Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-02-22

agains. any suit instituted against coupons of 1877
or TO do any other act whereby those who do
before the lst of January, 1881 will be placed in
worse condition than those who sue before that
| time. This pledge is to be binding only on cond-
tlon that the committee sent to San Francisco ar
range satisfactorily with the holders of past-due
coupons.
Now, said the speaker, who composed this
Citizens Committee Who were they :?
Who called them into existence? What
meeting created and authorized it? Does
anyone know who they were Judge Beatty
will be expected to reply. That project ought
not to have been made and ought not now
be kept and if we can show nineteen-twenti-
etbs of the people oppose the contract we
expect the Trustees TO take the back track.
| This pledge was made away in advance of
| what they could foresee might happen to be
the condition of the city. This agreement
was never heard of until it leaked out in the
| papers, and then came up at the Pioneer
Hall meeting, Then there was almost
unanimous voice against the compact, and
resolution was passed, and Mayor Turner ex-
pressed himself as heartily sorry that the
contract had been made, and would gladly
get out of it if he could do so honorably.
| Last Monday the speaker was in San Fran
cisco. AS he was leaving for home he
RECEIVED TELEGRAM
Asking him to remain and meet Mayor Tur-
ner and J. IL. Carroll to call on the bond
holders. He did So and he and Mr.. Carroll
went to see Daniel Meyer, who knows more
about the bonds than anyone else. The stu
alton was laid bsfore him, and he was asked
TO consent to let the cup pass this year. At
first he was reticent and wanted to know why
Judge Beatty and Mr.. Gallatip didn't come.
MIR. Carroll told him we couldn't trust Judge
Beatty, and Mr.. Gallatin had gone East;
that Judge Beatty would misrepresent the
Ata% e 49,. l. i
| held and had resolved that it was impossible
to pay the bondholders, and do what is nee
/ essary to be done to save the city that if it
could go over one year the people could make
| the defenses needed and be able to meet the
creditors next year and go on with the pay
ments that at one time evil came on the
city and her values went down from ten mill
ions to five; that by hard work the values
were again brought up to S11, 600, 600 and
| the bonds increased in value in proportion.
| Now less than $500, 000 of the bonds are held
in California that threaten the city Through
| Meyer they learned of compromise made
last year that he'd like Judge Beatty to ex-
plain.
Judge Beatty opposed it; it was made
against my advice and protest.
Judge McKune-I am glad so hear that.
The next day they met Meyer & Rosenbaum
at the latter's office. Mr.. Reading. of the
|
| Mr.. Sather next and Mr. Livingston next
The situation was shown again to these men,
and all but one agreed to what was desired,
to make the levy the same as last year.
Reading represented foreign holders, and
said he had sent copy of the agreement to
his principals, and would not consent to make
an effort to collect the money. Rosenbaum,
the attorney for Readings principals, agreed
| to take 30 per cent. of Al cents, and
RISK THE APPROVAL
Of his principals. So they substantially let
Mayor Turner out of his agreement. The
speaker then asked Meyer whether there
would be any likelihood of refunding at 50
cents. He replied no; be had offered every
bondholder 50 cents for all they had, and he
couldn't get them, and he didn't dare to offer
made the order. Then Mr.. Carroll asked if
he'd take 40 cents, if the city would turn over
the Water Works fund to pay interest and
refund at twenty years. and he replied no.
| Would he take 45 cents? No. Would he
take 90 cents? Then he replied that, speaking
for himself, hewould, the refunding to be linn
tied to those coupons not outlawed. These men
know they cannot enforce their claims
through the Courts. They believe that if
they tried it their bonds would 90 down to
almost nothing. He knew this from discus
sion with their attorneys. Daniel Meyer put
it thus: ''We don't desire to kill the goose
| that lays the golden egg" When Sacra.
mento pays all they did for the bonds and 20
per cent. more, and interest, and refunds at
90 cents, it is enough, and is no Republication
| Ii the Trustees do not return to the Al cents
levy after the people demand it, we shall ask
| them to resign, and let us put in men who
will do it. That the total levy is but 81. the
same as last year, is no answer. When the
| property was listed no disaster had over
taken it.
THE FUNDS HAVE BEEN STRIPPED
To raise the fund to pay the past due cou-
pons. The Fire Department fund has been
reduced the school fund left at the old fig
ure. the levee and drainage raised three cents,
| and they propose to submit plans for Us to
levy an extra tax in addition; and for one he
was willing to vote it. But they reduce the
police fund and strike out the street sprInk-
ling fund, and the dust must ELL our streets
all summer. Nothing is put in the Funded
Debt Commissioners fund this year. He
never could understand how Judge Beatty
| could buy in coupons, and yet draw interest
on them from the city. He didn't like the
transaction, and lad never considered it wise.
| The sewer fund remains, and is sufficient to
make up the total He apprehended no dis
tress to the city the bonds in the State are
| few, and if the holders sue and get Judgment
! bney Can L levy on d cent 5 worth OF property,
unless they can have tax levy made they
can't sue, for the Act of 1858 is in force, pro.
hlbiting suit, as much as the law making the
| tax mandatory They understand this and
know they are bound to rely on the statutes,
and not the Courts, and hence they are not
| disposed TO kill the goose that lays the golden
! egg.
Judge McKune concluded by saying that
! petitions had been prepared for the Trustees,
/ nal fo ind tha g.,
the levy; that copies would be circulated in
| the audience, and he hoped every citizen
present would sign, and then go and get his
neighbor to sign.
| 1.-THE petitions, further than this, were not
again referred to, and the circulation of the
| petitions, if had, was done so quietly as not
| to be noticeable
DISPATCH.
| The Secretary here read dispatch from
| Los Angeles, from j. H. Carroll, in response
to dispatch by Chairman Drew, asking if
the committee in San Francisco found any
creditors insisting on our levying extra
taxes this year, or any difficulty in the way
| of refunding our city Indebtedness at 30
cents" The answer read as follows:
Los ANGELES, February 2lst. j..
| To n. L. Drew The creditors we met expressed
themselves satisfied that the circumstances justified
our conclusions not to increase the tax over last
in the belief could successfully refund at so
| cents. j. H. CARROLL.
MAYOR TURNER'S STATEMENT.
| Mayor Turner then took the stand He
! spoke with deep feeling. He said thus far
the meeting had been a one-sided affair. 1t
| had been marked by mass of misrepresent-
atoms and by statements unqualiGedly false.
| Why these misrepresentation and statements
without foundation in truth had been made
he knew not, and cared less. Judge McKune
either had poor memory or else is actuated
by malicious spirit. As to the first meeting
referred to. he did not know who called it.
He was not there, but he learned of it. 1t
was fully as representative meeting as that
held at Pioneer Hail subsequently. He had
seen a good deal of this "heavy taxpayer
and leading citizen" kind of meetings.
He made no distinction between citizens, for
the man with little property holds it as dearly
and clings to his home as tenaciously, and is
as deeply interested in it as is his weather.
neighbor with his mansion. At the Pioneer
Hall meeting the debt was discussed, and
several propositions made. One gentleman
present, Mr.. McClatchy, was the author there
of proposition wholly impracticable. Re-
funding was discussed, but SO far as he knew,
and SO far as he could learn, not single city
creditor has ever offered to refund Mr.. Meyer
never offered or agreed to refund Meyer
secuted Mr. Carroll's proposition, and asked
if any man would give up 500 for 800.