of
! the council, but Mr. Rodman, and was APP
proved April i, 1896 by Mayor Thomas
| Wilson.
The bond was finally sold and got into the
hands Of a man named McGinns, Of New
York. During the past two years interest
has been paid upon it promptly.
The proceeds of tho bond were used in part
payment of the cost of surveying the Cairo
and st. Louis railroad The board Of drec-
tors Of the road approved the manner in
which the money had been expended ana 'he
city received credit of $1,000 upon ITS sub
scription Of 100000.
Last month thi. bond became due and pay
able. The council ordered the treasurer TO
not pay it, and directed that the interest be
discontinued.
McGinuis, like mos. men, didn't like the
action Of our council. and forthwith began an
action against the city in one Of the New
Nor,, courts and attached all Of the interest
fund deposited in the Ninth National and
Ocean National banks Of New York city.
great many of our citizens when they heard
thi. news, said McGmu. couldn't attach the
interest fund. McGnni. evidently believes
hc can, and as proof shows that he has all OF
which is very unsatisfactory and naturally
leads to the inquiry: "Who is McGinni'!
The council met last night and process was
served by the lawyer Of McGinnis upon the
city, giving notice tina, unle,, answer should
be made within twenty days McGinnis would
take judgment by default and pay himself
out of the interest fund Alderman Gibson
moved to lay the process upon the table, which
motion was IA good thing for McGinnis
Alderman AFTER moved that the city council
should declare that the said city council was
neither legally nor morally bound to pay the
bond, and would spend more than the amount
of the bond 90 establish thi. proposition, which
motion proved Mr.. AFTER to DO gallant in OLD
age, deep in law and 10 have fine sense Of
moral obligation. During the debate Alder
man Halliday wanted to know what would be
gained 10y not paying the bond, and nobody
thought proper to make reply, except the
city attorney who was Of opinion that, while
legally the city was not bound 10y the
bond. morally ii nigh, be, and az all events
it would lose more than il would make by
contc'ting the claim of the mysteriou,
McGinnis. Finally the matter was referred
to the Finance Committee and Mr.. Butler,
and the debate ended
We are Of opinion this bond had better be
got out Of the way. II i. in the hands Of an
innocent man, IL hi. name /. McGisni., and
he should not be punished by the los, Of
money because he had confidence in the in
tcgrity Of the city of Cairo, and bought u
bond which had been regularly Issued by the
proper authorities. Let the bond be- paid,
then; and, the foolish farce, expensive as
ridiculous, injurious alike to our credit and
our common sense, be at once ended