Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1885-11-18
City Treasurer Porter Explains Why
He Wishes to Appeal from Judge
Netherlands Decision.


or three days. He did not propose to make
any mistake, but would look out for
Porter and his bondsmen." He had given
a bond of $500, 900, and he would be slow
to act until he knew positively that such
acts would not involve his bondsmen.
He is now asked to pay the City Funded
Debt Commission a certain amount
which is now in his hands. He had been
solicited TO pay Myers and Davis also, but
not nickel would be paid out until he
knew he was safe. If he was advised to do
so bv his attorneys, he would withdraw his
appeal from the decision of Judge McFar-
land.
Judge W. H. Beatty said: Ever since
this suit of Myers vs. Porter have under
stood the City Treasurer TO stand only in
| the light of a stakeholder, and he should
| be willing to pay it over to whoever
| the Court decides. The Court has rendered
| its decision and directed Mr.. Porter what
! to do. When, as in this case, the Court
| decides between litigants, the Shareholders
| responsibility ends. He must pay it over
| in accordance with the Courts order, unless
one of the contestants appeals. He is not
| only warranted in so doing, but obliged to
| paw it over. This decision was asked for
| bv' the CITY Treasurer. If Mr.. Porter does
| not appeal from this decision, Daniel Myer
will not. I speak for the Funded Debt
| Commissioners. | want them to have
some indemnity against this delay. What
is to their interest is TO the interest of the
entire people of this city? Anything that
tends to the reduction of the debt
of the city is for the benefit of the
city. There is 100000 and more lying
| idle in the City Treasury to-day, belonging
to the Funded Debt Commissioners, that
should be used in buying up and wiping
out the citys Indebtedness. The Treasurer
! runs no risk in this matter. 1t Is only a
question of which of two kinds of coupons
| are to be redeemed. The Commissioners
have coupons of all classes. We can put
up coupons of both classes. If it is de-
cided old ones are payable, very well; if
new ones, all right. The city has the old
est suit pending, for $4,000. If having
that money is any advantage TO the city,
the CITY should most certainly have the
benefit of it. This Board should insist
upon Mr. Porter's paying that amount over
to the Funded Debt Commissioners. They
should not allow any subordinate officer to
pursue course in opposition to their
views, anddetrimental TO the citys inter
est. He should not come here and in
sist that his private or individual inter
ests are above those of the city.
Mayor Brown-Could the Treasurer pay
out S43, 600 on coupons in the way you
propose?
Judge Beatty-Most certainly he could
He could have $4,000 worth of each kline
of coupons. He could cancel those mos
likely to be paid, and put both sets away il
envelopes. If it should happen afterward.
that the wrong coupons were Cancelled, the
other set could be Cancelled and the other:
restored. 1t is clear, legal, the officer runs
no risk, and the city would be largely thu
gamer thereby.
Mr.. Porter-I have always been in favo
of paving the bonds. All | want to know
is that am right, and then will go ahead
| own property here, pay taxes, don't pro
pose to run away, and have as much inter
est in Sacramento as others who are agitat
ing this matter.
Judge Beatty, too, have property in
terests here, and contribute toward tn
> city's revenue, but l regard the Funde
i. Debt Commissioners interest at this timt
of far greater Importance than that of an,
} individual taxpayer. If Mr.. Porter wishe
+ time of three days / shall not raise an oh
lection. The Funded Debt Commissioner
have reduced the Indebtedness of the cit
: IS for every 81 they have paid out. TIL
, coupons are gradually getting into stronge
. hands, and every day initiates against tn
city.
Mr. Porter-I desire to state that til
nOiuIllS Vi ILLS lllOllGl ID LOl Illlll ililSI
est to me.
Judge Beatty-If there is no appeal iron
Judge McFarland's decision we win an
the city stands first. Daniel Meyer ha
taken an appeal, but has not filed a sta
, bond. If there is no other appeal than ths
of Daniel Meyers we are entitled to on
money, something over 100000. If tn
Treasurer insists on his appeal there wi
t be a stay of proceedings, which will resu
in long delay.
Il Mr. Porter-I want to satisfy my bonds
: men.
Judge Beatty-If your interests are
rectly in opposition to those of the city 20
had better resign.
City Attorney Anderson said he did nc
Il think under existing circumstances NJ
: Porters successor, as Treasurer, could file
- bond that he would approve.
e Judge Beatty think Treasurer coul
p be found who would file bond that woul
be acceptable to the Board of Trustee
) whether it would be to you or not.
II Mr.. Porter-I want to do what is fair an
/ just toward ALL When l know am rigl
the appeal will be withdrawn. | am sati
e fed that by Wednesday or Thursday l wi
1t hear from my attorneys, and be instructe
n by them to withdraw the appeal.
Judge Beatty-Have you asked your a
ct torneys about your accepting the two sets
Ie coupons?
Mr.. Porter-Yes, sir; and they told n
ID not to do so, because if | did / would
l. enjoined.
If Mayor Brown don't blame Mr.. Port
for refusing to pay the bondholders befo
ct this decision Of Judge Mcfarland. II
ID Funded Debt Commissioners are now ere
~ itors of the city.
!! Judge Beatty-If Mr. Meyers appea
Id and does not file a stay bond, Mr.. Porter
at in the capacity of a stakeholder. He C,
file an interpleader and put the money
nc the hands of the Court, and let the Coz
IT. pay it out.
~ Mr.. Porter-Well, l will know WI
course to pursue by Thursday.
Vi Mayor Brown-In order to allow
as Porter ample time to consult with his
or torneys, we will postpone the further &C
sideration of this subject until Mond
sc next.
nd City Attorney Anderson said: am {
-. posed TO the Funded Debt CommissiC
Oh When the Commission was organized, t
ey entire Indebtedness of the city could ha
re been bought UP for 100000. They ha
r expended more than that and have {
Vi HANGED the value to six times what th
IN were at the time referred to. In my OPP
he ion it is very bad financiering. Fifty-f
per cent, $4,000 year, and that can
i'' reduced, Is all the iunCS that can De us
to to pay on the $1,000, 600 of indebtedne
90 1t is not enough to pay the interest up
the debt. What would then be the val
-ge of the non-interest bearing bonds? tt
most assuredly would be a very
investment. 1t would take thirty-f
he years to pay it. There would
nothing left to fight about. They can't
1to and get any of our property. At the e
,ut OF the year we could say, Here, gentlem
IL is $75, 900 for the individual who will s
'e' render the largest amount of bonds for
hrs. | saw the outcome of this all along.
his don't want an appeal. The Funded D
!, Commission almost bankrupted Englal
me Judge Beatty-That argument was Il
it'll since exploded. The Courts have sett
it. As tc the Funded Debt Commission
of England, they have been in success
operation for upwards of a hundred We.
City Attorney Anderson = Mr.. POI
ned desires to withdraw the appeal. The
and preme Court in the case OF Myers VS.. POI
Tho. decided that first come first served, y
his matter what priority there existed. 7
decision stands to-day. 1t is wrong
cision to say pay this man simply beca
as he is more active or a little uuieker II