, 1876-05-28
A BAD PRECEDENT.

- -~----------,, .-7.. N -. * nov rem, off
nounee that "c WOULD Lake ~ VI - p'' ~~>N'
the penalty ran PRECEDENT.
Mr. Aru,our-Is TINT Is per cent included:
Mr. AJmouT-in t1lom - onr a,no,nt. The mo
cent Wonlo ~ fave tc ncnalty
eat M ,q s9c certicate ri w whether made in is72 Or
ls.3, NMcn : a'l 10y ags9au. ~ @o1d n mouey,-the
property, anu rs sofH ~ 10 ;}7 9hrow off this pen-
moment you say, ".t W. ~ ro1, redncc those
aty,n-that vcEt ntontent 70 tnfnf where they are
ceilHleats uo"A r. 1ror1d sSt ah}ish a had nrece-
worth nothing. 1t "oulo ESTABLISH o'1 p''ee
dent
There was call lor -
..:aG an. ac.s1'
who responded ~ saying: g:,,, A..
Mr.. Chaiamaii-I we're paonH;neu p.; n ane at's
papers this morning some sugset'o1s, luaa5
BY myself to Mayor doyne 1nat Mele uelte!sn
with the express unaeTsthuln !lat s,.sy "u,v ,,1
not to be panhshe9. uons ealan -, ~ "a .rati..
financial wisdom: leave that to you, gentle;,, ;,
men, here. Mr.. Grecnebaum can propapls ~
you that statement IS true mat: Is "nefe uo
lny banking lLaughter.| ! bellGse II v1;1 esvi3
man sticking to ms last7}ns tfaue. ,,,t r;t,,
say TURNER, tnae .,;u,. IMt lad not
arrived in my Own mind a. plopet sot4s sr1ote
this present trouble, ano nc suosc4uea.aJ ~
What ac has reaa 70 yo4" 1neic arons;hle ~ for
pressions III there thai an not tes IT,, ~ con.
slider is what power has me cty ~ .ts norer
timea The city Is bound " us thut;r @ drst omcs
It is limited, anu aooue ~. nnni5 as1,
tion that you ouslnes1.meu ,rssant ont.
would DC TINS: als 1a@s1 tnsI nr illegall
standing certificates H1 q 3,1;st4r s,;,,
You will rccollect 1naG Sus1% s.la,1r ne court
that there was great aouot -, e. l,.nd. If IN
would hold these sra1 " 'nI The nnestion
nutrnt persons 70 " a1 Torr+ IN Iowa in
cs!'lic up III the supieue ~ rnnstitntion
which State the nM1atioh u ~ t,.'1t rafsrrod
is precisely Like our own, ann -, Ennir;Y,a1
to III the Works % 9ause ot4'A w -
Corporations, f-o., the ,ror,- show
M.; auieS nj. Jag's .liirrred on this question
Liz thcn Iesunea nls Ie!sat ri +be nost;on
Apw tAat IS rousn F.,1 10 s lsrtt;t;Itcs
Of th1s quesu9n = ~ 1'auts ~ ~. that after
already lss1cu m!.A vni} }},nnc at t}. ai,thor
itics cited, tMnk INC ILL c.,.tnt1 ~ +,,,n in 7hc
That is, that the city IS oouno " tue ~ .,,s ts.u
bands Of innocent holoc ,,t - .o i, ,tx sr;nsr
IS consutut'onal p1Usls'ou, ;t,tns ~ rrnc,.;
puwer to issue certificates with llnltaton tna1
that power shall cease When the ~
limit Of per cent has been rSasnca,m,1b IT,, tbaae se
power to renew certlncates' NoW, Will tuese a.ss
certificates are issued anu p,,e,I puS n w ,te COM
Ists s,snees aT xcss ss an ags @ lis
yet, making the commercial paper, and pazs!!llg
It into the hands o1 thTd anu innusent s TX. 49,
the principal is held liable AND aoes ths .,as uoe
trinc Of commercial law apply 10 Lnese
certificates, which holds that an innocent
purchaser, who does not KNOW the
constitutional limit mas peen Ieacmtu Eli a.iu ~
cccdcd, will bc prOtectcu, anu tuc uts 49, ~
forced to pay them! But it Is doubtful ana
disputed point. Now, OF course, II tue caty Is
liable for these certificates it has ust that POW
that any other debtor has ~ regard @ 10 'apn1 n,
~,