Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-05

Responding to call Of the Mayor, the
Board Of Aldermen convened at O'Clock
yesterday evening, the following members
being present: Cheatham, Pentecost, Con-
sidine, Breen, Eakin, McGayock, GleaYeS
and President McCrea.
The following
MESSAGE FROM THE MAYOR
was read and received:
To the Honorable Board Of Aldermen ::
You have been called to convene at this
special meeting for the purpose of devising
some mode or manner Of dispOsing of that
character of Indebtedness against the cOrpOrs-
ton known as the sAlden Bonds" or any
other matter pertaining to the financial con-
dition of the corporation. 1t is to be hoped
that YOU will take prompt action in this
matter and release the city at once. For
any further views of mine upon this sub
ject, see my communication of last evening
to the City Council in Convention. Re
sEectfully,
THOMAS A. KERCHEvAI, Mayor.
Aid. Eakin introduced the bill drawn by
Councilman Lindsey, published in our
columns Yesterday The bill passed first
reading, and the rules being suspended, was
taken up on second reading.
President McCrea questioned the legality
of delegating to commissioners, as proposed
by the bill, the authority to settle the city's
bonded indebtedness. He wanted the ac-
ton of the Board 10 be in strict accordance
with law, so that its validity could never
afterwards be brought in question.
Aid. PentecOSt expressed similar views
and moved to strike Odt the names pro-
posed in the bill for Commissioners and in
sert the names of the Finance Committee.
Aid. Chatham likewise feared that the
proposed bill might not be in accordance
with law. lie, like those who had pre-
coded him, had perfect confidence in the in-
tegrity and ability of the gentlemen named
in the bill fJr Commissioners, but doubted
whether the delegation Of authority was
agreeable to law.
\ resolution to postpone action on the
Lindsey bill was passed, and
JOINT RESOLUTION
was offered by Aid. McGavOck, to appoint
a committee of conference to consist of
three from the Board of Aldermen and
- from the Common Council, the duty
of which committee shall be to draft bill
on the subject of the city finances.
The resolution was adopted and the chair
appointed the following committee on the
part of the Board of Aldermen: Aldermen
McGavock, Cheatham aud Gleaves.
The Board then adjourned till the next
regular meeting at o'clock Tuesday even
ing.
Common Council.
Pursuant to a call by the Mayor the
Board of Common Council met at p. NJ,
with the following members present:
Councilmen CullOm, Coleman, Todd,
Mfilar IaIaxy
Moore, Ambrose, Berlein, Law and Presi-
dent Lindsey.
A message from the Mayor, similar to
that addressed to the Board Of Aldermen
was read and received.
The joint resolution from the other
Board was read and a motion made 10
concur.
Councilman Litterer said the Alden
bonds and coupons did not constitute a
Just debt They were VIGOROUSLY frsudu-
lent He was not in favor of paying them
if it could be az oided. lie thought that
the Alden bondholders would compromise. |
Councilman CullOm stated that he was |
opposed to paying the Alden bonds, and as
for those bonds he thought there was no |
necessity for speedy legislation. He was |
not in favor of settling the Alden bonds |
to pay them.
RESOLUTION IN LIEU.
Councilman Gaut introduced the follow
ing resolution inlieu OF the joint resolution: |
BE it resolved by the Common Council |
of the City Of Nashville, /. That the City |
Council of Nashville viii approve no settle
ment of the Alden bonds or coupons which |
allows more than 70 cents on the dollar for |
the same, to be paid in new bonds at par,
having not less than fifteen years to run,
the settlements otherwise 10 be made in ac- |
cordance with the provisions of the Ordi-
nance recently pissed authorizing the Fl
nance Committee to negotiate settlements
of the same.
2. That the Finance Committee be, and |
is, hereby instructed to entertain no pro-
position which allows more than seventy |
five cents on the dollar, to be paid as above
stated
3. That the Finance Committee be, and