The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-05-13
CRY COUNCIL PaoCEDINGs.
FRIDAY EVENING, May IL.

The Second Branch met in regular
session.
Present-Messrs. Baird, Clator, o.
J. Crawford, Hazlett, List, Logan,
NJ Adams, O Brien, Steger J. G. Smith,
Simpson, Salisbury, Weisgerber, Water,
house and President Forbes.
The minutes Of the last meeting were
read, approved and signed.
The special order Of business being
the consideration ofthe report of the
Finance committee, that matter was
taken up.
The report submits the proposition of
D. c. List, Esq to take the entire LOAF
of $S50,O0O at par on twenty years
bonds, bearing interest at the rate Of u
per cent. per annum. The bonds are
to be secured by deed of trust and to be
exempt from municipal taxation $685.
600 to be paid to the commissioners an
ually; bonds and coupons to be payable
in Wheeling. The commissioners OF
the sinking fund created for the re.
demption OF the bonds to be indicated by
Mr.. List, subject to the approval Of
Council, and their compensation to be
fixed by Council. The funds of the city
are to be deposited in the Bank OF
Wheeling during the term of the loan
This proposition the committee recon-
mend.
They also report the proposition
from the Merchants National Bank,
which is similar to the proposition of
Mr. List, except that this bank proposes
to take the loan at u per cent per an.
mum, and the bonds and coupons to be
payable in New York; the city to pay
the bank six thousand dollars, and the
bank to pay commissioners ard adver-
tiisng, and the funds to be'kept in the
Merchants National Bank during the
term OF the loan.
The committee offered the following
and recommended their adoption:
RESOLVED, That the proposition Of D.
C. List to take the city loan Of $350,OOO
at "A per cent. interest be accepted on
the terms therein stated, and that the
Mayor be authorized on behalf of the
city to enter into contract for the same.
RESOLVED, That the Finance commit
tee be instructed to prepare an ord
nance providing for such loan, in ac-
cordance with the terms proposed by
Mr.. List and accepted by Council.
After the propositions and papers
above referred to had been read, third
proposition was received from the Mer-
chants National Bank Of Wheeling 1t
proposes to take the loan at y per
cent, requires $1,000 to pay commits.
sioners, &c; asks that $4,000 be set
aside annually to pay interest, or will
take the loan at 7 $40 if the city pays
the commissioners and deposits all col
lections with this bank.
Mr.. O'Brien offered the following as
an amendment TO the committees reso-
lutiOns:
Resolved, That books shall be kept
open by Commissioners to be appointed
to negotiate the loan, for thirty days,
and no person shall be permitted to
subscribe for greater sum than twenty
thousand dollars until after the expira-
ton of said thirty days. Said loan
shall not bear greater rate OF interest
than I! per cent, exempt from city taxa
ton.
Resolred, That the Finance commit
tee be instructed to prepare an ordinance
providing for such loan in accordance
with the preceding resolution end re-
port the same to Council.
The resolutions envoked considerable
discussion.
Mr.. Simpson offered the following as
a substitute.
ResolUed, that the City Clerk be in
structed to invite sealed proposals for
the three hundred and fifty thousand
dollars, up to such time as the Council
may determine, and report the same at
the expiration Of the time so fixed The
said sealed proposals to be opened by
the Council only, and the proposals are
not to include the disposition Of the
city deposits. Lost.
The question recurring on the amend,
ment offered by Mr.. O'Brien, the Sec,
ond Branch adjourned.