The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-13
UNOFFICIAL REPORT OF CoUN-
GIL PROCEEDINGS.
OUR BONDS.
Not 'Total Eclipse" --Daylight in q
Dark Place.--The "Wooley
Head in the Pence.


"City Bonds" The object aimed at by
the publication Of that article was to bring
to the surface certain facts that the public
might be enlightened on the subject Of the
action of our city council at those en-
formal meetings, called by the mayor.
We believed that the matter of the issue
and sale of public obligations to the amount
Of $4,000 is Of too much importance
to the tax payers, whose property is
pledged to meet, annually, the interest
and, eventually, the principal, to be con-
tinually hidden behind an official cloud. |
The effect of that publication, thus far, has
been of very satisfactory character, in
asmuch as it lifts up to public gaze new
character, of no mean order, who takes a
hand in the idea" for bonding the debt,
and with the assistance of IAN ace" from
the official deck" plays well his hand for
the health of his pocket. This new city
inancier who is now introduced is none
other than Henry Curtis, Jr., the legal
luminary alluded to in our article on City
| Bonds"
At council meeting called at P. NJ,
on yesterday, for the purpose of consider
ing propositions from the Coal Valley Min
ing Company, and the different boat lines.
the mayor offered resolution to the eft
feet, that the council had by ats cote, and
its decision, authorized the Mayor to sell
the bonds at figure that would net the
city 933 cents after paying commissions,
and further ratifying the sale Of bonds as
far as completed, aud authorizing the!sale
of the balance of the issues at 1.-THE same
figure. The resolution was offered by AL
derman Carse for the Mayor, and the effect
of it was to provoke bitter and prolonged
discussion, in which the principle partici-
pants were Alderman Luudy and the
Mayor, and, in which, the Mayor wal
; Icharged before the council with having
stated before that body, that the purchas
, er of the bonds desired that his name
should for the time being, be secret, anC
that at no subsequent meeting had tn,
Mayor informed the council who the pur
chaser was. They, the council, simpl.
3 knew him as an Eastern party-and he
Alderman Lundy-untll last Satur
day evening, had never heard the nam
of August f, Post mentioned By him tn
Mayor, or anybody else.
S Alderman Huber, Simmons and Schlem
r mer here stated that they were equally a
ignorant, Aid Carse, Davis and Wood
had an idea that the name had been fre
e ouensly used, either at the council meetin
or 10 them IN pTiuGte After much bite
feeling had been aroused between the dis
putants the ayes and nays were Gale
# for and resulted in the passage OF the res
II olution, with Lundy, Huber, Schlemme
and Simmons voting nay. Alter the vot
a. had been announced by the clerk ther
IS seemed to be an opinion with some of th
!. members that they had misunderstood th
resolution as they did not understand tn;
it authorized the closing out of the unsol
d bonds at the same figure, and motion
ID reconsider was made and carried. tt
% resolution to ratify the sale as far as con
pleted was then carried with but one di
senting vote. At this juncture the may
stated he would regret to see the sale
r. the bonds stopped at present, as
believed the sale very advantageous OIL
~ to the city and produced q document
that effect, signed by several of our wealt
IT lest men.
/ During the discussion of this subject Il
mayor stated that Mr.. Curtis, the agent
Il Mr.. Post was receiving II per cent cor
de mission, matter of $2,550,00 for aSSIsti'
the mayor in making a sale Of the bond
= Aid. Lundy said he could only draw I'll
~ conclusion, that Mr.. Curtis was Il
"a actual purchaser " the bonds from Il
~ mayor, or, that if Mr.. Post was the pU
~ chaser, the sale would be reported1to t
)" council at 95 cents instead of 934, and, th
-. the mayors frequent statements to Z
bn council that 932 was the best offer he cou
~ get from eastern capitalists were open
VI criticism as it now appeared that inste
933 the eastern parties were actually payi
95; that, if the sale of the bonds was effect
at 933 the purchaser unquestionably W
let Mr.. Curtis, and, that. if MIR. Curtis "
er the purchaser the mayor had kept t
20 fact from the council and led them to su
pose that his negotiations were direct wi
" the parties themselves. Then arose t
re question as to the policy of wit
q; drawing from the market, for t
no
also, at different times brought t
as members to their feet, the majority
Is, whom were in favor of an immediate cess
ci- ton of bond negotiations at the 6gu
rs received for those already sold. The gu,
ton was finally asked, whether the May
n1 in his official capacity had given@an Opt
OF extending to March lst, 1878-whether
ior not it was contract binding on the city
ar. and that, if the Eastern parties shou
- refuse to surrender the sale of the
n claiming a contract with the Mayor foI
iai stipulated time, what would be the resul
N This seemed to be a feature in the Cd
ms hitherto unthought Of and after much
1o bate, it was agreed to obtain the views
the city attorney on the subject, and,
the sale could be honordbly stopped, t
Mayor was instructed to withdraw the
d. from the market. This is the first chapt
brought to the eyes of the public of t
matter that should be thoroughly uDdt
u stood by every tax payer and every vot'
This is the strongest argument as )
produced, why the Mayor did not belle
is 1t policy to allow our citizens 10 invs
~ their funds IN our bonds-thus keepi
at home the interest on the bonds a
no. increasing our revenue by the tax tl
1O could be raised annually from them.
,or While the mayor has continued a
~ allowed Mr. Boynton his uncon6rm
nh street commissioner" to require from G
laborers hard and faithful days labor
mt price which would scarcely pay th.
Of fifty cents per day, he has deliberat,
- allowed his favorite attorney to put il
his pocket $1,000 of commission mon
which as a matter of tact and Just
raj should belong to the people who pay
taxes aud sustain the municipal COVER