, 1872-11-22

RtECo GlSS. lZ.fj
Bonds to the amount Of $780, hsd n1read
been voted. The building Of a iail had bee,
contracted for, costing at least S40O, 900, uhicl
ssaed o run SP m the e.sn amount sexo ot bond
which they had power to issue. # thew issuet rse
all their bonds, att per cent, the Interest to b.
paid would amount to Sl05, 900. The einkint
1nnu, az at per cent, would make s75, 900. Tha
mAde Se69: :502.I9, which would hare to be raiset
6y o taSaton sad t tho valuation raised t.
Sl2o' 1000. they would only get SO, Doc, 900
leaving them q margin Of S31 900. II it ,rat
raised to Sl20 900 900 they would have to pay The
State $3.50, 600 for the privilege: For every hun,
dred dollars added. the State put on 80 cents II
IVES we'll to consider that state Of affairs. They
could eel tho Reform School grounds, but not
for so great . sum. Personaly,- ho would he
benefited by buying the books, but he did not see
how the county could get them, except for a
reasonable sum, and that the abstract men would
not take.
| General White offered the following:
WHEREAS The pnne records Of titles to real estate
n tnis county were dearoYed by fire the 9Th day
October, l671, since which tine the evidence upon
which the ownership Of real estate has reaed chiefly
and 10 most cases. wholly upon certain copies or ab-
straets Of SAID records held BY persona who 10
%1se responsns to the public for their aa:ety from
wHzaEAs, III tie option Of this Board Il s the duty
o. me county to replace said records so far 1t is
possible to do eo in order that tedious ve1atious and
extensive litigation il establishing titles be avoided
and IN order that transfeTe Of property 1aay
| tA1H G'~eN 1e'aS ALA eAp6uee uoW Iettssa1y II
Rtsoesd That The special Committee on the Reztosa
non of Public Records be, and they hereby author
azed and instructed to offer to the Of the copies
OF the records referred to in the above
preamble. the sum Of g in twenty-year si1 per
cent bonds Of the county for the whoe Of said ab-
strac copies Of the public records IL their posses
ston being originals, not copies, made BY them from
said public records, whether the same were obtained
from records IN The Recorders office OF the several
Courts, Of tax sales, any othee oflcial source
~nsseSer; provlded, that, prior to making
udges Of h Circuit and saperor
the mater for heir approval dsapprogai a. re-
Rss9''fa. That II case such proposition be sp-
psosed BY the Judges, and accepted hy. The owners
payment Of said bonds Il! hoe Or IN nsrtss Il shan
to cause be subaiydea and offered Tor sale Al such
erty known as the Reform School grounds, upon
ne N haoa haoa0"ng terms snf namely 20 pr ssnt
for three years, until onehaf Of the purchase price
shall have been paid and the remaining one-half of
the purchase money to be paid IN twenty years from
the interest npon all deferred payments payable semi
annually at the rate Of per cent per annum.
He believed the grounds, sold as he suggested,
would produce the bulk Of the money required
for the books. People would, on such terms,
par for the lots q little beyond their present
cash value. He would avoid taxation, if possi-
BILE, and believed they could do it almost entire
II. He denied the county had better hold real
estate On speculation than re- establish itsrecords
ne had no objection to turning over the proceeds
OF the lands to the abstract instead Of giving
bonds, and paying 500, 900 IN money to bird the
bargain. The lands they would not take.
Mr; Ashton approved Of the substitute. He
property without dollar Of additional taxation
He was authorized to say that if the county
bought the booke one ct the abstract-rnen would
Pay %, QUO . month tor sixty months for the use
of the tract indicss. That showed the value OF
the books. The employees in the Office we're
willing to give IS, 0D0 for the privilege. He un-
derstood the abstract men would take the Reform
School ground At its cash value, the county pay
!ing ig the difference II money; they eiy-
i0g iog ,aors contract that II the land sold
shonld hare the difference. Men stood ready to
glre $3.50. 600 for the books. He would never
vote to pay 5750,000 for the books, thinking
they could be bought for s6o0, 1000 and, if the
sum, be wo1ld Bupport the proposition. In
few years the valuation would naturally so
greatly rise as to increase the amount derived
from taxation t WAS silly for Cook County to
when, BY selling, the records could be restored.
100000.
Mr. stearns said Last summer resolution to
have the grounds subdivided and every alternate
lot sold, had been referred to the Finance Com
mittee but Mr. Ashton had strongly opposed
it, stating it would increase 10 aud
II Per cent, and the county had been paying
y Per cent for money. Yet the resolution
slept u The finance Committee. He had 81
ways wanted the books to be bought, but he
would not vote an e1oEbitnnt price. He was
willing to make q trade with the abstract men
for the ground. He offered the following:
Reso{red, That this Board will give the several alb
and memoranda in their possession which relate any
and ali titles to lands in Cook County, tha grounds
contsnine twenty scree ore Or less for ea!d above
described land titles, providing the several Judges Of
our Courts concur in our resolution.
II that was done, they gave s15o,ooo more
been subdivided last year, it would have brought
eix or seven hundred Thousand dollars. The
Board had not done it's duty during the year
Still! he vas willing to give the grounds for the
to nine hundred thousand dolIars. He would
vote for no e1orbitant price in money Or bonds.
and he believed he understood the wishes Of his
constituents.
Mr: skelly said they wanted the ground to pay
for the jail with, which would cost $500, 600. |
The Judges advised The purchase OF all, since |
they fanced the county could not buy all. Ii !
the abstract men we're offered $3.50, 900, they !
would take it, and not sell to the county for |
5000, 900. The Jail would certainly cost S7500OO.
Mr. 6tearns' substitute was lost-ayes, 4 |
noes, .; MesErs. Galloway, Htearus, HarriB, and !
Harrison IN the affirmative.
The Committee rose and reported progress,
and asked 1eave to sit again, which was granted.
1he Board adjourned to meet this afternoon.
LETTER IRON LEWIS D. HOARD. !
10 the Editor Of TIE Chicago Tribune: n
HH: The writer Of the article Abstracts" pub
Ished IN Wednesdays TRIBUNE has, in discussing the
general question Of purchase Of the abstract books
fallen into several errors, and, consequently, made
some statements which should not pass unchalenged
and v1sh, you will allow the space ia your pa
per, to notca th1ee Points made by the writer He
6ays:
First It was soon discovered that We could get
along without abstracts" This sindeed remarkable
discovery, and Il 1t we're only true would antjtIe the
dtscoFerer to liberal reward. The facts, however,
are that We have not got along without abstracts but
that more ABSTRACTS have been made from these
- memoranda Of title" (which you seem to /
despae( since the fire by thousands, than were ever
Before made IN the space OF time and, with the
exception Of about two weeks in August1a the num-
bar Of abstracts and opinions made hare only been
limited by the capacity Of the absract Offices to furnish
them. The TACT that 60 many searches has been
ordered ts special expression OF opinion made by the
most experienced able and careful real estate Dealers
hrokera and business Of the City of Chicago,
Including most Of the Judges, editors, and County
Of Cook County, as to the value and
necessity Of the abstract books and the real estate
business Of Chicago during 1872 has been unpecedeut
'dy large because, amongst other reasons and rrin
pally, of the unprecedented number Of titles which
bag bean exhibited krotn these ueu1oranda."