The Cairo evening bulletin. (Cairo, Ill.) 1868-1870, 1869-06-12
PROCEEDINGS Of THE STE.
LEOrGOGNCuL.


lahan, Rearden and williamson.
The mayor stated that the eouneil had
been called together for the purpose of
considering the proposition Of settlement
made by Fox, Howsrd IL Co. to the city
authorities. He called attention to the
correspondence which had passed be-
tween him and Mr.. ". B. Howard; and
said, that, since the publication Of the
correspondence he had had several in
terviews with Mr.. Howard, had persis-
tently urged upon him the acceptance OF
a lower rate OF interest than ten per cent;
and that he had impressed upon that gem
tleman the fact, that the members Of the
select council and ofthe board OF alder
men, as well as the majority Of the citi-
Zens, while anxious TO settle the claim,
felt unwilling to give ten per cent, If
they could settle for .isht--felt thus I'M
| willing, because they were not certain of
their ability to pay the annual interest
at that rate on so large an amount. 1t
afforded the mayor great pleasure, he
said, to say TO the council that Mr..
Howard had finally accedei to his ~.
| quest: and he asked that the correspon-
dence i'm this subject be spread upon the
record. On motion OF councilman
Rearden, seconded by councilman Bar
clay, this permission was granted.
The correspondence referred TO is as
follows: -
aF-l MAYORS OFFICE,
Cairo, Illinois, June IL, 1879.
". y. Howdrd, Esq:
naae ftar nu af,,llx, onpaf1or;na
the contents or your answer TO my letter
TO you Of the Sth inst, am constrained
to again call your attention to the subject
matter OF the correspondence, aud to
again ask, while recognizing the spirit
OF liberality which has characterized you
In this controversy, that you consent to
amend your proposition by accepting
eight per cent. instead Of ten per cent.
Interest. IL is true, the Board Of Alder
men have adOpred the report Of their FL
nance Committee, and have accepted
your proposition; but the meeting Of the
Board was not .ull, and the members &C.
qulesced In the report only because they
believed ten per cent to be your ultima.
tum. / am free to say to you, that
would rather give you ten per cent. than
iitigate with you, and believe the inter
ests Of the city would be better subserved
by this settlement than 10y continued
litigation; but many Of our citizens, some
OF then In their personal business rela-
tons most scrupulously honest. men,
would DO eXasperated by the settle-
ment, and II would thus become a
thorn in our municipal body which
might result in disadvantage to you,
and which, undoubtedly, would mflict
great injury upon the city. know these
local considerations may not have with
you much force, but there Is another
point Of view In which l ask you 10 look
at the question. II you could obtain
twenty per cent bonds, the casual OBJ
server might esteem you lucky but such
would not be the case. The high rate
would shatter the credit Of the city,
drain from Il all the currents of prosper
ity, and leave II bankrupt, unable to pay
you cent OF the interest or mill Of the
principal. This, too. Is, true Of fifteen
per cent, and OF twelve per cent; aud it
Is an all important que. ton: Can Cairo,
with Its other debts, carry sil0,89O,o9 OF |
bonds drawing ten per cent. interest? |
believe, q our people were all united
IN effort. that We could; but acceptance
Of your proposition will build up q party
Of csrpers, who, with doleful croaking,
" i'll discourage enterprise, and forever
keep alive hostility between your firm
and the city; and, In this way, business
will be retarded and your ten per cent.
bonds be the shibboleth Of attack
and and, rail-. ny,c,., IN q, our o,,. future mu,
the other hand, II You consent to take
eight per cent. instead Of ten per cent.
bonds all our citizens, with the exception
OF thoughtless or prejudiced men-sll
those citizens whose oplni0nsare entitled
to respectful consideration--will be salts.
lied, and friendship between your firm
and the city will DO re-esta blislied. Cairo
can carry the elsht per cent. bonds easily.
Tho tax to pay the interest wifi Be only
about two and third mills, taking the
valuation Of 1888 ~ q basis; aud, In u few
years, an satis6ed, the increase OF bu.
siness and wealth Of the city will make
the burden almost imperceptible. The
interest on the etght per cents. can DO
paid promptly, but prompt payment on
the ten per GENTS, for the reasons have
given above, 10 only probable. Besides,
while all our best citizens will be. salts.
give you an interest In the welfare Of
Cairo, which viii be Of great value TO us.
Instead OF chasing Fog, Howard & Co.
with our enemies, we rhall then place
them on the list Of our friends. Instead
Of laborlng 10 get your just dues by bring
Ing the law to bear upon US TO crush out
our substance, you will be Interested 10 {
our prosperity, since every step we then
take towards wealth and our proper pc.
sltiOn rs q great city, will mako your
claim more valuable, and place the |
prompt payment OF the interest on your
bonds among the certainties of the fu-
lure.
i have probably written ut too great
ength; but / have only touched tho
subject; yet ! hope i baye suggested TO
hat, II you look at this matter In It's
rue light, you viii accede 70 my request
md take eight instead Of ten per cent.