The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-28
Add Int for mos a 10 per cent. 1924
$21,514 90

Ava N~''N''-f
$al,5l4 98
All of which, as will be seen by the
above dates, will be falling due on or
before the coming goth of July Of this
year.
1t will be seen, therefore, from the evi-
dence which the books of the city them
selves furnish, that the revenue of the city
for 1878 has already been anticipated to
the amount of over twenty one thousand
FIVE hundred dollars.
This is By no means all the outstanding
Indebtedness of this character, but merely
what has been borrowed since the 18th of
December 1877, or within the last two
months. 1t may be alleged in reply that
the city is selling bonds tor the express
purpose of funding this Indebtedness
but if the city has an option for all its
bonds to the lst OF March, which bear
only six per cent. interest, and have been
issued for the purpose of funding all of this
kind of debt, what is the sense or economy
thousand dollars at &c per cent. and paying
the extra four per cent Oh it for several
months, Is that the way business men
transact business?
AS the City Council is the only branch
Of the city government which is invested
with the power to borrow money, to them
the question is pertinent, and we ask it
direct; is this borrowing money for six
months at ten per cent by the renewal of
old orders your act; it is done by the order
of the council; has any ordinance been
passed to that effect; or is it something
with which, as III the case of the Bonds,
'the council has practically had nothing to
do?"
And now while we are on this subject,
We would like to inquire further of the
city council aohether 1t as true, and If true,
hoto 1t happenS.-that certain Mr.. A, f.
Post of the city of New York is represen.
ted as the purchaser of 100000, of the
bonds at 933 cents, and agrees to take at a
particular time $4,000 more, provided, he
can have the option till the LIST of March
of taking the balance and the City Attor
ney's opinion is sought and given that the
option is 6iRdiag-is 1t true and how hap
pens it we repeat,-that Mr.. Tindall O
Bowling obtains about this same time some
- $4,000 or S25 900 of the bonds fcI
t which Mr.. Post has an option o.
t has agreed to take Is Mr.. Tindali par
= of A. F.Post? And does be get them at 90,
t cents? And does Mr. Tindall pay his attor
ney ! cents for negotiating for him ?Do tn
city Councillor its finance committee know
anything about this2 Are there any more
parts of A. F. Post alias somebody else
The taxpayers of the city have an interes
in knowing the facts as well as the neeoti
ators and purchasers Of the bonds.
Rise up, gentlemen OF the City Council
and explain all this dark lantern" secrecy
r The people are entitled to be informed
It what their public servants are doing; Their
isno occasion for any mystifcaton; if ever
# thing is all right there can be no reasona
e bic objection to letting the taxpayers kDo'
d all that has been done, who have purchase
{ bonds, and the prices paid. The longe
the information is withheld; the loage
d an appearance of secrecy is kept and ur
! and an unwillingness to be candid and oEe
e about it is manifested; so much the NOR
q will the unfavorable impressions, alread
e existing, be likely to grow into doubt On
a suspicion as to the integrity of the Who'll
o bond business.
r. The people of this city have right t
know avhat has been done, and all abou
# h0,C it has been done.