Savannah morning news. [volume] (Savannah) 1868-1887, 1885-07-09
.GE0RGIA'S LEGISLATURE.
THA9Ts REPKEsENTATIV Els
INTRODUCE THREE BILLS.


/ t'I3sTHA3Is REPRESENTATIN Els
INTRODUCE THREE BILLS.
T Taxation for the Paving of Streets Pro
posed-Mr Reilly Asks for "A Registra
ton Of yoters-Gov. McDaniel's Mes
sage Wholly Devoted to the New
Bonds.
ATLANTA, GA, July s.-Both branches
of the General Assembly met at 10 O'Clock
to-day, President Carleton and Speaker
Little presiding over their respective
bodies. The roll-call of the Senate showed
only three absentees. President Carleton
congratulated the Senate upon its reas-
sembling without the loss Of a single
member. and trusted that the business Of
the session would be conducted wisely
and speedily. AS there was no work for
the senate, an adjournment was taken
until 10 O'Clock tomorrow.
In the House after the call Of the roll
W. w. Turner was sworn in as success
sor Of T. G. Crenshaw from TrOup.
resolution making the daily
sessions continue from to l O'Clock was
adopted.
When the roll was called tor the intro
duction of new matter, Mr.. Gordon, OF
Chatham. Introduced a bill to authorize
the Mayor and City Council Of Savannah
TO grade, pave andlmacadamize the streets
OF the city, and levy and collect a tax
therefor.
Mr.. Hartridge, of Chatham. introduced
a bill empowering NOtaries Public ana
eX-OfiiciO Justices of the Pence to hold
court in their offices in counties contain
ing more than one militia district.
Mr.. Reilly introduced bill providing
for registration Of voters in Savannah.
Gov. McDaniel's message was as fol-
lows:
STATE OF GEORGIA,
EXECUTIVE DEPARTMENT,
ATLANTA, GA, July 8, 1881
TO the Senate and House Of Representa-
t0eS:
The provision made in the act Of Dec.
%, 1884, for the payment of S3,455, 135
OF principal of the public debt maturing
in 1885 and 1886, has been carried into
effect to an extent which justities the be-
lief thar further legislation tor that pur-
pose is unnecessary. Grave difficulties
attended the execution OF the statute,
from the fact that of this amount $1S,035
matured Jan. /, 1885, $9l, 600 April l, 1885,
while Sl2J,200 VIII mature Feb. l,
1886, $4,000 April /, 1856, and
S2,96S. 900 July l, 1886, and $158,9O0 Aug.
Is
respectively might have been issued aud
sold, but not ON satisfactory terms. 1t
was considered advisable to issue one
series only, bearing date July l, 1885,
and when sold to deliver them at such
times and in such amounts as might be
needed to pay maturing bonds, the state
Withholding accrued interest.
For the purpose of attracting attention
and securing competition in the sale,
10, g.,
part of it, were, on March 10, 1885, in
vited.
Proposals for 100000, deliverable for
cash on July 1, 1885. would attract better
bids than for 100000. And it was adj
vsable to prepare tor sale of only the
former amount, In the event satisfactory
bids were not made for the later de-
liveries. To meet the difficulty of de-
liveries long before the money was needed,
and at the same time to secure the ad-
vantage in price Of speedy delivery, an
option was offered to persons
holding bonds which mature in
1886, to tender such bonds in payment
of bids ON the latest delivery at any time
after July /, 1885, at par value and to re-
ceive new bonds. In that case, the State
would pay the coupons on old bonds at
maturity land cut of an equal number of
coupons from the new bonds, so that the
principal Of the old bond would count as
cash in the transaction, the purchaser
paying whatever premium he might bid
for the new bonds. This would be an eX-
change of bonds on terms fixed by COM
petitiye bidding. Five per cent. bonds
were proposed because the General As
sembly had named that as the maximum
rate, and a fair opportunity would be
presented TO test what rate of interest
would secure the best results.
The bid of Moses Taylor q Co., Of New
York, was the best for the whole amount
on the terms advertised; bids for the $780,
600 deliverable July 1, 1885, and for a part
OF the latest delivery, considerably higher
than the former, were made. The highest
bid for the entire amount, or for
any part OF it,. was that Of Fred.
Wolfe and c. W. Rogers, being par
for "a per cent. bonds, deliverable at
their option at any time after July l, 1885.
The bid of Moses, Taylor & Co. was low.
| er in price than bids of Georgiaus for por-
tons Of the amount, and the latter bids
were lower than that OF Wolfe Il Rogers
/ for the the entire issue. But the last.
! named bid could not be accepted, because
/ il would have been unWise, even if au.
| thOrized by the provisions Of the law, 20
| place large amount of money in the
/ treasury so long before it was needed, OF
could be used under existing law, for the
| payment of 5aturing bonds.
For these reasons | decided, after care
/ full consideration, that the public interest
1 required the rejection Of all the bids. The
/ law expressly provided for such rejection
/ and the right was reserved in the adver.
! tisement.
Attention having been sufficiently at
/ tracted TO the proposed loan by the adver
/ t.sement and the publication and reiec
/ tion of bids. it was unnecessary 10 adver
/ tise for further bids. The statute pro
/ Vided for sale by private negotiations on
failure to obtain satisfactory bids by ad
vertisement. Accordingly, private Offers
were received aud entertained for AZ pei
1 cent bonds-f0r the entire issue and fol
/ portions of the amount-nOne o
them below par. Mr.. Albert Meter, o
Cincinnati, proposed 10 buy the entire
series OF : = per cent. bonds AT a premium
of a OF ! per cent, ITO receive
and pay for them in amounts aud at timet
/ named in the previous advertisement fOl
! bids and to give a satisfactory guaranty
Of performance of the contract. No Offers
were made i0r portions only OF the loan al
a higher rate than par, and tuese con
templated speedy delivery. Messrs
Wolfe Il Rogers renewed their pro-
! posNl TO purchase the entire
loan, on terms better for the state than
any other person offered, for the whole oi
a part only of the bonds. After fun con
] b.. A. a.