, 1873-12-22
Mr.. CAGES PROPERTY.
The Bon aslncn Agree Tint It's Ac-
ceptanco by tho City Does
Not Release Them,
And They Therefore SEQ No Renson for
Assuming Now Liability.

The Tribune atatod yesterday morning TINT Il
mooting WINS held at tho City Hall, Saturday, In
which tho Mayor, Corporation Couusol, and A1r.
Writ Doktor tho counsel for tho bondsmon on
Alr. dago's bond, took part and that 1t WAS pro-
posed on tho part Of tho city Tint Mr.. 0ago's
property should bo put into tho hands Of Tr,ls-
tue, to roullzo upon 1t, and turn over tho pro-
cocdB to tho city, provided tho bondsmon bound
themselves to mako up tho deficiency 1t tho sum
obtaincd for tlio property did not cover the total
dcfa1cation; a proposition to which Mr.. Dexter
declined accoding until lo Ind consulted llia
clients. We have learned from trustworthy
source that, III addition to this, tho question US
to whether tho acceptance by tho city OF hlr.
oago'a oifor to turn over Ills property would af.
feet the liability Of llis bonusmon WIS discussed
substantially as followB:
Mayor Colyin said that Alr. Gngo had proposed
to turn over to tho city largo amount OF prop
orty which should bo speedily sold and tho pro-
goods applied in payment Of llis doncit; that. II
Hiroua Of having it done, tlat it should in no
way impair the present liability Of tile bonds
mon, whatever tint might be.
Tho counsel for the bondsmcn then inquired
whether tho Mayor Ind been aaviscl at any
tmo by any lawyer, That tho payment by l1r.
Qago Of portion Of his doAeit In money, or tho
transfer Of property which might ultimately nc
complBh tho sa1no o1ld, and which would 10 to
tho obvious advantage Of tho b01dsmen, B1nC0 1t
wohld tend to diminish any Bun1 thoy
might finally bo called upon to pay
whether that fact could, by any possibility, bo
laid hold Of iii any way by the bondsmcn againHt
the covenants OF tho bond?
1t wna agreed by all tho legal sont1onon pres
ont that IN law tloto was no forco to the objec-
tion, md thai wlatever was done in the way Of
having the bonttsmen roaillrm thoir lnhiIity waa
for tho purpose Of quietine tho public mind,
aud not becAuBo there was, in fact any legal
obstacle III tho way OF tho city receiving from
aTr. GRgo whatever le had to pay or apply OH
account OF Ills Indebtedness, cithor III money or
in property.
Tho counsel ior tho bondsmon stated TINT
tloir position ut prosont wns Just this: that they
were willing aud anxious to do anything 10 aid
IN the apoody conversion Of Mr.. Cages entiro
property. and tho payment Of tho proceeds to
tho city. but did not SEQ why thero should be
coupled with that proposition, a1 assumption of
Q new and porhapH enlarged liability on the
bondBmen; that II, in tho present eondi-
ton Of affairs, thero existed no defenno
on the pnrt Of the bondsmon, it
could do the city no harm to receive
from hIr. Gage further and additional security,
but in tho event tint it should turn out that
there was good defense on the part of tho
bondsmon. it would then provo to be most obvi-
ouBly tho duty Of tho city 10 secure from Mr.
Gage ns large payment aA possible.
Tho position which the bondsmon will proba-
bly, continue to occupy Is tho ono above stated.
that thoy will do nll tloy can to further and aI-
vance rapid realization upon h[r. Cages prop
erty without assuming on their own part my
now Of enlarged liability.