The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-10-14
Proceedings Of Council. !
REGULAR MKETMQ. \
CoUaoM CHAMBKa, :.

Il dsunSll met at 2. .8OP.M Preaene
His .Honorthe Mayor. John Alexander;
aldermen Cooper, Goodwyn, v Hayue,
Minort, Mooney, Simons, Smit = 1,homp-.
son, Wallace hnd Wigg. Absent Alder
men Denny and Taylor. The minutes
Of the previous meeting were sead and
confirmed. ,tEs1e'; y: IS * ~: u:
His.Honor the Mayor stated that he
fhoped the regular order off business
would be suspended, in order that Coun-
OIL consider another Important matter. ri
On motion. the call of the regular Of
dor of business was suspended tempo
rarily. .
His Honor the Mayor then introduced
the following preamble and resolutions:
Whereas great dissatisfaction prevails
amongst the corporate taxpayers of the
city of Columbia, our constituents, on
account of the manner in which funds
for the erection of City Hall and muir
ket have been raised, the shortness of
the loan, the oxorbitancy of the interest
charged, and tho enormous dispropor-
| ton between the sum advanced and the
amount Of city bonds pledged as security
to the lender, in which dissatisfaction
this body participates, and which un-
easiness is rapidly growing into scri-
GUS apprehension that loss by frand and
the misuse of those bonds will ultimate
~ fall upon the city:
ResolUed, therefore, by the Mayor and
Aldermen OF the city of Columbia. in
Council assembled, That DR.. J. L. Nea-
gle. the lender to the city of Columbia
Of $4,000, on the pledge of city bonds
to the amour. Of $3.50. 900, to be paid
in six months from the 31st, day of 'Au-
gust last, at an interest Of fifteen per
cent, be requested to extend the time
for the payment of the said loan to the
31st day of August. A. D. 1872.
Resoloed, That 500, 600 of the said
city bonds should be returned to the
city, released from pledge. and that DR..
Neagle be requested 80 to return said
amount. MS on unreasonable and danger
GUS excesn over the security which he
can fairly demand or fairly retain; and
| that In the meantime. the remaining
$3.50. .D00 OF bonds be placed in the hands
of Scott. Son & Co., or the Central Ma
tional Bank, for safe keeping, with
power to sell the same for the payment
of the said loan on the failure of the
city of Columbia to redeem it at the
maturity thereof.
| And whereas DR.. Neagle may decline
TO comply with the request of this body
to extend the loan to the time above
mentoned, and,to release and return the
said bonds to the amount of 100000.
Therefore, he it
Resoloed. by the said Mayor and AL
dermen, That they will tender back to
Dr. Neagle his loan of $75. 900. and will
demand the return to them instantly Of
the whole number of city bonds in his
possession:
| Resoiued, That the Mayor be, and he
| is hereby, instructed to- use no more of
the funds loaned by DR.. Neagle to the
| pity in the building of a City Hall and
market until safer and more economi-
Gal arrangement shall have been per-
fected; and that in the meantime the
work thereon he suspended.
And in case DR.. Neagle shall refuse to
extend the time for the payment of the
said loan, to reduce the unjust dispro-
portion between tile security and the
amount thereof, md on the offer by this
body to return that loan, to surrender
the whole amount Of the said bonds as
they were delivered to him; be it, then,
Resolued, That legal measures be at
once taken to compel him 80 to do, that
the taxpayers may be protected against
fraud in the misuse Of these bonds, and
threatened loss and imposition nverted.
Resoloea, further, That it is not the
purpose of this body at all to abnndon
the important works already begun, but
to complete them; Proritletl They can
complete them without submitting 10
fraud and wicked eXaction. to bo fol-
lowed by taxation utterly ruiuous to the
property Of Columbia.
On motion of Alderman NIinort, the
resolutions were received ns information.
Alderman Wallace moved that the re-.
solutions DO referred to special com
mittce of three, to consult with the
holder Of the bonds aud ascertain if
other arrangements can DO nude, md to
report ut II called meeting.
~ lengthy discussion cnsncd, pnrtici-
patrd in by Aldermen Wig., AIlnort,
Thompson and Waluce, and Council was
also addressed by the City Attorney.
The question being taken on Alder
man WuiInco's motion. it was agreed to.
The Mayor appointed AK the commit
tee. Alder men Walluce, Thompson mud
Miuort
On motion, Alderman Wigg, Chair
man Committee Ways and Aleaus, was
added as q member of the special com.
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